Bermuda

Bermuda (adjective Bermudian) is an internally self-governing island Overseas Territory of the United Kingdom, situated in the Atlantic Ocean. It has become one of the world's most important offshore financial centres. As a center for tourism, Bermuda contains some of the most beautiful beaches in the world, providing nice opportunities for sunbathing. See Economy of Bermuda. Bermuda is often referred to as a tax haven or corporate haven. The United Nations Committee on Decolonization includes Bermuda on the United Nations list of Non-Self-Governing Territories.{{ref|UN_decolonisation}}

History

Bermuda was discovered by the early 1500s, probably in 1503, although the evidence for the exact year, and the identity of the discoverer, is sketchy. It was certainly known by 1511, when Peter Martyr published his Legatio Babylonica, which mentioned Bermuda. The discovery is attributed to a Spanish explorer, Juan de Bermudez. Both Spanish and Portuguese ships used the islands as a replenishment spot for fresh meat and water, but legends of spirits, now thought to have stemmed only from the callings of raucous birds, kept them from attempting any permanent settlement.

Related Topics:
1500s - 1503 - 1511 - Peter Martyr - Legatio Babylonica - Juan de Bermudez

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The island became permanently inhabited when the Sea Venture, on its way to the new colony in America, was wrecked off Bermuda, and left the first colonists in possession of a new territory. The land was claimed by the British Crown and control was granted to a company in order to produce tobacco for the markets in London. The islands gained the name the Somers Isles, named after Sir George Somers, the captain of the Sea Venture.

Related Topics:
Sea Venture - George Somers

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Soon the colony of Virginia far surpassed Bermuda in both quality and quantity of tobacco produced. After the decline of the Somers Isle Company, life petered along until a period of boat building became prevalent on the island due to the large amounts of good juniper (Juniperus bermudiana, Bermuda cedar) woods that grew thickly over the whole island. After the American Revolution, the British Royal Navy began improving the harbours and built a large dockyard on the western end of the island. Thereafter the navy used the bases as a strategic asset which later benefited the USA as well (see below).

Related Topics:
Juniper - American Revolution

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In the early 20th century, as modern transport and communication systems developed, Bermuda became a popular destination for wealthy US, Canadian and British tourists. In addition, the tariff Smoot-Hawley Tariff Act enacted by the United States against its trading partners in 1930 cut off Bermuda's once-thriving agricultural export trade - primarily fresh vegetables to the US - spurring the overseas territory to develop its tourist industry, which is second behind international business in terms of economic importance to the island.

Related Topics:
20th century - Tariff - Smoot-Hawley Tariff Act - United States

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During World War II, Bermuda became important as a military base because of its location in the Atlantic Ocean. In 1941, the United States signed a lend-lease agreement with the United Kingdom giving the British surplus US Navy destroyers in exchange for 99-year lease rights to establish naval and air bases in Bermuda. The bases consisted of 5.8km ² (2.25 mi²) of land largely reclaimed from the sea. The US Naval Air Station was on St. David's Island, while the US Naval Air Station Annex was at the western end of the island in the Great Sound.

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Both bases were closed on 1 September 1995, as were British and Canadian bases on the island. Unresolved issues concerning the 1995 withdrawal of US forces - primarily related to environmental factors - delayed the formal return of the base lands to the Government of Bermuda, which finally happened in 2002.

Related Topics:
1 September - 1995

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