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Tax Havens Buck European Property Slump 20-04-2009
Cyprus is Europe’s most attractive tax regime, survey finds 20-04-2009
Bank secrecy jurisdictions pledge to cooperate on tax data exchange
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Bermuda
Physical Facts |
|
| Population: | 66,536 (July 2008 est.) |
| Location: | North America, group of islands in the North Atlantic Ocean, 570 miles east of South Carolina (US) |
| Area: | 53.3 sq km |
| Climate: | Subtropical; mild, humid; gales, strong winds common in winter. Average temperature in winter is 23 C rising to 32 C in summer |
| Transport | Air, Road, Sea Tourists are not permitted to drive motor cars in Bermuda |
| International Direct Dialling prefix: | 1441 |
| Internet Country Code | .bm |
| Time difference on GMT: | - 4 |
Administrative Facts: |
|
| Status: | British crown colony, part of the Commomwealth Britain is responsible for the Island's external affairs, defence, internal security and the police. |
| Government: | Parliamentary; self-governing territory Chief of State is Queen Elizabeth II who is represented by a Governor. Bicameral Parliament consists of the Senate (11 seats; members appointed by the governor, the premier, and the opposition) and the House of Assembly (36 seats; members are elected by popular vote to serve up to five-year terms) |
| Legal System: | Based on English common law. There is a Supreme Court; Court of Appeal; Magistrate Courts |
| International Court Jurisdiction: | |
| Language: | English (official), Portuguese |
| Education system: | Compulsory between the ages of 5 and16. There are 18 government run primary schools, 5 middle schools, 2 secondary schools and one college. There are also 7 private schools. There is no university therefore students travel mainly to USA or the UK for degrees |
| UK Embassy: | There is no embassy (Overseas UK Territory) Government of Bermuda London Office, 6 Arlington Street, London SW1A 1RE Tel: 020 75... Fax: 020 7518 9901 Email: kdurrant@gov.bm |
| Residency/Working Requirements: | Potential residents should contact the Bermudan Immigration Department for further information. |
Fiscal Facts |
|
| Legal tender & currency: | Bermudian dollars BDA$1. The Bermudian dollar has a fixed rate pegged to the per US dollar. |
| VAT: | N/A |
| Sales Tax: | N/A |
| Import duty: | |
| Export duty: | |
| Banking: | There is no central bank in Bermuda. Instead, the Bermuda Monetary Authority is the regulatory authority. International banks, which in other jurisdictions, are allowed to register as banks and can operate in those countries, are not allowed in Bermuda to register as banks and may not operate as banks in Bermuda for the general population. By law all registered banks in Bermuda must be at least 60% beneficially owned by Bermudians. There is an understanding from the Bermuda Government that their Head Offices will remain in Bermuda, their staff in Bermuda will be majority Bermudian and their mind, management and control will be Bermudian. Deposits with Bermuda banks are not covered by the UK Financial Services Compensation Scheme. The banks may not conduct investment business in the UK or banking business in the USA and Canada. |
| Annual Government Revenue: | $738 million |
| Annual Government Expenditure: | $665 million (FY04/05) |
| GDP: | US$5.8 billion (2006) |
| Minimum wage: | |
| Financial Services Regulation: | Bermuda Monetary Authority |
| Financial Services Regulation Contact Details: | Tel: 1 441 2... Fax: 1 441 292 7471 Email: enquiries@bma.bm |
Tax Facts |
|
| General: | Bermuda does not levy direct taxes. There are no double tax treaties between Bermuda and other nations. .Due to an error in Brussels, Bermuda is not subject to the EU's Savings Tax Directive. |
| Corporate Tax: | Payroll tax is paid by the company and employee and varies from 9.75% to 13.50% |
| Individual – resident: | There is no Income tax. Instead there is payroll tax |
| Individual – non-resident: | |
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