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Bermuda
"Bermuda captive insurance structure reduced our risk management costs significantly while providing regulatory quality our board required."
Insurance & Reinsurance
- World's leading captive insurance domicile (1,200+ captive insurance companies, more than any other jurisdiction)
- Captive insurers allow corporations to insure their own risks, retain underwriting profits
- Reinsurance sector major global hub (numerous large reinsurers domiciled in Bermuda)
- Bermuda Monetary Authority (BMA) regulates insurance sector (sophisticated, credible oversight)
- Classes of insurance licenses: Class 1-4, Class A-E for reinsurers (risk-based regulation)
- Regulatory framework globally respected (equivalent or superior to many onshore jurisdictions)
- Deep insurance expertise: actuaries, lawyers, auditors, managers among world's best
Company Formation & Tax
- Exempted company standard structure (minimum 1 shareholder, 1 director)
- 0% corporate tax (no income tax, capital gains tax, withholding taxes)
- Annual government fees substantial (~$2,000-30,000+ depending on assessed share capital value)
- No requirement to file accounts publicly (held at registered office)
- Beneficial ownership register in place (accessible to authorities, not public)
- Economic substance requirements for certain activities (must demonstrate adequate Bermuda presence OR tax residence elsewhere)
- Used for: insurance/reinsurance, holding companies, investment vehicles, shipping (ship registry), aircraft registration
Regulatory Framework & Compliance
- BMA oversight stringent but professional (not anti-business, focused on systemic stability)
- Solvency II equivalent regime (European insurance companies can recognize Bermuda-regulated entities)
- Strong AML/KYC framework, OECD/FATF compliant
- Automatic exchange of information (CRS, FATCA compliance)
- Legal system based on English common law, sophisticated judiciary
- Political stability (British Overseas Territory, self-governing)
- Reputation as premium, credible jurisdiction (not on grey lists)
Practical Considerations
- High costs: Operating costs among world's highest (salaries, rent, professional fees, government fees)
- Premium jurisdiction (quality over volume, attracts Fortune 500, major insurers/reinsurers)
- Small island (pop. ~65,000), very limited domestic market
- Close ties to US (major reinsurance clients, US dollar alongside Bermudian dollar, proximity to East Coast)
- Excellent quality of life, safe, but extremely expensive cost of living
- Professional services world-class (Big 4 auditors, top law firms, specialist insurance managers all present)
- Ideal for: captive insurance, reinsurance, large holding structures with institutional credibility requirements
- Not ideal for: small businesses, active trading, structures needing cost efficiency
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Important Notice: Aventarys Group connects clients with licensed third-party professionals. We do not provide legal, tax, accounting, or financial advice. All services are delivered by independent licensed providers. Clients should consult their own legal and tax advisors before making any decisions.
