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Open a bank account in Bermuda

⚠ CRSFully remoteNon-residents OKfrom £1,500

Who we work with

We work with a private bank that offers remote opening for non-residents. The exact minimum deposit is discussed individually.

About this destination

Bermuda is one of the most exclusive and renowned offshore financial centres in the world. The island levies no income tax, no capital-gains tax and no corporation tax, and is known as the global centre for reinsurance and captive insurance. Its banks are conservative, well regulated and offer first-class service. Bermuda is a CRS member. Expect substantial minimum deposits; we accompany you through the entire process.

Banking system

All figures are indicative and subject to change. Not investment advice.

Key banks
HSBC Bank Bermuda Ltd. (the largest), Clarien Bank Ltd., Butterfield Bank (Bermuda) Ltd., Bermuda Commercial Bank Ltd.; only four licensed commercial banks, a very exclusive market
Credit rating
Bermuda A+ (S&P, stable, 2024), one of the highest ratings among offshore jurisdictions; Butterfield Bank S&P BBB+ (stable)
Deposit guarantee
No formal state deposit-guarantee scheme; the Bermuda Monetary Authority (BMA) regulates strictly, and a conservative banking culture with strong capitalisation compensates
Currency
Bermuda dollar (BMD), pegged 1:1 to the US dollar; accounts typically held in USD
Inflation
approx. 2–3% p.a. (2024/2025), closely tied to US inflation
Deposit interest
Typical savings rates 2–4% p.a. on USD accounts; private-banking mandates with higher yields
Banking secrecy & CRS
CRS member since 2017, automatic data exchange. Strict local data-protection law (PIPA) and a conservative banking culture provide high discretion towards third parties.

Knowledge & background

Why bank outside the EU?

EU account registers, EAPO, bail-in risk and de-banking — the full picture.

How our service works: step by step

Five steps from order to activated account.

Declaring your offshore account: what you must report

CRS, FATCA and national reporting obligations explained clearly.

Bail-in explained: when your savings become bank capital

What the EU Bank Recovery and Resolution Directive means for depositors.

Questions first?

We'll tell you within 24 hours whether this destination fits your profile.

Quick overview

CRS status⚠ CRS
Minimum depositon request
Remote openingFully remote
Non-residentsNon-residents OK
Service feefrom £1,500

Not sure if this fits? Free consultation →

Requirements note

Proof of address and phone number must come from the same country — and that must be a genuine residence, not a PO box address. Our Nomad Package sets up a recognised address in the Philippines, including all required documents. Fully remote, no travel required. Ready in 1–2 weeks.

What's included in our service

  • Personal bank introduction
  • Document preparation and review
  • Application coordination
  • Ongoing support until account is active
  • Compliance and AML guidance

All information is provided for general guidance only and does not constitute legal, tax, or financial advice. Regulations and bank policies change; always verify current requirements before proceeding.