One of the most compelling reasons to create a bank account in Bermuda is that the country is extremely tax-friendly. Because Bermuda does not tax business earnings, capital gains, or most other forms of income, having a Bermuda bank account can help you plan your taxes
Bermuda offers the best of both worlds. It has many of the typical benefits of offshore financial countries without the negative reputation or dodgy characters, and it also has several unique banking benefits.
Bermuda is a British overseas territory in the western North Atlantic Ocean that is self-governing. It is an archipelago of seven main islands and over 170 additional (named) islets and rocks, located approximately 650 miles (1,050 km) east of Cape Hatteras (North Carolina, United States).
According to the most recent United Nations estimates, Bermuda’s current population is 61,626 as of Sunday, May 7, 2023.
The spoken language in Bermuda is English, as is the written language.
Bermuda’s laws are based on the common law legal system of England and Wales, so the decisions of the English Court of Appeal and House of Lords are highly persuasive in Bermuda Courts.
Bermuda has a strong regulatory framework in place for digital assets including cryptocurrencies. Businesses can operate inside a well-defined legal framework by getting a crypto licence, ensuring compliance with applicable laws and regulations.
Bermuda has positioned itself as having a favourable regulatory environment for digital assets. A Bermuda crypto licence can boost a company’s legitimacy and reputation, perhaps attracting investors and consumers that value transparency and regulatory compliance.
Businesses may obtain better access to global markets with a crypto licence from Bermuda. Many nations prefer to do business with regulated firms, and having a recognised licence can allow partnerships and expansion into new markets.
Bermuda’s digital asset regulation system is intended to be business-friendly while also retaining adequate oversight. This adaptability enables firms to innovate and develop new bitcoin products and services, promoting growth and technical innovation.
Disclosure regulations, transparency standards, and anti-money laundering procedures are among the features of Bermuda’s regulatory structure designed to protect investors. These investor protection methods may entice investors looking for a safe and regulated environment.
Bermuda is well-known for its favourable tax policy, which includes no corporate income tax, capital gains tax, or dividend withholding tax. This may bring tax benefits to enterprises engaged in the bitcoin sector.
Bermuda has worked hard to create a welcoming environment for digital assets and blockchain technology. The government has launched programmes to encourage blockchain startups and has invested in the sector’s infrastructure and personnel.
|License:||Digital Asset Business License|
|Timeframe for Approval:||2 months|
|Regulator:||Bermuda Monetary Authority|
|Local Director:||At least 2 directors|
|Local Shareholder:||At least 1 shareholder|
|Local Registered Office:||Required|
|Corporate Tax Rate:||0%|
|Currency:||The official currency of Bermuda is the Bermudian dollar (BMD), which has a fixed exchange rate with the United States dollar (USD).|
|Minimum Paid-up Capital:||US$1.00|
|Gov. App Fee:||US$5,000|
The measures that follow will be taken in order to receive a licence:
Please send us the following documents.