Bermuda Business, Taxation and Offshore Information
Bermuda is not in the Caribbean
Bermuda is a mid-Atlantic archipelago just over 1,000 km east-southeast of North Cartolina, USA – it is not in the Caribbean, which is 1,500 km to the southwest. It is a politically stable, self-governing Crown dependency. English is the official language and the currency, the Bermudian dollar, is at parity with the US dollar. The climate is warm and humid, though sea breezes temper the high summer temperatures. Population is 63,700 (January 2019 est.) and has recently been fluctuating. The islands are rich: Bermuda's GDP in 2017 was approximately US$5.85 billion, giving a GDP per head of more than US$94,000.
Buoyant Economy 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 GDP. Tourism is also important with more than 400,000 visitors a year, most of them from the USA. 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 them being local. More »