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Information On The Offshore Banking System In Bermuda With Links
Country name: Bermuda
Geographic location: With a land mass of 22.7 sq. miles Bermuda is located off the east coast of the United States. The Island is approximately 1,770 kilometres (1,100 mi) northeast of Miami, Florida, and 1,350 kilometres (840 mi) south of Halifax, Nova Scotia, Canada. The capital of Bermuda is located in the city of Hamilton.
Official language: While English is used throughout daily life, the citizens also speak Spanish, Portuguese, and French.
Languages commonly spoken in offshore banks: Investors who speak English will be very comfortable in their dealings with financial institutions found in Bermuda.
Population: Est. 64009
GDP per capita: $76,403
Currency: With the Bermuda dollar having an exchange rate equal to U.S. dollar, American currency is widely accepted, while currency from other countries are not.
Summary: Individuals come to Bermuda for the tropical climate and the beautiful blue waters. Corporations move to Bermuda or incorporate there, for the tax free business climate.
Infrastructure and economy: While there is agricultural products grown in Bermuda such as flowers and semi-tropical produce the main industries are tourism and finance.
Legal system: English Common Law is the basis for the Bermuda legal system, though many of the rights given to Bermuda citizens under the countries constitution, do not apply to residents who are not citizens. The Chief of State--Queen Elizabeth II, British monarch, is represent by the Governor, who she appoints. The Governor in turn appoints the magistrates, court officials and judges.
The 36 members elected to the House of Assembly and the 11 member Senate make up the 2 houses of Parliament. The Governor appoints 3 of the members of the Senate, while 5 members are appointed by the ruling party and the 3 remaining members are appointed by the minority party. Chosen from the majority party, the Premier appoints the Cabinet members who are responsible for the operation of the various Ministries and public service departments.
Did you know? / Special services: foreign banks are not allowed to operate in Bermuda, exempted companies are permitted to deal with foreign banks in any currency.
Bermudian banks have achieved same weight as other large and reputable banks in the world by handling large volume of funds on behalf of Bermuda’s exempted companies.
Links to bank websites:
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