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Bermuda – Important Facts

Bermuda is a British Overseas Territory in the North Atlantic Ocean, off the east shore of North America about 1,070 km (665 mi) east-south east of Cape Hatteras, North Carolina, 1,236 km (768 mi) south of Cape Sable Island, Canada, and 1,578 km (981 mi) north of San Juan, Puerto Rico and lies 1,544 km (959 mi) north of Road Town, British Virgin Islands. The capital city is Hamilton. Bermuda’s economy is based on offshore insurance and reinsurance, and tourism, the two largest economic sectors. Bermuda had one of the world’s highest GDP per capita for most of the 20th century and several years beyond. Recently, its economic status has been affected by the global recession. It has a subtropical climate. Bermuda is the northernmost point of the Bermuda Triangle, a region of sea in which, according to legend, a number of aircraft and surface vessels have disappeared under supposedly unexplained or mysterious circumstances.

Bermuda along with several other territories in the Caribbean, signed agreements on sharing tax information with Britain, France, Germany, Italy and Spain.

Bermuda’s economy relies on foreign direct investment (FDI), primarily international business (IB) – insurance and reinsurance – along with general financial services. Tourism also brings in foreign exchange, but to a much lesser degree. IB is Bermuda’s economic foundation, contributing directly 27.1% of total GDP in 2014 – compared to tourism’s contribution of approximately 5%.

Important Details

  • Country ISO3:BMU
  • Country Code:60
  • Income Group:North America
  • Lending Category:High income
  • Region:Not Available
  • Currency Unit:Bermudian dollar (BMD)
  • WTO Member:No
  • Trade organisations:Not available
  • world rank:Not available
  • Regional Ranking:Not available