Key Takeaways
- • Bermuda enacted the Digital Asset Business Act (DABA) in 2018, a tiered, scalable regime with full AML and ATF compliance, which Bermuda Business Development Agency managing director Kendaree Burgess says has attracted Circle, Coinbase, Kraken and XBTO Global.
- • Bermuda's 15% corporate income tax took effect 1 January 2025 and applies only to Bermuda-based members of multinational groups with annual global revenue of EUR 750 million or more.
- • The Economic Investment Residential Certificate (EIRC) grants long-term residency to individuals investing at least $2.5 million in the island, while permits allow up to five years of residence as a "try-before-you-buy" option.
- • Harbour International Trust Company's Randall Krebs reports rising trust migrations to Bermuda under Section 47 of the Trustee Act 1975, along with family office relocations driven by UK non-dom tax changes and asset protection demand tied to US tariffs.
- • Bermuda's single integrated regulator, the Bermuda Monetary Authority, oversees trusts, funds, insurance, reinsurance and digital assets, which Burgess says gives family offices and institutional investors consistency.
Summary
A Citywealth article dated 4 June 2025 by Karen Jones presents Bermuda as a stable, well-regulated international financial centre positioned for uncertain markets. The piece draws on comments from Bermuda Business Development Agency (BDA) managing director Kendaree Burgess, who spoke at the Citywealth Forum in London alongside representatives from Jersey, Turks & Caicos, Cyprus and Singapore, and from practitioners including Joshua Rubenstein, partner and national chair of private wealth at Katten in New York, and Randall Krebs, director and legal counsel at Harbour International Trust Company.
On digital assets, Burgess said the 2018 DABA created clarity for companies and investors and had attracted Circle, Coinbase, Kraken and XBTO Global. She also highlighted that Bermuda's single regulator, the Bermuda Monetary Authority, supervises trusts, funds, insurance, reinsurance and digital assets, which she argued gives family offices and institutional investors consistency across sectors.
On tax, Burgess said Bermuda passed legislation in December 2023 to implement a 15% corporate income tax effective 1 January 2025. It applies only to Bermuda-based businesses in multinational enterprise groups with annual global revenue of EUR 750 million or more. The government is also developing a programme of qualified refundable tax credits. Krebs added that the government has committed to using CIT revenue to lower the cost of doing business in Bermuda.
On residency, the EIRC provides long-term residence for individuals investing at least $2.5 million in infrastructure, local businesses or philanthropic initiatives. Burgess noted that flexible permits allowing up to five years of residence are also available, which she positioned as an alternative for those affected by changes to the UK non-dom regime.
Krebs described recent trends including relocation or creation of family offices in Bermuda following UK non-dom tax changes, and increased migration of trusts to Bermuda to use Section 47 of the Trustee Act 1975, which allows administrative provisions to be amended without the consent of all beneficiaries. He also said US tariffs had increased interest in asset protection trusts under Bermuda's firewall legislation, and that US political stance had led Asian, Latin American and Canadian families to favour Bermuda structures over US ones. Rubenstein described Bermuda's trust legislation as modern and flexible without drawing undue regulatory attention.
The article is promotional in nature, presenting Bermuda's advantages from the perspective of government and industry stakeholders, and includes no independent verification of the cited trend data or migration figures.
On digital assets, Burgess said the 2018 DABA created clarity for companies and investors and had attracted Circle, Coinbase, Kraken and XBTO Global. She also highlighted that Bermuda's single regulator, the Bermuda Monetary Authority, supervises trusts, funds, insurance, reinsurance and digital assets, which she argued gives family offices and institutional investors consistency across sectors.
On tax, Burgess said Bermuda passed legislation in December 2023 to implement a 15% corporate income tax effective 1 January 2025. It applies only to Bermuda-based businesses in multinational enterprise groups with annual global revenue of EUR 750 million or more. The government is also developing a programme of qualified refundable tax credits. Krebs added that the government has committed to using CIT revenue to lower the cost of doing business in Bermuda.
On residency, the EIRC provides long-term residence for individuals investing at least $2.5 million in infrastructure, local businesses or philanthropic initiatives. Burgess noted that flexible permits allowing up to five years of residence are also available, which she positioned as an alternative for those affected by changes to the UK non-dom regime.
Krebs described recent trends including relocation or creation of family offices in Bermuda following UK non-dom tax changes, and increased migration of trusts to Bermuda to use Section 47 of the Trustee Act 1975, which allows administrative provisions to be amended without the consent of all beneficiaries. He also said US tariffs had increased interest in asset protection trusts under Bermuda's firewall legislation, and that US political stance had led Asian, Latin American and Canadian families to favour Bermuda structures over US ones. Rubenstein described Bermuda's trust legislation as modern and flexible without drawing undue regulatory attention.
The article is promotional in nature, presenting Bermuda's advantages from the perspective of government and industry stakeholders, and includes no independent verification of the cited trend data or migration figures.
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