Bermuda is a British Overseas Territory in the North Atlantic Ocean. It is approximately 1,070 km (665 mi) east-southeast of Cape Hatteras, North Carolina; 1,236 km (768 mi) south of Cape Sable Island, Nova Scotia; and 1,578 km (981 mi) north of San Juan, Puerto Rico. The capital city is Hamilton. Bermuda is an associate member of CARICOM.
Bermuda's economy is based on offshore insurance and reinsurance, and tourism, the two largest economic sectors.[1][2] Bermuda had one of the world's highest GDP per capita for most of the 20th century[3] and several years beyond. Recently, its economic status has been affected by the global recession.
A large number of foreign owned companies are domiciled in Bermuda due to its status as tax haven.
^"Bermuda – History and Heritage". Smithsonian. 6 November 2007. Archived from the original on 20 December 2008. Retrieved 3 December 2008.
^"Bermuda's Tourism Industry" Tayfun King, Fast Track, BBC World News (3 November 2009).
^Rushe, George. "Bermuda". Encyclopedia Britannica. Retrieved 1 September 2015.
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