Context: Bermuda is an offshore financial centre, which results from its minimal standards of business regulation/laws and direct taxation on personal or corporate income. It has one of the highest consumption taxes in the world and taxes all imports in lieu of an income tax system. Bermudas's consumption tax is equivalent to local income tax to local residents and funds government and infrastructure expenditures. The local tax system depends upon import duties, payroll taxes and consumption taxes. The legal system is derived from that of the United Kingdom, with recourse to English courts of final appeal. Foreign private individuals cannot easily open bank accounts or subscribe to mobile phone or internet services.

Question: Why is Bermuda considered an offshore financial center?
Answer: minimal standards of business regulation/laws and direct taxation on personal or corporate income

Question: What does it do in place of an income tax system?
Answer: taxes all imports

Question: What does Bermuda use the consumption tax for?
Answer: funds government and infrastructure expenditures

Question: What three things does the tax system depend on?
Answer: import duties, payroll taxes and consumption taxes

Question: What is Bermuda's legal system derived from?
Answer: United Kingdom, with recourse to English courts of final appeal

Question: What country uses an income tax in lieu of an import tax?
Answer: Unanswerable

Question: What is Bermuda's income tax used to fund?
Answer: Unanswerable

Question: What is derived from the English courts?
Answer: Unanswerable

Question: What can foreign private individuals easily do?
Answer: Unanswerable