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Bermuda was discovered in 1505 by Spanish navigator Juan de Bermudez, after whom the islands are named, who claimed it for the Spanish Empire. Unoccupied, the island was settled by England in 1609, making it the oldest and most populous remaining British overseas territory. Its first capital, St George's, was established in 1612 and is the oldest continuously inhabited English town in the Americas. Bermuda has an affluent economy, with finance as its largest sector followed by tourism, giving it the world's highest GDP per capita in 2005. It has a subtropical climate. |