It now earns more money for the Government than tourism but know the advantages and disadvantages Bermuda is a 'designated territory' under the Financial Services Act of the United Kingdom. As an international offshore business center, Bermuda hosts insurance, reinsurance and other companies. It can provide significant advantages to companies and corporations. Newcomers like having only half an hour to home or office, golf courses and beaches. Regulatory agencies cannot divulge information.
Expatriates have freedom from foreign anti-trust laws.
They are not subject to currency control. Unlike Bermudians, they can deal in any currency with any bank anywhere and freely transfer funds. But Bermuda is NOT a no tax zone. Indirect taxes are so high that the cost of living is about about 2.8 times more than in the USA and 1.8 times more than in Canada, United Kingdom or Ireland. See Bermuda's Economy and Government of Bermuda for realistic assessments of the tax situation.