BERMUDA
Bermuda is one of the world’s leading financial centres, and one of the largest re/insurance markets, with a long history of providing sophisticated financial and professional services to international businesses while maintaining a respected track record of transparency and regulatory effectiveness.
Bermuda is located a short flight from New York, Miami and Toronto. With its close proximity to key international financial centres, its collaborative public-private business environment and an independent regulator, Bermuda is one of the most attractive jurisdictions to both companies and individuals. Bermuda is a highly respected financial centre, recognized worldwide for its standards of compliance, regulation, transparency and infrastructure.
WORLD RESPECTED REGULATOR
The Bermuda Monetary Authority (BMA) which was established over 50 years ago has created a robust regulatory regime that provides the protection and clarity required to fulfil the highest international standards, attracting business and innovation from around the world.
TRANSPARENCY LEADER
Bermuda has 41 bilateral Tax Information Exchange Agreements (TIEAs), more than 125 multilateral treaty partners, US FATCA reporting requirements and OECD Common Reporting Standards.
INDUSTRY STRENGTH
As a global financial centre, Bermuda is known for its world-class talent in the legal finance, accounting, re/insurance and international business sectors.
Bermuda is home to the global insurance and reinsurance (re/insurance) industry, with billions in claims paid each year to individuals and businesses in countries around the globe. Commercial and captive insurance, life and annuity insurance, insurance-linked securities (ILS), FinTech, InsurTech, and the life sciences all combine to make re/insurance the island’s powerhouse.
Bermuda has always been at the forefront of creating innovative solutions to industry issues, from the world’s first captive or mortality bond to insurance-linked securities. Bermuda has more recently also led in digital assets business legislation.
GLOBAL CONNECTIONS
Bermuda’s privileged position in the global economy and close economic, political, and cultural ties with its international trade partners, such as the U.S., Canada, U.K., Asia and the E.U. make it a key player in the international stage.
REGULATORY ENVIRONMENT
Bermuda’s legislative system is drawn largely from that of England and has existed since 1609. The legislative bodies are the House of Assembly and the Senate.
Legislation must be introduced in the House of Assembly and ultimately passed by the Senate.
The court system is modelled on that of England & Wales with a Magistrates’ Court, Supreme Court and Court of Appeal. The Judicial Committee of the Privy Council is the court of last resort in the appeals process.
A transparent regulatory framework exists in Bermuda for the international financial sector, in line with international best practices; the application and enforcing of these frameworks is done by Bermuda Monetary Authority (BMA) in both a sensible manner and in a firm but fair manner. The BMA’s supervisory methodology is risk-based, ensuring standards are appropriately calibrated to domestic or international markets, and resources are applied to those market players who pose the greatest risk.
The main regulatory instruments include Companies, Partnerships and Trusts legislation as well as specific business sectors such as Insurance, Banking and Investments. The BMA complements legislation with prudential regulation and guidance to all sectors of the economy while working closely with Government, the Accountant General and the Registrar of Companies.
Appleby Global Service (AGS) is regulated by the BMA as a Corporate Service Provider and as a Trust Business; additionally, AGS is sponsored by the Bermuda Stock Exchange (BSX).
Furthermore, our qualified team members are regulated by their own self-regulated professional bodies such as the Bermuda Bar, STEP, CPA or the CGI.