British Virgin Islands vs Bermuda: which jurisdiction wins?

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

	British Virgin Islands	Bermuda
Tax headline	0% corporate tax	0% (15% CIT for in-scope MNEs from 2025)
Formation days	3	7
First-year cost	$2,500	$6,500
Treaties	Limited	Limited
Substance	Economic Substance Act 2018 — relevant activities must demonstrate substance	Economic Substance Act 2018
Banking	Limited domestic banking; introductions to EMIs and Caribbean/Asia correspondents	Butterfield, HSBC Bermuda, Clarien

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