Luxembourg vs Bermuda: which jurisdiction wins?

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

	Luxembourg	Bermuda
Tax headline	24.94% effective; SOPARFI structuring lowers materially	0% (15% CIT for in-scope MNEs from 2025)
Formation days	14	7
First-year cost	$12,000	$6,500
Treaties	85+	Limited
Substance	Substance mandatory post-ATAD	Economic Substance Act 2018
Banking	BIL, BGL BNP Paribas, prime brokers	Butterfield, HSBC Bermuda, Clarien

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