The ISO code of Bermuda is BM according to the ISO 3166 standard. The local name of the country is the same as its English name. Bermuda capital city is Hamilton. People in Bermuda speak the English language. In the year 1968, Bermuda emerged as a sovereign political entity.
Bermuda is located in the UTC -04:00 time zone, which is also called or . The internet country code top-level domain (ccTLD) for Bermuda is .bm. The International dialing code for Bermuda is 1441. People in Bermuda drive on the left side of the road. Total land area of Bermuda is 54 km² (approx. 21 mi²). Bermuda is not a landlocked country. It means that is is bordered by at least one major body of water.
Bermuda is located in North America. Bermuda is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Bermuda faces various issues, including unsustainable development.
Doing business in Bermuda
We offer various corporate services in Bermuda jurisdiction. These services can serve both, people coming from Bermuda and foreigners. If you plan on doing business in Bermuda you might be interested in contacting us.
To find out about starting your business in Bermuda click on company formation in Bermuda.
To find out how to open a bank account in Bermuda and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Bermuda.
Choose preferred service below or continue reading to find out more about Bermuda.
Demographics of Bermuda
The total population of Bermuda is 61,070 people. In Bermuda, the population density is 1212 people per square kilometer (3,153 per square mile). Because of this statistic, this country is considered to be very densely. The ethnic diversity is almost uniform according to a fractionalization scale which for Bermuda is 0. Bermuda has approximately 19066 foreign immigrants. The median age is approximately 42.9 years. In Bermuda, 91.3 in every 100 people use internet.
The majority religion of Bermuda is Christianity, Bermuda is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Bermuda.
Culture of Bermuda
People in Bermuda speak the English language. According to data on inbound tourists in Bermuda, 236,000 tourists arrive in the country each year. One of the most popular national dishes of Bermuda is bermuda fish chowder. To read more click on culture of Bermuda.
Geography of Bermuda
Bermuda is considered to be a large nation because of its total area. Its total land area is 54 km² (approx. 21 mi²). Bermuda is located in North America. Its capital city is Hamilton. Bermuda has no land borders.
The highest point of Bermuda is Town Hill, with its official height being 76 m (249 ft). Including land mass and EEZ, the total area of Bermuda is approximately 54 km² (~21 mi²). The most notable natural resources found in Bermuda are limestone, pleasant climate.To read more click on geography of Bermuda.
Economy of Bermuda
The currency of the country is Bermudian dollar. The symbol used for this currency is $, and it is abbreviated as BMD. 7% of population in the country are unemployed. The total number of unemployed people in Bermuda is 4,275. Each year, Bermuda exports around $0.01 billion and imports roughly $0.93 billion. The Gini Index of the country is 63. Bermuda has a government debt of 47.7% of the country's Gross Domestic Product (GDP), as assessed in 2013. Bermuda is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are international business, tourism, light manufacturing.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Bermuda is $6 billion. Each year, consumers spend around $4,912 million. The ratio of consumer spending to GDP in Bermuda is 0%, and the ratio of consumer spending to the world consumer market is 0.0142. The corporate tax in Bermuda is set at 0%. Personal income tax ranges from 4.75% to 100%, depending on your specific situation and income level. VAT in Bermuda is 0%. To read more click on economy of Bermuda.
Infrastructure of Bermuda
In Bermuda, 100% of the population has access to electricity. There are 20,040 internet hosts in Bermuda. Bermuda has 1 airports nationwide.
The number of road motor vehicles per 1000 inhabitants in Bermuda is 393. To read more click on infrastructure of Bermuda.
Politics of Bermuda
Bermuda, is a parliamentary dependency under constitutional monarchy. The head of the government is Elizabeth II.
According to the World Bank Group, the government effectiveness index of Bermuda is 0.92. This indicates that the government of Bermuda is effective. Citizens enjoy well-organized public and civil services, and government efficiency is high. While some services may be lacking in certain areas, the overall environment fostered by government legislation is favorable.In Bermuda, the legislative power is vested in a Parliament. To read more click on politics of Bermuda.
Environment of Bermuda
Bermuda emits 6.1 metric tons per capita of CO2. The number of road motor vehicles per 1000 inhabitants in Bermuda is 393. To read more click on environment of Bermuda.
Company formation in Bermuda
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Bermuda.
When establishing a company in Bermuda, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Bermuda that will affect the establishment and growth of one's business. Contact us or click on company formation in Bermuda to read additional information when setting up a business.
Bank account opening in Bermuda
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Bermuda. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Bermuda, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Bermuda or contact us.