🇧🇲 Opening a Bank Account in Bermuda
Honest assessment of business banking for foreign founders in Bermuda.
Banking in Bermuda is dominated by Butterfield Bank, HSBC Bermuda, and Clarien Bank. Account opening for Exempt Companies is possible but subject to rigorous KYC and due diligence, with minimum balance requirements often starting at $25,000–100,000. Insurance and reinsurance companies have an easier path given Bermuda's specialisation in the sector. Non-insurance entities may find it more practical to bank through an operating subsidiary in a more accessible jurisdiction (US, UK, Singapore). Fintech entities regulated by the BMA under the Digital Asset Business Act have dedicated banking pathways.
Tips for Success
- Have all company formation documents ready before applying — trade licence, articles of association, certificate of incorporation.
- Prepare a clear business plan or description of your business activities, even if the bank doesn't explicitly ask for one.
- Consider digital/neo-banks as your first account — they typically have faster onboarding for new companies.
- Apply to multiple banks simultaneously rather than sequentially — rejection at one doesn't affect others.
This content is educational and does not constitute legal or tax advice. Always consult a qualified professional for your specific situation. Data last verified March 2026.