LOW TAX COUNTRIES
Andorra
Anguilla
Antigua & Barbuda
Aruba
Australia
Bahamas
Barbados
Belize
Bermuda
British Virgin Islands
Cayman Islands
Cook Islands
Costa Rica
Cyprus
Dominica
Dominican Republic
Gibraltar
Hong Kong
Isle of Man
Jersey & Guernsey
Liechtenstein
Luxembourg
Malta
Mauritius
Panama
Singapore
St.kitts & Nevis
Switzerland
Turks & Caicos
Vanuatu
Index of Articles
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BERMUDA
About Bermuda
Bermuda was first settled in 1609 by shipwrecked English colonists headed for Virginia. Tourism to the island to escape North American winters first developed in Victorian times. Tourism continues to be important to the island's economy, although international business has overtaken it in recent years. Bermuda has developed into a highly successful offshore financial center. Although a referendum on independence from the UK was soundly defeated in 1995, the present government has reopened debate on the issue
Bermuda enjoys the highest per capita income in the world, more than 50% higher than that of the US. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following 11 September 2001 and again after Hurricane Katrina, contributing to the expansion of an already robust international business sector.
Bermuda's tourism industry - which derives over 80% of its visitors from the US - continues to struggle but remains the island's number two industry. Most capital equipment and food must be imported. Bermuda's industrial sector is small, although construction continues to be important; the average cost of a house in June 2003 had risen to $976,000. Agriculture is limited with only 20% of the land being arable
Bermuda is a highly respected jurisdiction with tax neutrality and no exchange control for non-resident undertakings. It has an established stock exchange, political stability, modern business laws, a good judiciary and a very well developed professional infrastructure including a very respected captive insurance industry. With easy access by sea and air it's one of the favorite tax havens and destination resorts for the British and American establishment. It is also expensive.
Annual government fees are $1,680 and there are no double tax treaties. Companies formed as exempt under the Companies Act of 1981 enjoy substantial advantages, including: No capital duty; No restriction on where meetings are held; Bermuda directors are not required; No restriction on location of meetings; No annual return or filing, and; No exchange controls. However, there is public disclosure of directors, officers and shareholders, but not accounts. Identity of the beneficial owners must be disclosed to the authorities prior to incorporation and the granting of tax exempt status. There are no double tax treaties.
Bermuda is recommended for substantial public business enterprises, especially insurance activity or companies which wish to list their shares
| Bermuda |
|
| Capital |
Hamilton
32°18′N 64°47′W |
| Official languages |
English |
| Area |
53.3 km² (224th)
20.6 sq mi |
| Population
|
65,773 (205th) |
| GDP (PPP)
|
$4.5 billion (165th) |
| per capita
|
$69,900 (1st) |
| Currency |
Bermuda dollar (BMD) |
| Time zone |
Various (UTC-4) |
| Dialling code |
+1-441 |
BERMUDA HISTORY
Bermuda (also known as The Bermuda Islands and formerly as The Somers Isles) is an overseas territory of the United Kingdom in the North Atlantic Ocean, situated around 640 miles (1030 km) northeast of Florida and is actually about 667 miles (1073 km) east-southeast of Cape Hatteras, North Carolina (see Geography section below)—off the east coast of the United States. It is the oldest remaining British overseas territory, settled by England a century before the Acts of Union and two centuries before the creation of the United Kingdom.
Although commonly referred to in the singular, the territory consists of approximately 138 islands, with a total area of 27.7 sq. mi.(71.7 square kilometers). Compiling a list of these islands is often complicated, as many have more than one name (as does the entire archipelago, which, in addition to its two official names, has historically been known as "La Garza", "Virgineola", and the "Isle of Devils"). Despite the limited land mass, there has also been a tendency for place names to be repeated; there are, for instance, two islands named "Long Island", two bays known as "Long Bay" and the town of St. George is located within the parish of St. George on the island of St. George. Meanwhile, Bermuda's capital, the City of Hamilton, lies in Pembroke Parish, not Hamilton Parish, on the largest island, "Main Island", which itself is sometimes called "Bermuda" (or "Great Bermuda").
Bermuda has a thriving economy, with a large financial sector and tourism industry. It is blessed with a warm, tropical climate and beautiful beaches. Bermuda is one of the few islands in the world to boast pink sand and turquoise oceans
~ Books About Bermuda~
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