June 18, 2024

Paull Ank Ford

Business Think different

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 strong privacy laws and low taxes, Bermuda is a center for offshore banking and private asset protection.

It is a 27 sq. mile island located off the east coast of the United States, that is the destination for honeymooner, and anyone looking for clear waters, warm sunshine and romantic sunsets. It is especially true for citizens of the U.S., because the dollar is exchanged at an equal rate to the Bermuda dollar and the only other form of currency accepted there.

It is also a good choice for those looking at ways to invest money, while paying a minimal tax bill. This opens the way for many banks to fill the niche of offshore banking for those who seek to protect their assets in this island paradise.

Because its economy is built on tourism and investments, both types of travelers- business and casual are equally welcome.

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

While certain exempted companies located in Bermuda are allowed deal with foreign banks based outside of the country, the foreign banks themselves are not allowed to operate within Bermuda. Those companies that are exempted, are permitted to deal with foreign banks in any currency.

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

The Bermuda legal system finds its basis in English Common Law. Many of the rights given to Bermuda citizens do not apply to foreign residents, until they become actual citizens.

Britain’s Queen Elizabeth the II, is the Chief of State. She is represented by the Island’s Governor, who 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 chosen by the ruling party. The remaining 3 members of the Senate are pick by the minority party.

There is also a Premier who is also chosen from the majority party. This Premier is responsible for appointing Cabinet members. These Cabinet members oversee the daily operations of the various Ministries and public service departments.

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