Bermuda offshore banking

Bermuda is one of the most beautiful places in the world to spend a vacation. This island nation is also a beautiful place to invest your money. Thanks to strict privacy laws and low taxes, Bermuda is a hub for offshore banking and private asset protection.

It is a 27 m2 mile island located off the east coast of the United States, which is the destination for honeymooners, and anyone looking for crystal clear waters, warm sun and romantic sunsets. This is especially true for US citizens, because the dollar is exchanged at the same rate as the Bermuda dollar and the only other form of currency accepted there.

It’s also a good option for those looking for ways to invest money, while paying a minimal tax bill. This opens the way for many banks to fill the offshore banking niche for those looking to protect their assets on this island paradise.

Because its economy is based on tourism and investment, both types of travellers, both business and casual, are equally welcome.

Exports such as tropical flowers and semi-tropical fruits also play a small role in the nations economy.

While certain exempt companies located in Bermuda may do business with foreign banks based outside the country, foreign banks themselves may not do business within Bermuda. Those companies that are exempt can do business with foreign banks in any currency.

Bermuda offshore banks have achieved the same status in the world of finance as other large and reputable banks, due to their years of experience in handling large volumes of money and investments from outside individuals and companies.

Bermuda’s legal system finds its basis in English common law. Many of the rights granted to citizens of Bermuda do not apply to foreign residents until they become actual citizens.

Queen Elizabeth II of Great Britain is the Head of State. She is represented by the Governor of the Island, whom she appoints. The Governor, in turn, appoints the magistrates, court officials and judges.

There are 2 houses of Parliament, the 36-member House of Assembly and the 11-member Senate.

The 36 members of the House are all elected, while 3 members of the Senate are appointed by the Governor and 5 members are elected by the ruling party. The remaining 3 members of the Senate are elected by the minority party.

There is also a prime minister who is also elected from the majority party. This prime minister is responsible for appointing the members of the cabinet. These Cabinet members oversee the day-to-day operations of the various Ministries and public service departments.

With its tax-free business climate for both individuals and corporations, and its reputation as a tropical vacation getaway, Bermuda seems to have something to offer both the traveler and the business person who is interested in moving their assets abroad.