Having very good links could help make it an offshore data haven.
Speaking as someone who lives in Bermuda and works in IT, Bermuda is not the prime location for such things.
1) It is literally the most expensive place in the world to live in the world.
2) Electricity costs can run to $0.40 a KW/h.
3) The island is tax free, but has a 25% duty on pretty much everything you import. A bag of groceries can cost $100.
4) The island economy is between 4 - 7 billion in debt.
5) The current government is doing nothing publicly to reduce the debt. They are just paying interest and hoping for the best.
6) The land mass is 23 square miles with 55,000 population with little space for any datacenters of scale.
7) Water is collected from rain, on roof top collectors and is expensive to buy.
8) Four to six hurricanes a year threaten the island.
9) The government just suffered a serious data breach and turned off all their servers and telephony for the last week. Confidence in their IT abilities and Security oversight is at an all time low.
https://www.royalgazette.com/crime/news/article/20230926/burt-declines-to-say-if-personal-data-breached-by-cyberattack/