Bermuda as a base for your startup
Bermuda is not the most obvious location for your new business venture, but the island is a very attractive location to live and does have good airlinks to mainland USA, Canada and the UK.
Do you like the pic above? Yep that is Bermuda or Bermy as it is known to the locals. The Government in Bermuda is pushing fintech at the moment, so if you have a business idea then locating in Bermuda is an idea to explore.
The island has a good selection of international accountancy and law firms, companies that register here can apply for executive visas for their founders and provided you can demonstrate resources that should not be a problem.
If you live on the island then your tax status should be able to be designated as a Bermudian resident. There are NO TAXES on Bermuda — No Income Tax, No corporation tax, No withholding taxes. So that means youe income is yours subject to your wider tax status.
Bermuda is still to this day a British Colony so you can expect a first class standard for business, communications and the internet is good.
The island has a downsize, it is very expensive to live here and you need that tax free income to be able to manage the costs, property is restricted so only very expensive properties are available for a non Bermudian Status resident to purchase, and we are talking here of $6-$14m for a good size family home with a beach front location.
That said the lifestyle is great, with good weather, friendly people and it is a fun place to live.
To learn a bit more about the island I recommend reading the local newspaper called Bernews, I write a personal blog on Bermuda which you are always welcome to visit.