Estonia vs Bermuda: which jurisdiction wins?

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

	Estonia	Bermuda
Tax headline	0% on retained earnings, 20% on distributions	0% (15% CIT for in-scope MNEs from 2025)
Formation days	1	7
First-year cost	$1,500	$6,500
Treaties	60+	Limited
Substance	Real management required for tax residency	Economic Substance Act 2018
Banking	LHV, Swedbank, EMIs (Wise)	Butterfield, HSBC Bermuda, Clarien

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