Buying Gold and Silver in Bermuda
Located in the North Atlantic Ocean, Bermuda is a group of 181 islands consisting of several low-forming volcanoes. The country is a British overseas territory having a parliamentary representative democratic dependency in a multi-party system where the Monarch is the head of state. Bermuda is ruled by a governor who exercises and heads the government, being appointed by the Queen based on the British Government's advice. Bermuda is the oldest colony of the British Empire. However, it was named after the Spanish sea captain, Juan de Bermúdez, who claimed the islands for the Spanish Empire in 1503.
Bermuda is among the few countries in the world with one of the highest per capita income since it's a highly favored tourist spot. By taking advantage of its location, the country gains its large revenues by providing great financial services to international firms, as well as luxurious hotel services and tourist facilities. Bermuda is visited by 360,000 visitors annually and, as a result, the tourist industry contributes 28% to Bermuda’s GDP. However, the major contributors to the country's economy are international businesses and corporations - about 60%.
Commodity & Futures Markets in Bermuda:
Bermuda Stock Exchange (BSX)
The Bermuda Stock Exchange was founded in 1971. BSX received its investment exchange status designated by the UK’s Financial Services Authority in 2005. Also, under Australia’s Foreign Investment Fund Taxation rules, the BSX has been granted the approved stock exchange status. The Bermuda Stock Exchange lists and trades capital markets instruments such as mutual funds, stocks, bonds, hedge funds, and depository receipt programs.
Government and Private Mints in Bermuda:Bermuda Monetary Authority BMA House, 43 Victoria Street, Hamilton HM 12, Bermuda +1 441-295-5278
BMA was established in 1969 and activates since 1970. In 1970, Bermuda was the first British colony which issued its decimal coins for both circulation and collection purpose. Today, BMA regulates and manages the country's financial sector. The mint issues the national currency of Bermuda and manages exchange control transactions. BMA is renowned for showcasing the superb flora and fauna, as well as impressive national landscapes on its Bermuda dollars and cents. These spectacular designs of Bermuda legal tender coins made them sought-after pieces among both local and international coin collectors. Apart from the regular circulating coins and currency, the BMA also issues commemorative coins and notes.
Tax on Precious Metals in Bermuda:
There are no income taxes or capital gains taxes on individuals in Bermuda. Also, there is no sales tax or value added tax (VAT) in Bermuda. However, certain goods, including precious metals, are subject to a customs duty which is payable upon entry.
Since we are not tax experts, Bullion Exchanges strongly advises you to cross check with a tax professional before making any precious metals investments in Bermuda.