Gibraltar vs Bermuda: which jurisdiction wins?

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

	Gibraltar	Bermuda
Tax headline	12.5% corporate tax	0% (15% CIT for in-scope MNEs from 2025)
Formation days	7	7
First-year cost	$4,000	$6,500
Treaties	Limited	Limited
Substance	Substance for accrued-in-and-derived-from claim	Economic Substance Act 2018
Banking	Gibraltar International Bank, EMIs	Butterfield, HSBC Bermuda, Clarien

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