Editing Bermuda (section)

===Finance===
{{main|Taxation in Bermuda}}

Bermuda is an [[offshore financial centre]], which results from its minimal standards of business regulation/laws and direct taxation on personal or corporate income. It has one of the highest consumption taxes in the world and taxes all imports in lieu of an income tax system. Bermuda's consumption tax is equivalent to local income tax to local residents and funds government and infrastructure expenditures. The local tax system depends upon import duties, payroll taxes and [[consumption tax]]es. Foreign private individuals cannot easily open bank accounts or subscribe to mobile phone or internet services.<ref>{{Cite web |date=15 August 2012 |title=US Commercial Service: Doing Business in Bermuda |url=https://photos.state.gov/libraries/hamilton/19452/pdfs/CCG2011final.pdf |archive-url=https://web.archive.org/web/20171006112916/https://photos.state.gov/libraries/hamilton/19452/pdfs/CCG2011final.pdf |archive-date=6 October 2017 |access-date=24 June 2017 |publisher=Photos.state.gov}}</ref>{{Failed verification|date=January 2020}}

Having no corporate income tax, Bermuda is a popular [[Tax haven|tax avoidance location]]. Google, for example, is known to have shifted over $10&nbsp;billion in revenue to its Bermuda subsidiary using the [[Double Irish arrangement|Double Irish]] and [[Dutch Sandwich]] tax avoidance strategies, reducing its 2011 tax liability by $2&nbsp;billion.<ref>{{Cite news |last=Drucker |first=Jesse |date=15 December 2012 |title=Google Revenues Sheltered in No-Tax Bermuda Soar to $10 Billion |publisher=Bloomberg L.P. |url=https://www.bloomberg.com/news/2012-12-10/google-revenues-sheltered-in-no-tax-bermuda-soar-to-10-billion.html |url-status=live |access-date=5 March 2017 |archive-url=https://web.archive.org/web/20150110212552/http://www.bloomberg.com/news/2012-12-10/google-revenues-sheltered-in-no-tax-bermuda-soar-to-10-billion.html |archive-date=10 January 2015}}</ref> The [[Bermuda Black Hole]] is another tax avoidance method in which untaxed profits end up in Bermuda.

Large numbers of leading international insurance companies operate in Bermuda.<ref>[http://www.insurancejournal.com/news/international/2006/10/25/73563.htm "Hiscox Prepares Move to Bermuda Holding Company"] {{Webarchive|url=https://web.archive.org/web/20070930154943/http://www.insurancejournal.com/news/international/2006/10/25/73563.htm |date=30 September 2007 }}, ''Insurance Journal'', 25 October 2006. Retrieved 15 August 2012.</ref> Those internationally owned and operated businesses that are physically based in Bermuda (around four hundred) are represented by the [[Association of Bermuda International Companies]] (ABIC). In total, over 15,000 exempted or international companies are currently registered with the [[Registrar of Companies]] in Bermuda, most of which hold no office space or employees.

The [[Bermuda Stock Exchange]] (BSX) 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.<ref>{{Cite web |title=Bermuda Stock Exchange |url=http://www.bsx.com/NewsArticle.php?ArticleID=1100790647 |url-status=live |archive-url=https://web.archive.org/web/20220921232748/https://www.bsx.com/NewsArticle.php?ArticleID=1100790647 |archive-date=21 September 2022 |access-date=16 February 2022 |website=www.bsx.com}}</ref><ref>{{Cite web |title=Bermuda Stock Exchange |url=https://bsx.com//NewsArticle.php?ArticleID=1100790697 |url-status=live |archive-url=https://web.archive.org/web/20220921232749/https://www.bsx.com/NewsArticle.php?ArticleID=1100790697 |archive-date=21 September 2022 |access-date=16 February 2022 |website=bsx.com}}</ref>

Four banks operate in Bermuda,<ref>{{Cite web |title=List of Banks in Bermuda |url=http://thebanks.eu/banks-by-country/Bermuda |url-status=live |archive-url=https://web.archive.org/web/20141006131155/http://thebanks.eu/banks-by-country/Bermuda |archive-date=6 October 2014 |access-date=3 October 2014 |website=thebanks.eu}}</ref> having consolidated total assets of $24.3&nbsp;billion (March 2014).<ref>[http://www.bma.bm/publications/QUARTERLY%20BANKING%20DIGEST/Q1%202014%20Quarterly%20Banking%20Digest.pdf Quarterly Banking Digest, Q1 2014] {{Webarchive |url=https://web.archive.org/web/20141007000622/http://www.bma.bm/publications/QUARTERLY%20BANKING%20DIGEST/Q1%202014%20Quarterly%20Banking%20Digest.pdf |date=7 October 2014 }}. bma.bm. Retrieved 26 April 2017.</ref>