Bermuda vs Andorra: which jurisdiction wins?

Bermuda vs Andorra — both credible, very different trade-offs. Below: side-by-side on the variables that actually move the decision.

	Bermuda	Andorra
Tax headline	0% (15% CIT for in-scope MNEs from 2025)	10% corporate, 10% personal
Formation days	7	30
First-year cost	$6,500	$6,500
Treaties	Limited	9+
Substance	Economic Substance Act 2018	Real residency required
Banking	Butterfield, HSBC Bermuda, Clarien	Andorran banks (Andbank, Crèdit Andorrà)

Talk to a partner before you incorporate.

Wrong jurisdiction, wrong substance, or wrong bank shortlist is a 12-month problem. A 30-minute briefing fixes 80% of it.