List of
Banks in the Caribbean
Bermuda (officially, the Bermuda Islands or the Somers Isles) is a
British overseas territory in the North Atlantic Ocean. Located off the
east coast of the United States, its nearest landmass is Cape Hatteras,
North Carolina, about 1,030 kilometres (640 mi) to the west-northwest.
It is about 1,373 km (853 mi) south of Halifax, Nova Scotia, Canada, and
1,770 km (1,100 mi) northeast of Miami, Florida. Its capital city is
Hamilton.
Bermuda is the oldest and most populous remaining British overseas
territory, settled by England a century before the Acts of Union created
the Kingdom of Great Britain. Bermuda's first capital, St George's, was
settled in 1612 and is the oldest continuously inhabited English town in
the Americas.
Bermuda has an affluent economy, with finance as its largest sector
followed by tourism, giving it the world's highest GDP per capita in
2005. It has a subtropical climate.
List of Banks in Bermuda
Bank Of Bermuda Ltd.
Address: 6 Front Street, Hamilton HM 11
Phone: (1-441) 295-4000
Fax: (1-441) 295-7093
Bermuda Comercial Bank
Address: 44 Church Street Hamilton HM 12
Phone: (1-441) 295-5678
Fax: (1-441) 295-8091
Rosebank Centre (Bank Of Butterfield)
Address: Bermudiana Road, Pembroke
Phone: (1-441) 295-0484
The Bank of N. T. Butterfield & Son Limited
Address: 65 Front Street, Hamilton HM 12
Mailing Address: P.O. Box HM 195, Hamilton HM AX
Phone: (1-441) 299-3826
Fax: (1-441) 292-4365
List of Swift Codes for Bank in Bermudas
Get your own Bank account with ATM card
(Maestro/Mastercard debit card) for withdrawals with a Bank in the Caribe
Economy of Bermuda: Since
switching from the Bermudian pound in 1970, Bermuda's currency has been
the Bermudian dollar, which is pegged to the US dollar. US notes and
coins are used interchangeably with Bermudian notes and coins within the
islands for most practical purposes; however, banks levy a small
exchange rate for the purchase of US dollars with Bermudian dollars.
Bermudian notes carry the image of HM Queen Elizabeth II. The Bermuda
Monetary Authority is the issuing authority for all banknotes and coins,
as well as being responsible for the regulation of financial
institutions. There is a permanent exhibition of Bermuda notes and coins
at the Royal Naval Dockyard Museum.
Bermuda's per capita income is approximately 50% higher than that of the
United States; according to the Bermuda Government's Economic Statistics
Division, Bermuda's GDP was $5.85 billion in 2007, or $91,477 per-capita,
giving Bermuda the highest GDP per capita in the world.
The affordability of housing has become a prominent issue over the past
few years. The CIA World Factbook lists the average cost of a house in
June 2003 as $976,000, while real estate agencies have claimed that
this figure had risen to $1.6 million by 2006, and to $1.845 million
by early 2007, though such high figures have been disputed.
Bermuda is an offshore financial centre, which results from its low
direct taxation on personal or corporate income. The local tax system is
based upon import duties, payroll taxes and consumption taxes. The legal
system is derived from that of the United Kingdom, with recourse to
English courts of final appeal.
As the offshore domicile of many foreign companies, Bermuda has a highly
developed international business economy; it is a financial exporter of
financial services, primarily insurance, reinsurance, investment funds
and special purpose vehicles (SPV). Finance and international business
now constitute the largest sector of Bermuda's economy. However in
September 2009, it was reported that a growing number of companies were
moving from Bermuda to Ireland as part of a search for "a more stable
environment".
HamiltonLarge numbers of leading international insurance companies are
based in Bermuda making the territory one of the world's largest
reinsurance centres. Those internationally owned and operated
businesses that are physically based in Bermuda—of which there are
around four hundred—are represented by the Association of Bermuda
International Companies (ABIC). In total, over 1,500 exempted or
international companies are currently registered with the Registrar of
Companies in Bermuda.
Thanks to its favourable tax regime and a highly reactive regulatory
framework Bermuda is the domicile of choice for the implementation of
insurance-related innovative solutions also known as Alternative Risk
Transfer (ART). ART includes captive insurances, Finite Risk insurance
and insurance securitisation such as Cat bonds.
The Bermuda Stock Exchange (BSX), established in 1971, is now the
world's largest fully electronic offshore securities market, with a
current market capitalisation (excluding mutual funds) in excess of
US$330 billion. There are four hundred securities
listed on the stock exchange, of which almost three hundred are offshore
funds and alternative investment structures attracted by Bermuda's
regulatory environment. The Exchange specialises in listing and trading
of capital market instruments such as equities, debt issues, funds (including
hedge fund structures) and depository receipt programmes.
The BSX is a full member of the World Federation of Exchanges and is
located in an OECD member nation. It also has Approved Stock Exchange
status under Australia's Foreign Investment Fund (FIF) taxation rules
and Designated Investment Exchange status by the UK's Financial Services
Authority.
Tourism is Bermuda's second largest industry, with the island attracting
over one-half million visitors annually, of whom more than 80% are from
the United States. Other significant sources of visitors are from Canada
and the United Kingdom. Tourists arrive either by cruise ship or by air
at Bermuda International Airport, the only airport on the island. |