Bermuda: a tax and tourist paradise

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Bermuda (Bermuda Islands) is a British overseas territory located in the North Atlantic Ocean. The archipelago is located about 1,000 km east of the coast of the United States of America. The territory consists of over 130 islands and islets, and is made up of two municipalities: Hamilton – the capital – and St. George. The population of the islands is black majority (more than 50% of the total), but there is also a large white colony (over 30%). The rest of the population is of mixed race or of Asian origin.

The islands are made up of volcanic rocks and coral formations. The aspect of the territory is flat or of low undulating hills that reach the maximum height of 76 meters with the Town Hill. The largest island is the island of Gran Bermuda, which alone occupies about 75% of the total area of the archipelago. The islands were discovered – probably in 1505 – by the Spanish navigator Juan de Bermúdez and they took their name from him.

THE ECONOMY

Fruit growing and horticulture are fairly well developed: bananas, vegetables, essences, bulbs and flowers are mainly produced here. There are two American air and naval bases in Bermuda. Thanks to the favorable tax conditions, the islands have become an important financial center, home to numerous banks and industrial companies.

Tourism is another very important and constantly growing activity and is now the second largest source of income in the country after financial activities. The islands are destinations for beach holidays but are also a favorite destination for the celebrations of weddings of wealthy Americans. Bermuda is a popular tourist destination thanks to the landscape and the mild and sunny climate.

The islands have beautiful white sand beaches and crystal clear sea. There are also historical attractions such as the historic center of St. George – the first permanent settlement of the archipelago founded by the British in 1612 – which UNESCO included on the list of World Heritage Sites in 2000.

The climate of Bermuda.

• Area: 53,5 sqkm.
• Population: 66,100 (2007 data). (Black 54%, White 34%, mixed 6%)
• State Capital: Hamilton.
• Languages: English and Creole-English.
• Religion: Protestant 85% (Anglican 23%, African Methodist 11%), Roman Catholic 15%.
• Currency: Bermuda Dollars (BMD)
• Time: UTC -3 hours (Summer (DST) -4 hours).

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