Bermuda vs ADGM (Abu Dhabi): which jurisdiction wins?

Bermuda vs ADGM (Abu Dhabi) — both credible, very different trade-offs. Below: side-by-side on the variables that actually move the decision.

	Bermuda	ADGM (Abu Dhabi)
Tax headline	0% (15% CIT for in-scope MNEs from 2025)	0% on qualifying income (9% otherwise)
Formation days	7	14
First-year cost	$6,500	$11,500
Treaties	Limited	140+
Substance	Economic Substance Act 2018	Office and director presence required
Banking	Butterfield, HSBC Bermuda, Clarien	ADGM banks plus FAB, ADCB onshore introductions

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