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Bermuda

Basic Information

Area: 53.3 km²

Calling code: +1 441

Population: 66,163

Official Language: English and Portuguese

Time zone: Atlantic (UTC-4), Local time: 23:52

Overview

Officially discovered in 1505 by the Spanish explorer, Juan de Bermudez, Bermuda has been fascinating those who broach her shores ever since. Located 1,030 kilometers (640 miles) from the United States, Bermuda is an exquisite, semi-tropical paradise in the middle of the Atlantic Ocean, an incredibly popular tourist destination, and a major jurisdiction for financial services.

Bermuda’s storied history as The Isle of Devils, a smuggling outpost, maker of fine ships, and exporter of sweet onions and lilies set the stage for Bermuda’s current economic success. Bermuda not only keeps pace but employs the flexibility needed to stay ahead and meet the demands of constant global economic change.

It is often said that Bermuda is another world, and it truly is. At 53.3 km2, Bermuda is one of the smallest territories in the world. World-class hotels and restaurants, exquisite pink sand beaches, and more golf courses than fast food outlets add to the charm of Bermuda. But, Bermuda is not just an idyllic vacation destination. It is an international focal point for financial services. Throughout our history, the Bermuda government and the Bermuda business community have worked together seamlessly to create a place that combines appropriate regulation, intellectual talent, state-of-the-art infrastructure, and capital to attract and grow business.



Information kindly provided by Business Bermuda

Economy

Bermuda’s economic story is one of steady growth and prosperity. Blossoming from a tourist haven to one of the most successful international business centers, Bermuda continues to have one of the highest GDP’s per capita in the world. Bermuda also continues to be a popular vacation locale with over 550,000 visitors per year. Bermuda’s legendary pink sand beaches, coves, coral reefs, boating, diving, and many other exciting opportunities creating the perfect summer getaway, intrigue many.

Both geographically and legislatively independent and neutral, Bermuda is an ideal center for international finance from which 26% of its GDP is derived. Renowned as an exporter of financial services, Bermuda especially acts as a home for insurance and reinsurance companies, investment funds, special purpose vehicles, and as a registry for ships and aircrafts. Bermuda continually ranks in the top three jurisdictions for reinsurance competing with New York and London.

The Bermuda government works closely with the international business community to develop and implement laws and regulations that enhance Bermuda’s reputation as a world-class centre of commerce with a business friendly environment situated in a stable and growing economy. As a British Overseas Territory, Bermuda’s legal system is rooted in British Common Law and the closeness of the political and legal infrastructure to the UK makes Bermuda an attractive location for offshore founders. Bermuda’s regulatory and legal framework has evolved over the years, not only facilitating business but also continuously allowing it to flourish.

Information kindly provided by Business Bermuda

Infrastructure

Bermuda prides itself on being a well-maintained, pristine oasis in the middle of the Atlantic Ocean. Its strong infrastructure supports a highly developed commercial and residential real estate market. Offering a charming work environment priced comparably to London and New York, guest workers will find an ample supply of rental properties. Business professionals traveling to and from Bermuda have the highest quality of accommodations to choose from at reasonable prices.

Bermuda is reputed as the “wired island”, a well-deserved title. Relatively, not many other jurisdictions have invested as much as Bermuda in cutting-edge technology. Bermuda, connected by fibre optic cables to the rest of the world, is at the peak of connectivity, rating higher in e-readiness than several major European countries. Many leading software and hardware development companies have offices in Bermuda.

Clean streets, immaculate gardens, well-maintained beaches, and a reliable police force are some of the other factors that make Bermuda such an attractive place to live and work. Easy access to the rest of the world and all the amenities found in any other first-world country give Bermuda the competitive edge in both tourism and as a financial jurisdiction.

Information kindly provided by Business Bermuda

Workforce

Bermuda has a strong, durable economy thanks in a large part to a highly qualified workforce with the largest percentage of jobs held within the international business sector. The international business sector is followed closely by the local business services sector and the public sector makes up the third largest employer in Bermuda. Bermuda has one of the highest concentrations of accountants, actuaries, and lawyers per capita in the world.

The local workforce plays a large role in driving Bermuda’s economy. Many local companies provide support services for the international business industry such as accounting, legal, e-commerce, banking, and communications. Bermuda also has a vibrant retail sector providing for all of the countries retail needs.

Information kindly provided by Business Bermuda

Business Costs

For more than 75 years, Bermuda has played a vital role in global finance, establishing a reputation for successfully developing innovative new financial services and products that manage risk, facilitate the efficient flow of capital around the world and drive the growth in the global economy.

Bermuda is often wrongly described as a “tax haven” as there is no income, capital gains, sales, wealth, or value added tax (VAT) however the government imposes annual fees and a payroll tax. A large part of the attraction for foreign companies basing themselves in Bermuda is that the Government does not levy income tax on foreign earnings and allows foreign companies to incorporate there under an "exempt" status. Among its many other attractive qualities, the island also maintains a stable, clean reputation in the business world.

However, thanks to its favourable tax regime and a highly reactive regulatory framework Bermuda is the domicile of choice for the implementation of insurance-related innovative solutions. Bermuda also has one of the highest income per capita in the world.

Information kindly provided by Business Bermuda

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