Bermuda enjoys the third highest per capita income in the world, more than 50 per cent higher than that of the US.

Its economy is primarily based on providing financial services for international business and luxury facilities for tourists.

A number of reinsurance companies relocated to the island after September 11, terror attacks in the US and again after Hurricane Katrina in August 2005.

Bermuda does not levy income tax on foreign earnings, and allows foreign companies to incorporate there under an 'exempt' status.

Bahrain

Situated to the east of Saudi Arabia, Bahrain is an archipelago in the Persian Gulf in West Asia.

Bahrain is home to numerous multinational firms with business in the Gulf.

It is also focused on Islamic banking and is competing on an international scale with Malaysia as a worldwide banking centre.

Image: Ferrari's Formula One driver Kimi Raikkonen of Finland drives his car during the F1 test session at the Bahrain International Circuit in Sakir. The Bahrain International Circuit Tower is seen in the background. | Photograph: Hamad I Mohammed/Reuters

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