Lowtax: Global Tax and Business Portal










Bermuda: Country and Government

BACK TO BERMUDA INFORMATION: BUSINESS, TAXATION AND OFFSHORE

Bermuda Geography

The Bermudas comprises a group of small islands in the west Atlantic Ocean located 965.6km east of North Carolina and 1,241km southeast of New York. The Bahamas lie about 1,609km to the south. Bermuda should not be confused with either the West Indies or Caribbean.

There are about 150 islands which evolved from the remnants of a thick layer of aeolin limestone. The islands are warmed by the Gulf Stream; the coral deposits found there are the most northerly in the world. An extinct volcano lies submerged along the islands' southeastern perimeter in the shape of a fish hook. The islands are hilly and the highest point is 79.9 metres at Town Hill in Smith's Parish.

A series of bridges connect the main islands which cover a total area of 52km sq. There are no rivers or fresh water lakes in the Bermudas. The rainfall is sufficient for local agriculture and falls evenly over the year. Most buildings store rainwater in underground tanks and supplies will be further boosted after proposed desalination plants are completed.

The climate is mild and humid with an average minimum temperature of 8.3C and maximum of 32.1. There is no frost and sea breezes provide relief from the high temperatures. Vegetation is lush despite the shallow soil distributed over the islands. The ever increasing population is rapidly taking over the arable land.


Bermuda Population, Language and Culture

Since 1950 the resident civilian population has steadily increased (see table) to 68,680 people in July 2010 of mostly English, Portuguese and West Indian descent.

1950
37,403
1960
42,640
1970
52,330
1980
54,050
1991
58,640
2001
64,000
2003
64,500
2005
65,365
2006
65,773
2007
66,163
2009
67,800
2010
68,680


Population density is around 3,295 persons per square mile. Bermuda Standard Time is 1 hour ahead of US Eastern Time, and 4 hours behind GMT. There is daylight saving time from April to October.

English is the official language; Portuguese is also spoken but to a lesser degree. The Bermudas were once referred to as the Isle of Devils because of the many ships wrecked there. William Shakespeare based his play "the Tempest" on the wreck of the British flagship, "Sea Venture" which set sail in 1609 carrying supplies to the Virginia Colony. The ship was wrecked near the shores of Bermuda during a storm and the survivors discovered the island, its lush fruits and wildlife.

The islands were colonised by the British in 1612 as the "Key to the West Indies". Three years later the founders of the Bermuda Company assumed the island's administration and divided it up into parishes named after the company's principal investors. Bermuda is the oldest British colony and has the oldest Parliament in the Western Hemisphere.

In 1670 the rule of the Bermuda company ended and the King of England took direct control. Bermuda has since developed as a tropical haven for tourists with beautiful beaches, gardens, golf courses and quaint harbours. Nightlife centres around the larger towns of Hamilton and St George. Bermudians like to boast that there is no illiteracy, no unemployment and no income tax.

Bermuda Government

Bermuda is a self-governing British Crown Colony and forms part of the Commonwealth. Its legal system is based on English common law. The Crown appoints the Governor and Britain is responsible for the Island's external affairs, defence, internal security and the police. Bermuda has an elected House of Assembly and an appointed Upper House (Senate).

Parliamentary elections in December 2007 returned the Progessive Labour Party to power with 22 seats to the United Bermuda Party's 14. The Progressive Labour Party was fighting for a third consecutive term while the United Bermuda Party was bidding to return to power after a decisive defeat ended a 30-year term of power.

The Premier, since October 29, 2010, is Paula Cox, and the Deputy Premier is Derrick Burgess.

In a 1995 vote, the island's population rejected a proposal to become independent, partly perhaps out of concern for Bermuda's highly successful financial services industry. However, agitation for independence continues.

