Location: An archipelago of islands in the north west Atlantic Sea, 1,500km east of north Carolina, US.
Area: 34km2
Capital: Hamilton
Population: 60,000
Business languages: English.
Portuguese is spoken by a minority.
Currency: Bermuda dollar (B$). B$1=US$1.
US$ is legal tender.
Time zone: GMT -4
Business hours: Mon-Fri 8.30am to 6pm
Climate: Semi-tropical, mild and humid. Frost free. Average temperature of 22ºc
IMPORTANT CONTACTS
Bermuda Monetary Authority
Sofia Building
48 Church Steer
Hamilton HM 12
Bermuda
Tel: + 1 441 295 7471
Bermuda Chamber of Commerce
PO Box HM 655
Hamilton HM CX
Bermuda
Tel: + 1 441 295 4201
Fax: + 1 292 5779 / + 1 295 2086
email: bcc@ibl.bm
Web: www.bermudacommerce.com
Bermuda International Business Association
Clarendon house
Church Street
Hamilton
Bermuda
Tel: + 1 441 292 7479
The Institute of Chartered Accountants of Bermuda
Boyle Building
31 Queen Street
Hamilton HM 11
Bermuda
Tel: + 1 441 292 7479
EXPAT EMPLOYMENT DETAILS
Work permits are required.
COMMUNICATIONS
Direct flight links to the UK, the US and Canada. Excellent wordwide satellite, facsimile and telex facilities as well as other international systems and services.
POLITICAL AND ECONOMIC STABILITY
Bermuda has been governed since 1968, without interruption, by the United Bermuda Party. The opposition Progressive Labour Party supports total independence from the UK, and the issue of independence has been under discussion. Despite its negligible resource base Bermuda has one of the highest per capita incomes in the world, generated primarily by tourism and financial services.
KEY ACTIVITIES
- Investment holding, insurance, commercial trading, shipping, collective investment schemes, trust, settlements, and partnerships.
ADVANTAGES OF BERMUDA
- Located approximately 90 minutes from most major US cities.
- Positive and flexible regulatory framework.
- Uncomplicated legal and fiscal framework.
- Good infrastructure.
- Easy access to most international centres.
- Political, economic and social stability.
- No stamp duty or tax on international business.
- Tax exemption until 2016.
The content of this factfile is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
This factfile also appears in the 'International Offshore and Financial Centres Handbook 1999/2000'. For further information about this highly informative guide to offshore centres, or to order your copy, please phone +44 (0) 207 820 7733 or send an email to iofch@mondaq.com
