Bermuda Bermuda Bermuda () is a British Overseas Territory in the North Atlantic Ocean. It is approximately east-southeast of Cape Hatteras, North Carolina; south of Cape Sable Island, Nova Scotia; and north of Cuba. The capital city is Hamilton. Bermuda is self-governing, with its own constitution and its own government, which enacts local laws, while the United Kingdom retains responsibility for defence and foreign relations. Bermuda's two largest economic sectors are offshore insurance and reinsurance, and tourism. Bermuda had one of the world's highest GDP per capita for most of the 20th century. The island has a subtropical climate and lies
Economy of Bermuda the annual fee. (See Taxation in Bermuda#Licence fees.) Foreign companies require a local secretary and agent, which charges a fee. Foreign companies that wish to establish a place of business in Bermuda require a permit, but a permit is not required for offshore activities. There are no taxes on profits, income, dividends, capital gains, estate, or death duties. There are more than 12,500 foreign companies registered in Bermuda, many US-owned, which are an important source of foreign exchange for the island. Offshore companies spent US$967m in Bermuda in 2000. Total income, including secondary effects, was US$1.3bn. Many large international companies