In 2005 the UK government hinted that its preferred method of settling the question of independence for Bermuda would be to hold a referendum on the subject. UK Overseas Territories Minister at the time, Bill Rammell explained that: "As the grant of independence by the UK requires the prior approval of Parliament, the UK Government needs to be satisfied that, if a territory moves to independence, it does so on the basis of the clearly and constitutionally expressed wish of the people."

He went on to add: "The move to independence is a fundamental step. Increasingly in the UK, major constitutional issues of this kind are being put to a referendum. At this time, the presumption of the UK Government is that a referendum would be the way of testing opinion in those territories where independence is an option. But a final decision on whether to go the referendum route, and what form the referendum might take, would need to be determined by the UK on a case-by-case basis, reflecting the uniqueness and individual characteristics of each territory."

The Bermudian government however is known to favour deciding the sovereignty question via a General Election.


BACK TO BERMUDA INFORMATION: BUSINESS, TAXATION AND OFFSHORE




Lowtax Forums More
 Malta 11 Topics
 Barbados 4 Topics
 Monaco 1 Topics
 Austria 2 Topics
 Andorra 18 Topics
 Lowtax.net General 312 Topics
 Slovenia No topics yet
 Netherlands Antilles 3 Topics
 Bulgaria No topics yet
 Liechtenstein 3 Topics
 Offshore Trusts Guide 2 Topics
 Hungary 1 Topics
 Botswana 2 Topics
 Gibraltar 2 Topics
 Labuan 2 Topics
 Belize 4 Topics
 Dubai 8 Topics
 St Vincent & the Grenadines 1 Topics
 Germany 3 Topics
 Jersey 2 Topics
 


Strategic Partners

Lowtax Network Portal: 'Low-tax' business and investment in the top 50 jurisdictions covered in exceptional detail.
Tax News
: Global tax news, continuously updated through the day.
Investors Offshore: The independent offshore and alternative investment guide for expatriates and the globally aware investor. Sponsored by HSBC Bank International.
Law & Tax News: Daily news and background data on tax and legal developments for international business.
Offshore-e-com: A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library: One of the web's largest and most authoritative business and investment information sources.
US Tax Network: The resource for free online US taxation information, covering: corporate tax, individual tax, international tax, expatriates, sales and e-commerce tax, investment tax.
Personal Business Tax Guide: Providing essential tax news and information on business for contractors, entrepreneurs, professionals, small businesses, artists, sportspersons and entertainers.
Offshore Trusts Guide: OTG publishes news, features and newsletters on the use of offshore trust structures.
TreatyPro: The online tax treaty resource.



Lowtax Library

One of the web's largest and most authoritative business and investment information sources. Alongside topical, daily news on worldwide tax developments, you can receive weekly newswires or access up-to-date intelligence reports on a range of legal, tax and investment subjects.

FREE TRIAL NEWS SUBSCRIPTION

Our 16 constantly updated intelligence reports cover every important aspect of 'offshore' and international tax-planning in depth, including banking secrecy, the EU's savings tax directive, offshore funds, e-commerce, offshore gaming and transfer pricing. Reports are available for immediate downloading or as subscription services with news pages.


Advertising & Marketing

With over 50,000 qualified readers every month our web-sites offer a number of cost effective, targeted advertising, sponsorship and marketing opportunities:

- Display advertising - from 'skyscrapers' to 'buttons'
- Content/article submission and sponsorship
- Opt-in email marketing
- On-line Services Directory listings

Click here to learn more or contact Charles Bell on +44 (0)1424 205 425 or at charles@bsi-media.com and he will put you in touch with your regional rep.


News & Content Solutions

Could your corporate web-site or newsletter benefit from incorporating regularly updated news and content tailored to serve your clients' interests? We can provide a variety of maintenance-free news and content solutions that can be seamlessly integrated and dynamically delivered:

- Customised, personalised 'own-brand' news services
- Newsletter content and management
- News Headline Tickers

Click here to learn more or contact Charles Bell on +44 (0)1424 205 425 or at charles@bsi-media.com and he will put you in touch with your regional rep.