Isle of Man vs Bermuda: which jurisdiction wins?

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

	Isle of Man	Bermuda
Tax headline	0% (10% banking/retail)	0% (15% CIT for in-scope MNEs from 2025)
Formation days	5	7
First-year cost	$4,800	$6,500
Treaties	11+	Limited
Substance	Substance requirements aligned with EU code of conduct	Economic Substance Act 2018
Banking	IoM banks plus UK introductions	Butterfield, HSBC Bermuda, Clarien

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