Why Bermuda?
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Reputation
Bermuda is widely regarded as the premier offshore financial centre. It has enjoyed a long history of political, economic and social stability and is highly regarded for its global standards of compliance, regulation and infrastructure. With 41 tax agreements in place, Bermuda holds a very high rating within the Organization for Economic Co-operation and Development (OECD) and is considered as a first class domicile with a sophisticated legislative and regulatory framework.
Bermuda was the first offshore jurisdiction elevated to OECD “White List” category.
Bermuda is currently rated favourably on international standards of tax transparency (the same level as the U.S., the U.K. and Germany) by the OECD.
The Bermuda Monetary Authority (BMA) and the European Union have signed a Cooperation Agreement regarding the Alternative Investment Fund Managers Directive (AIFMD) under which the BMA will develop an opt-in regime to enable Bermuda-based AIFMs to maintain seamless operations across the European market.
The BMA is a full member of the International Organization of Securities Commissions (IOSCO), and a founding member of the International Association of Insurance Supervisors (IAIS).
Legal System
Bermuda’s legal system is based on English common law, with a final right of appeal to the Judicial Committee of the Privy Council.
For many years Bermuda has been a market leader in the enactment of business-friendly legislation. Bermuda’s ability to react quickly to changes in the way that business is conducted and to create a legal environment that is enabling rather than disabling, serves the business community well.
Regulatory Approach
Bermuda is recognised for its flexible, risk based approach to regulation which has allowed its international business sector to flourish. At the same time, Bermuda is proud and protective of its reputation as an offshore jurisdiction of the highest integrity.
Tax Neutral
Bermuda has no corporation, capital gains, income, profits or withholding taxes. A certificate issued to Bermuda companies grants a no-tax guarantee to the year 2035.
Availability of Professional Services
Bermuda’s world-class accounting, banking, financial, telecommunications, e-commerce and information technology organisations provide first-rate support for our clients.
Location
Bermuda’s geographic location between the United States and Europe offers a desirable time zone and efficient access to and from major international airports on both sides of the Atlantic. We are 90 minutes’ flying time from New York, two hours from Toronto and seven hours from London. Bermuda also benefits from U.S. Customs pre-clearance in Bermuda making flying to the US effortless.
The People
Bermuda’s local population is highly qualified and motivated with decades of experience in welcoming and working with incoming non-Bermudian workers. Bermuda also enjoys a thriving expatriate community that nurtures additions to its ranks. Bermuda has a high standard of living, excellent education and healthcare and a temperate climate with breath taking beauty. The island has a peaceful but healthy outlook; everything in short that enables international companies to recruit and retain the most qualified employees without asking that they compromise their lifestyles or those of their families.
Bermuda Stock Exchange
The Bermuda Stock Exchange lists over 350 Bermuda and international fund structures. Through its new Launch and List program, time to listing and ultimately market, has been significantly reduced.