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Companies incorporated in
Bermuda are either local companies or exempted companies. Local companies must be at least 60% owned by Bermudians and directors must be Bermudians. Exempted companies can be entirely owned by non-Bermudians and are exempt from exchange controls. Bermuda companies do not pay
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in
Bermuda are levied on almost all goods arriving in the island. Import tax is quite heavy in Bermuda. Almost everything in Bermuda is imported including food. Consequently, prices are high in Bermuda and the cost of living in Bermuda is far higher than many other countries, and is a major source of
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Exempted companies that wish to establish a place of business in
Bermuda require a permit and are subject to the annual company fee indicated above. Where the company's principal business is raising money from the public by the issue of bonds or other securities or insurance business or open-ended
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The tax amount is based on an annual rental value (ARV) of the property and has 6 bands or tiers. In the lowest band which is up to an ARV of $ 11,000, the land tax is 0.8%. For the highest band, of ARV over $ 120,000, the land tax is 47%. Revenue from land tax in 2021/22 was $ 78.8 million.
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Stamp duty in
Bermuda is applicable on legal instruments, such as property deeds, affidavit of property, agreement, bonds, etc. The rate of stamp duty varies for various instruments. Revenue from stamp duties in 2021/22 was $ 124 million.
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on total remuneration paid, up to a maximum of $ 900,000 of remuneration per annum per person. Employers may withhold from an employee's salary a progressive rate starting at 1.5% up to 9.5% of the amounts paid to an employee .
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A land tax is payable on land owned or rented. Non-Bermudians can buy only top-end properties and at a price far higher than what a
Bermudian would pay, and usually cost in millions.
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All companies pay an annual company fee, based on share capital levels. For exempted companies the fees vary between $ 1,995 and $ 31,120; and for local companies the fees are lower.
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Payroll tax payable is based on the size of an employer's annual payroll and the income of individual employees. Revenue from payroll tax in 2021/22 was $ 447.7 million.
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Gains from employee stock option exercises - stock option gains are subject to the payroll tax. Capital gain on disposition of shares not taxed.
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Where an exempted company manages a unit trust scheme, the fee is $ 2,905 in respect of each unit trust scheme managed by the company.
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government revenue. In 2021/22 fiscal year, government revenues were $ 998.9 million, of which custom duties were $ 200.6 million.
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Dividends, interest, and rental income - not taxed; and there is no withholding tax on such payments.
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of
Bermuda if it is incorporated in the country. Bermuda has not entered into any
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tax on income or capital gains, and there is no branch profits tax in
Bermuda.
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35:. There is no corporate income tax in Bermuda, and a company is considered a
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Payroll tax is payable by employee, employers and self-employed persons at
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Revenue from fees from exempted companies in 2021/22 was $ 69.4 million.
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Taxation of investment income and capital gains - not taxed.
150:Principal residence gains and losses - not taxed.
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147:Foreign exchange gains and losses - not taxed.
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104:mutual fund business, the fee is $ 4,125.
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156:Foreign property reporting - not taxed.
27:does levy a number of taxes, such as a
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159:Non-resident trusts - not taxed.
153:Capital losses - not applicable.
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206:david.wellman (2 March 2016).
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175:List of countries by tax rates
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208:"Types of taxes in Bermuda"
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125:Corporate income tax - Nil.
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318:Types of taxes in Bermuda
331:, Bermuda Tax Guide 2013
316:Government of Bermuda:
194:Payroll Tax Act of 1995
294:Bermuda Customs Duties
240:"Bermuda - Income Tax"
304:Bermuda Attractions:
292:Bermuda Attractions:
41:double tax agreements
306:Bermuda Tax and Duty
269:"Bermuda Tax System"
353:Taxation by country
348:Economy of Bermuda
170:Economy of Bermuda
196:(and as amended).
128:Income tax - Nil.
53:progressive rates
31:on employers and
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246:. 23 May 2017
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276:. Retrieved
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248:. Retrieved
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215:. Retrieved
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133:Other income
120:Income taxes
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89:Licence fees
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37:tax resident
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47:Payroll tax
29:payroll tax
23:; however,
342:Categories
278:6 November
250:6 November
217:6 November
181:References
111:Stamp duty
33:land taxes
273:World.tax
21:tax haven
164:See also
77:Land tax
25:Bermuda
17:Bermuda
212:Gov.bm
280:2017
252:2017
219:2017
329:PKF
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