Companies and bank accounts in Bermuda. Yes or no?
Bermuda is a very popular destination when it comes to offshore company formation.
On closer inspection, over twelve thousand international companies are based in Bermuda, and this represents a huge share of the global offshore company market.
Many Fortune one hundred companies, as well as companies considered in the FTSE index, also have offshore holding companies in Bermuda.
It goes without saying that Bermuda has particularly favorable regulations, as regards offshore and foreign companies, with tax exemptions.
One of the main reasons for the number of offshore companies in Bermuda has been the captive insurance regulations.
Captive insurance allows companies to 'self insure' their own liabilities. This is an international tax planning service that has been very popular for years, and which also offers a simple way to create a tax deduction. Only if the conditions exist, and this must be verified in practice on a case by case basis by an international tax lawyer.
Regarding bank accounts, however, you must be very careful, as the total privacy of taxpayers no longer exists. In fact, the Barmuda has signed an information exchange agreement with the United States, which allows the I R S to learn about all your deposits in Bermuda, and any interest earned there.
Similar discourse concerns European citizens. In fact, Bermuda has also signed the OECD treaty on the exchange of information, and is now on the white list of the OECD. Therefore it automatically communicates information regarding current accounts to the countries of fiscal residence of account holders.
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