STEP

Title Research

Bermuda

Bermuda is an offshore financial centre, providing financial support to the international business community. Over 16,000 international companies are registered in Bermuda and it has a large reinsurance industry. Bermuda earns a gross domestic product in excess of BMD2 billion, giving the population of only 63,000 a high per capita income.

STEP Bermuda branch page

1. Introduction

a. History and background

The 350 small islands that make up Bermuda are located in the north-west Atlantic, about 570 miles to the east of North Carolina. Bermuda is the United Kingdom’s oldest overseas territory and has been self-governing since 1622.

Bermuda is an offshore financial centre, providing financial support to the international business community. Over 16,000 international companies are registered in Bermuda and it has a large reinsurance industry. Bermuda earns a gross domestic product in excess of BMD2 billion, giving the population of only 63,000 a high per capita income.

The currency is the Bermuda dollar (BMD), pegged to the US dollar.

b. Legal system

Bermuda’s legal system has its roots in English common law, the doctrines of equity and English statute law in force in 1612. UK case law remains of persuasive authority today and ultimate right of appeal still lies with the UK Privy Council. Bermuda’s regulatory environment protects and supports its offshore financial regime.

Editorial board
Lindsay McCann
Lombard Odier Darier Hentsch Trust (Bermuda) Limited, Hamilton, Bermuda

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