Economy
Bermuda's currency is the Bermuda dollar, which is pegged to the US dollar. US notes and coins are used interchangeably with Bermudian notes and coins within the islands for most practical purposes, however banks levy a small exchange rate for the purchase of US dollars with Bermudian dollars.[2] Bermudian notes carry the image of HM Queen Elizabeth II. The Bermuda Monetary Authority is the issuing authority for all banknotes and coins, as well as being responsible for the regulation of financial institutions.
As the offshore domicile of many foreign companies, Bermuda has a highly-developed international business economy; it is a financial exporter in insurance and other financial services.
Bermuda's per-capita income is approximately 50% higher than that of the United States; according to the Bermuda Government's Economic Statistics Division, Bermuda's GDP was $4.857 billion in 2005, or $76,403 per-capita, giving Bermuda the highest GDP per capita in the world.[3]
The average cost of a house in June 2003 had risen to $1,000,000, making Bermuda one of the most expensive (and exclusive) countries in the world in which to live.[[3]]
Bermuda is regarded as a premier offshore business jurisdiction, with low direct taxation on personal or corporate income. The local tax system is based upon import duties, payroll taxes and consumption taxes. The legal system prevailing is derived from that of Britain, with recourse to English courts of final appeal. This is regarded as advantageous by many international trading entities and banks.
Such are the numbers of leading international insurance companies based in Bermuda that the territory is one of the world's largest reinsurance centres.[4] Those internationally owned and operated businesses that are physically based in Bermuda – of which there are around four hundred – are represented by the Association of Bermuda International Companies (ABIC). In total, over 1,500 exempted or international companies are currently registered with the Registrar of Companies in Bermuda.
Tourism is Bermuda's second largest industry, with the island attracting over one-half million visitors annually, of whom more than 80% are from the United States. Other significant sources of visitors are Canada and the United Kingdom. Tourists arrive either by cruise ship or by air at Bermuda International Airport, the only airport on the island.[5]

Parishes and municipalities

Bermuda is divided into nine parishes and two municipalities.
Bermuda's nine parishes are:

• Devonshire
• Hamilton
• Paget
• Pembroke
• St George's
• Sandys
• Smith's
• Southampton
• Warwick

Bermuda's two municipalities are:

• Hamilton (City)
• St. George's (Town)

Source: Wikepedia.com

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