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Bermuda Offshore Banking

Bermuda is one of the most beautiful places in the world to spend a vacation. This island nation is also a beautiful place to invest your money. With strong privacy laws and low taxes, Bermuda is a hub for offshore banking and private asset protection.

It’s a 27-square-mile island off the east coast of the United States that’s a destination for honeymooners and anyone looking for clear water, warm sunshine, and romantic sunsets. This is especially true for US citizens as the dollar is exchanged at the same rate as the Bermuda dollar and the only other form of currency accepted there.

It is also a good option for those looking for ways to invest money while paying minimal tax. This paves the way for many banks to fill the offshore banking gap for those looking to protect their assets in this island paradise.

Since its economy is built on tourism and investment, both types of travelers are welcome – business and casual.

Exports such as tropical flowers and semi-tropical fruits also play a small role in the nations economy.

While some exempt companies domiciled in Bermuda may do business with foreign banks based outside the country, the foreign banks themselves are not allowed to operate in Bermuda. Companies that are exempt from tax can do business with foreign banks in any currency.

Bermuda offshore banks have achieved the same status in the world of finance as other large and reputable banks due to their years of experience in handling large volumes of money and investments from external individuals and corporations.

Bermuda’s legal system is based on English Common Law. Many of the rights granted to citizens of Bermuda do not apply to foreign residents until they become full citizens.

The head of state is the British Queen Elizabeth II. She is represented by the governor of the island, whom she appoints. The governor in turn appoints judges, court clerks and judges.

There are 2 chambers of parliament, a 36-member House of Representatives and an 11-member Senate.

All 36 members of the House are elected, with 3 members of the Senate appointed by the governor and 5 members elected by the ruling party. The remaining 3 members of the Senate are chosen by the minority party.

There is also a prime minister who is also chosen from the majority party. This prime minister is responsible for appointing cabinet members. These cabinet members oversee the day-to-day operations of various ministries and departments of the public service.

With its tax-free business climate for both individuals and corporations and its reputation as a tropical vacation destination, Bermuda appears to have a lot to offer both travelers and businesspeople interested in moving their assets offshore.

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