BERMUDA TAX HAVEN

Bermuda Tax Haven

The essential point is that Bermuda’s tax regime remains one of the world’s most attractive. There are no withholding, capital gains, transfer, wealth, gift or income taxes for non-resident entities.

Bermuda Tax Haven & The PLP

Ever since the 1950s, when the basic framework for Bermuda’s current regulation was first introduced, the island’s reputation has grown steadily. This almost-unparalleled reputation has grown on the back of stringent monitoring of who gets to do business here.
Bermuda Tax Haven - Bermuda International Business Association

A spokesperson for the Bermuda International Business Association says: “Our regulation is light but very, very effective. We really do screen the people who we do business with. We really know our customers extremely well, so we don’t necessarily need to be very heavy-handed in terms of regulation.”
Bermuda’s reputation was exemplified this summer when scores of havens were left nursing their wounds following the OECD’s attack on harmful tax practices. Bermuda escaped the purge almost completely unscathed.

The island’s ability to escape the shame of an OECD blacklisting was due in no small part to the fact it agreed to a deal with the international body. Bermuda said it would implement changes to its markets. But the blacklist avoidance is also because Bermuda was in a position to bargain whereas some of its less salubrious offshore rivals were not.

Changes agreed with the OECD included altering the rules so foreign companies can own firms that trade in Bermuda. Also, Bermuda agreed to co-operate fully when national governments want information on tax evaders. As a centre that has always tried to avoid dirty money, the OECD’s criticisms of numerous other tax havens merely cast a holy glow upon Bermuda.

Bermuda Tax Haven & Offshore Jurisdictions

As one expert in the Bermudan economy says: “Bermuda is one of the most successful offshore jurisdictions. It is also one of the cleanest. It is clean business and they are making more money than other countries that have more scandal.”

On the whole, Bermuda retains its strong reputation and the government has done little to upset the apple cart. Despite the potential clouds it is still a legitimate well-regulated and sophisticated home for investment capital.
Offshore Pro Group