Bermuda vs Wyoming (USA): which jurisdiction wins?

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

	Bermuda	Wyoming (USA)
Tax headline	0% (15% CIT for in-scope MNEs from 2025)	21% federal, 0% state
Formation days	7	1
First-year cost	$6,500	$1,000
Treaties	Limited	70+
Substance	Economic Substance Act 2018	Federal tax considerations apply
Banking	Butterfield, HSBC Bermuda, Clarien	EMIs (Mercury) plus Wyoming SPDIs (Kraken)

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