Capital city: Hamilton
Currency: Bermudian dollarc (BMD)
GDP: $5.6 billion
Bermuda is a British Overseas Territory in the North Atlantic Ocean which consists of 181 islands, with a total area of 53.3 square kilometres.
The first person known to have reached Bermuda was the Spanish sea captain Juan de Bermúdez in 1503 (after whom the islands are named). The islands became a British colony following the 1707 unification of the parliaments of Scotland and England, which created the Kingdom of Great Britain. In 1949 Bermuda became the oldest remaining British overseas territory and in 1997 the most populous British territory (after the return of Hong Kong to China).
Bermuda is the northernmost point of the Bermuda Triangle, a region of sea in which, according to legend, a number of aircraft and surface vessels have disappeared under supposedly unexplained or mysterious circumstances. The island is in the hurricane belt and prone to severe weather.
Bermuda is an offshore financial centre which operates with minimal standards of business regulation/laws and no personal or corporate income taxes. The legal system is derived from that of the United Kingdom, with recourse to English courts of final appeal. Over 400 international insurance companies are physically based in Bermuda. Having no corporate income tax, Bermuda is a popular tax avoidance location. Google, for example, is known to have shifted over $10 billion in revenue to its Bermuda subsidiary utilising the “Double Irish” and “Dutch Sandwich” tax avoidance strategies, reducing its 2011 tax liability by $2 billion.
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2