Bermuda vs Estonia: which jurisdiction wins?

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

	Bermuda	Estonia
Tax headline	0% (15% CIT for in-scope MNEs from 2025)	0% on retained earnings, 20% on distributions
Formation days	7	1
First-year cost	$6,500	$1,500
Treaties	Limited	60+
Substance	Economic Substance Act 2018	Real management required for tax residency
Banking	Butterfield, HSBC Bermuda, Clarien	LHV, Swedbank, EMIs (Wise)

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.