Monkton
Insurance Services Limited
Bermuda - reputation, experience,
stability
With well over 1,000 captives now licensed, Bermuda still ranks as the oldest and most respected offshore domicile. This reputation, which has been developed over a period of 30 years, is well deserved, and is based on Bermuda's success as an international financial centre for insurance, mutual funds and trusts.
There are few direct taxes in Bermuda, with most government revenues being generated through indirect taxes, license fees and duties. Captive insurance companies are exempt from all corporate taxes on income, capital gains or any transfers of assets or securities. In addition, they are exempt from withholding taxes on any dividends, interest or other returns to shareholders.
There is a guarantee of these benefits available from the Bermuda Government.
In addition to these fiscal incentives, Bermuda has many other attractions for business including:
Political and social stability
A well developed infrastructure, including ports, modern international airport, roads, utilities, medical and educational facilities.
More than three decades of successful operation, administration and development of the insurance law.
A fully developed excess insurance and reinsurance market.
Lawyers and accountants experienced in advising on and servicing international financial ventures.
A wide range of banks and trust companies experienced in the management and administration of offshore companies, funds, trusts and other asset protection vehicles.
Standards of regulation and monitoring, less arduous than in metropolitan countries, but with professionals in the posts of Registrar of Companies, Inspector of Companies, and Ministry of Finance.
Reasonable solvency requirements, with four different classes of licences.
Freedom from Exchange Control.
Relatively low fees for incorporation and annual licensing and management services at a cost which offers an attractive alternative to self-administration.