Bermuda always used to be one of the top destinations for US companies shifting their headquarters abroad for tax purposes.
Bermuda is a British Overseas Territory in the Atlantic Ocean. Its nearest landmass is Cape Hatteras, United States, about 1,030 kilometres (640 miles) to the west-northwest. It is about 1,239 kilometres (770 mi) south of Cape Sable Island, Canada, and 1,538 kilometres (956 mi) north of Puerto Rico.
The Emerald Island’s Appeal
However, Dublin has become the new destination of choice for US corporate expatriates.
The corporate tax rate is just 12.5 percent. Not to mention you have a highly skilled English-speaking workforce. If you want to compare to France – their corporate tax rate is whopping 33.3 percent while the UK ‘s stands at 21 percent. If you think all the US companies went to Ireland to drink great Guinness, play golf and celebrate the Irish heritage – think again.
The tax rate is the reason why many tech companies, pharmaceutical gorillas and management consultancies have moved their headquarters from the US to Ireland (per Bloomberg report).