General Overview. Bermuda is one of the most developed offshore financial centers, which offers a well-regulated and efficient business environment for international entrepreneurs and investors. In addition to well developed sectors of offshore trust and offshore investment fund management, as well as offshore insurance companies, the local government tries to create efficient environment for developing e-commerce sector. Bermuda has one of the best reputations among offshore jurisdictions, but the government fees and cost of life are rather expensive there.

Trusts.  Historically, trust management was one of the most important and well developed market segments in Bermuda. At present, offshore trust management practice in the jurisdiction adheres to international standards.  Provision of trust management and other financial services has been improved and changed, in order to be in line with OECD outlined principles.

Banking Sector. Foreign ownership has not been allowed for many years in Bermuda, thus locally-owned banks were the only institutions to provide banking services. Even though these regulations have been changed recently, protectionism of the local government is still present. Bermuda adheres to international anti-money laundering procedures, and local banks provide high quality modern banking services to local and international clients.

Insurance Sector.  Insurance business plays an important role in the economy of Bermuda. Different types of government licenses may be issued for insurance and reinsurance businesses.

Investment Funds. Fund management industry is well regulated in Bermuda, and in order to obtain a mutual fund license, an applicant must adhere to several government checks and controls, as well as satisfy certain organizational and qualifications criteria.