Bermuda: Offshore Business Sectors
This page was last updated on 5 August 2019.
Every international offshore financial centre has developed its own specialisations, and in Bermuda's case it is insurance that stands out. Mutual fund management is also strong, aided by the existence of the Bermuda Stock Exchange.
There has also been considerable development of the trust management sector, fed particularly by an exodus of assets from Hong Kong when the territory reverted to Chinese rule.
For many years, international banks were conspicuous by their absence, due to the government's policy of excluding non-domestic banks; then in 2003 HSBC was allowed to buy the Bank of Bermuda. However local banks provide adequate services, and there has been a substantial development of 'fringe' financing activities along with securities trading, and most recently a surge in Internet financial services.
This section of the lowtax.net site describes the most important types of offshore business activity carried out from the island.