Bermuda Business, Taxation and Offshore Information
Bermuda Not in The Caribbean
Bermuda is a mid-Atlantic archipelago 1,000 km from the USA; it is not in the Caribbean (1,500 km to the south). Bermuda is a self-governing Crown dependency. It is politically stable; English is the official language; and the Bermudian dollar is at parity with the US dollar. The climate is warm and humid; but sea breezes temper the high summer temperatures. Population is 69,080 (July, 2012 est.) and growing despite limited land availability. The islands are rich: Bermuda's GDP in 2010 was over USD5.85 billion, giving a GDP per head of more than USD91,477. Gross National Income per Capita in 2010 was USD89,935 and expected to exceed USD99,000 in 2011.
Economy Buoyant Based on Financial Services and Tourism
By excluding foreign banks until recently, Bermuda avoided problems and grew as a reputable international finance centre with three of its own widely-branched banks. Financial services account for a significant majority of GNP; tourism is also important, with more than 400,000 visitors a year, mostly from the US. The Bermuda Stock Exchange (established 1973) trades electronically and provides global access to its settlement systems. In 2012, Bermuda counted four banks, only one of the them being local. More »