Bermuda vs Singapore: which jurisdiction wins?

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

	Bermuda	Singapore
Tax headline	0% (15% CIT for in-scope MNEs from 2025)	17% headline, effective 0–8.5% with incentives
Formation days	7	1
First-year cost	$6,500	$3,500
Treaties	Limited	90+
Substance	Economic Substance Act 2018	Real substance required for tax residency certificate
Banking	Butterfield, HSBC Bermuda, Clarien	Tier-1 banking (DBS, UOB, OCBC) plus EMI ecosystem

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