The Islands - Bermuda
BERMUDA FAST FACTS
Location:
The island of Bermuda is located in the Atlantic Ocean approximately 1,100km South East of New York City in the U.S.A.
The closest point to the U.S.A is Charlotte, North Carolina which is approximately 1,000km due West from Bermuda.
Size:
Total area of 53km squared. (20.6 sq miles)
Population:
66,163 (2007 estimate)
Capital City:
Hamilton
Currency / Legal Tender:
The Bermuda Dollar (BMD) is the local currency. However, US dollars are widely accepted. The Bermuda Dollar is
pegged to the US Dollar @ BMD $1 = USD $1.
Official Language:
English
Websites
www.bermuda4u.com
www.bermuda.com
www.bermuda-online.org
History
Bermuda was discovered in the early 16th century by the Spanish explorer Juan de Bermudez. Bermuda was first settled in 1609 by shipwrecked English colonists who were en route to Virginia in the U.S.A.
Offshore Financial Centre History
Bermuda first created Offshore Company's Law around the 1930's. Bermuda has prospered economically since World War II, developing into a highly successful offshore financial centre. Bermuda is a market leader in captive insurance, reinsurance, and also has a strong representation of offshore funds and aircraft registration. The Bermuda international insurance market commenced in 1947 when it was chosen by C.V Starr as the jurisdiction for American International Underwriters Company.
In the 1960's Fred Reiss developed the Captive Insurance Concept and Bermuda was his domicile of choice. Therefore, Bermuda quickly became a pioneering domicile for the Captive Insurance Industry and remains the global market leader.
In 1978, Bermuda introduced the Insurance act to regulate the rapidly expanding industry. Two of the giants of todays Captive Insurance Industry “ACE Ltd" and XL Capital Ltd” were formed in the mid 1980's. Mid Ocean Reinsurance was formed in late 1992 to cater to the property catastrophe market and this development led to the arrival of numerous other property catastrophe reinsurers in 1993 with over $4 billion in capital. More recently, following the September 11th, 2001 terrorist attacks in the USA, several more large companies were established in Bermuda to meet market demands.
Tax Free Salary
There is no personal income tax payable on salary and wages income in Bermuda.
Foreign Property Ownership Restrictions
Non Bermudian property ownership is restricted to properties which fall into certain categories. The properties available to foreigners are the ones at the high end of the market. If you require more information, please refer to the Bermuda4u website link or check some Bermudian real estate websites.
Drive On
Left hand side of the road.
Immigration (Wok Permit)
Processing time is usually around 6 to 10 weeks. However, there is the possibility of obtaining a temporary work permit in the interim.
Immigration (Length Of Stay)
6 year rule whereby expats must meet "key employee" criteria to stay longer.
