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Bermuda
Overview
Last reviewed - 31 January 2025Bermuda is a British overseas territory in the North Atlantic Ocean that is divided into nine parishes and two municipalities. Its capital is Hamilton. The official currency in Bermuda is the Bermudian dollar (BMD), which is pegged to the United States dollar (USD) on a 1:1 basis. The official language of Bermuda is English.
Bermuda's economy is primarily based on providing financial services for international business and luxury facilities for tourists. Bermuda is home to over 1,200 insurance companies and is the third largest insurance and reinsurance centre behind New York and London. Bermuda's industrial sector is largely focused on construction. Agriculture is limited, with only 20% of the land being arable.
PwC is the largest accounting and professional services firm in Bermuda, with 15 partners and a staff of more than 200 people. PwC assists businesses, individuals, and organisations with assurance services and tax consulting and compliance services, whilst delivering a wide range of business advisory services. PwC Bermuda is organised along key industry lines, including commercial insurance, captive insurance, and asset management.
PwC Bermuda offers a full range of tax services, including international tax planning, transactional consulting, and tax compliance directed at Bermuda corporate income tax and the US tax issues of offshore insurance and alternative investment funds and their US-based owners/investors. In addition, PwC Bermuda offers assistance with global information reporting, including the US Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS), and Country-by-Country (CbC) Reporting. PwC Bermuda also focuses on the needs of captive insurance companies, including US tax compliance, tax structuring, feasibility studies, and consulting along the captive life cycle.
Quick rates and dates
| Corporate income tax (CIT) rates | |
|---|---|
| Headline CIT rate (%) |
15% (if subject to Bermuda Corporate Income Tax ("CIT") or 0% |
| Corporate income tax (CIT) due dates | |
|---|---|
| CIT return due date |
If subject to Bermuda CIT, tax returns are proposed to be due by the 15th day of the 10th month following the fiscal year-end. |
| CIT final payment due date |
Upon filing the CIT return (if applicable), a "true-up" payment considering previous estimated payments must be made no later than the due date of the return, regardless of when the return is filed. Payment can be made by the filing Bermuda constituent entity ("BCE") on behalf of the underlying group entities. |
| CIT estimated payment due dates |
Taxes are paid in installments. The first installment is proposed to be due by the 15th day of the 8th month after the beginning of the fiscal year, amounting to 50% of the expected tax liability for the year. The second installment is due by the 15th day of the 12th month after the beginning of the fiscal year, bringing the total installments to 90% of the expected tax liability for the year. |
| Personal income tax (PIT) rates | |
|---|---|
| Headline PIT rate (%) |
NA |
| Personal income tax (PIT) due dates | |
|---|---|
| PIT return due date |
NA |
| PIT final payment due date |
NA |
| PIT estimated payment due dates |
NA |
| Value-added tax (VAT) rates | |
|---|---|
| Standard VAT rate (%) |
NA |
| Withholding tax (WHT) rates | |
|---|---|
| WHT rates (%) (Dividends/Interest/Royalties) |
NA |
| Capital gains tax (CGT) rates | |
|---|---|
| Headline corporate capital gains tax rate (%) |
NA |
| Headline individual capital gains tax rate (%) |
NA |
| Net wealth/worth tax rates | |
|---|---|
| Headline net wealth/worth tax rate (%) |
NA |
| Inheritance and gift tax rates | |
|---|---|
| Headline inheritance tax rate (%) |
NA |
| Headline gift tax rate (%) |
NA |
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