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Bermuda, much like the Cayman Islands, will likely have the “tax haven” reputation for awhile, even if steps are taken to counteract that image. The following is a bit taken from a Michael J. Moody article on the Bermuda Monetary Authority:

BMA introduces new risk-based capital standard for insurance companies

The past few years have seen an increased emphasis on corporate transparency, not just in the United States, but internationally as well. While there are numerous reasons for this renewed interest, corporate entities worldwide have been going to great lengths to provide proactive governance via complete transparency. And in most cases, it has fallen to the various regulatory bodies to assure that a consistent approach to this effort is provided as well as to monitor its compliance. Some regulators such as the Bermuda Monetary Authority (BMA) believe that it is important to provide an approach to its own transparency that is similar to the transparency it requires from the entities it regulates. As a result, BMA has recently introduced its outline for change in the 2008 BMA Business Plan.

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