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LOWTAX
OFFSHORE
BERMUDA:
SHIP MANAGEMENT & MARITIME OPERATIONS |
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BERMUDA INFORMATION: BUSINESS, TAXATION AND OFFSHORE |
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- BERMUDA
OFFSHORE BUSINESS SECTORS
- BERMUDA INVESTMENT FUND
MANAGEMENT
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COMPANIES
Bermuda
Ship Management & Maritime Operations
Bermuda's
capital, Hamilton, is a port of British registry.
A Bermudian exempt
company whose principal place of business
is Bermuda or another Crown territory can register
wholly-owned ships or aircraft in Hamilton. At
the time of writing, 107 commercial vessels and
375 yachts were registered in Bermuda, along with
111 aircraft, mostly private and corporate jets.
More than 500 shipping companies have been formed
in Bermuda, many to hold foreign-registered ships.
The
laws applying to ship registration are the Merchant
Shipping Act 1988 (Bermuda) Order 1991 and the
Merchant Shipping (Demise Charter) Act 1994; aircraft
are registered under the Air Navigation (Overseas
Territories) Order 1989.
Some
fairly sophisticated financing structures can
be employed in Bermuda for ship and aircraft construction
or purchase, including leasing. US owners of aircraft
in particular used to be able to benefit from
the use of Foreign Sales Corporations (now abolished)
in association with purpose trusts, in order to
achieve a tax-efficient lease of the aircraft
to foreign operators.
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