Bermuda - Banking SystemsBermuda - Banking
Bermuda banks offer a wide range of commercial banking facilities, including comprehensive investment, trust, financial management services and direct access to a variety of currency alternatives. Bermuda has four licensed banks: HSBC Bank Bermuda Limited, Bank of N.T. Butterfield, Clarien Bank (formerly Capital G Bank), and Bermuda Commercial Bank. (The branch of the Bank of New York located in Bermuda is an investment bank only.) HSBC is a global bank; the Bank of N.T. Butterfield is a regional bank with offices in the Caribbean; and Bermuda Commercial Bank and Clarien Bank are local banks. All four banks are exempt from the 60/40 rule whereby Bermudians are required to own and control at least 60% of the shares of a company.
The English common law rule of confidentiality prevails. Accounts can be maintained in many foreign currencies. The International Monetary Fund, international risk rating agencies, and the Bermuda Monetary Authority (BMA) closely monitor Bermuda’s banking sector. The BMA is the integrated regulator of the financial services sector in Bermuda and assists other authorities in Bermuda with the detection and prevention of financial crime.
A majority of the population uses Internet banking to transfer cash and pay for services. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
The English common law rule of confidentiality prevails. Accounts can be maintained in many foreign currencies. The International Monetary Fund, international risk rating agencies, and the Bermuda Monetary Authority (BMA) closely monitor Bermuda’s banking sector. The BMA is the integrated regulator of the financial services sector in Bermuda and assists other authorities in Bermuda with the detection and prevention of financial crime.
A majority of the population uses Internet banking to transfer cash and pay for services. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.