Cyprus vs Bermuda: which jurisdiction wins?

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

	Cyprus	Bermuda
Tax headline	12.5% corporate, NID brings effective lower	0% (15% CIT for in-scope MNEs from 2025)
Formation days	7	7
First-year cost	$3,500	$6,500
Treaties	65+	Limited
Substance	Substance for treaty access	Economic Substance Act 2018
Banking	Bank of Cyprus, Hellenic, plus EMIs	Butterfield, HSBC Bermuda, Clarien

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