Bermuda vs Monaco: which jurisdiction wins?

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

	Bermuda	Monaco
Tax headline	0% (15% CIT for in-scope MNEs from 2025)	0% personal; 25% corporate on certain activities
Formation days	7	60
First-year cost	$6,500	$25,000
Treaties	Limited	35+
Substance	Economic Substance Act 2018	Real residency and substance required
Banking	Butterfield, HSBC Bermuda, Clarien	Tier-1 private banking

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.