Bermuda vs Cayman Islands: which jurisdiction wins?

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

	Bermuda	Cayman Islands
Tax headline	0% (15% CIT for in-scope MNEs from 2025)	0% corporate, capital gains, and income tax
Formation days	7	5
First-year cost	$6,500	$4,200
Treaties	Limited	Limited
Substance	Economic Substance Act 2018	Economic Substance Law applies to relevant activities
Banking	Butterfield, HSBC Bermuda, Clarien	Top-tier prime brokerage and crypto-friendly banking via Cayman National & private banks

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