Bermuda

Overview

Last reviewed - 06 August 2020

Bermuda 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 enjoys the sixth-highest gross domestic product (GDP) per capita in the world. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. Bermuda is home to over 700 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 a total of 12 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 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 (%)

NA

Corporate income tax (CIT) due dates
CIT return due date

NA

CIT final payment due date

NA

CIT estimated payment due dates

NA

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 (%) (Div/Int/Roy)

NA

Capital gains tax (CGT) rates
Corporate capital gains tax rate (%)

NA

Individual capital gains tax rate (%)

NA

Net wealth/worth tax rates
Headline net wealth/worth tax rate (%)

NA

Inheritance and gift tax rates
Inheritance tax rate (%)

NA

Gift tax rate (%)

NA

NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.