Source-cited draft: tax overview for Bermuda (tax year 2025) — rates, thresholds and rules with primary-source citations. Unverified; pending local-accountant review.
Source-cited draft.Written from sources but not reviewed by a licensed practitioner, so it may be incomplete or wrong. General reference only; don't file or take a position on it without professional review.
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Currency
Bermudian dollar (BMD), pegged 1:1 to the US dollar (USD)Government of Bermuda — official currency, https://taxsummaries.pwc.com/bermuda
Personal income tax
None — Bermuda does not impose income tax on individualsPwC Worldwide Tax Summaries — Bermuda, Individual taxes on personal income, https://taxsummaries.pwc.com/bermuda/individual/taxes-on-personal-income
Corporate income tax (general)
None for most companies; a 15% CIT applies only to in-scope MNE constituent entitiesCorporate Income Tax Act 2023, https://taxsummaries.pwc.com/bermuda/corporate/taxes-on-corporate-income
Headline corporate income tax rate (in-scope MNEs)
15Corporate Income Tax Act 2023, https://www.gov.bm/CIT
VAT / GST / sales tax
None — Bermuda has no value-added tax, goods and services tax, or general sales taxPwC Worldwide Tax Summaries — Bermuda, Other taxes, https://taxsummaries.pwc.com/bermuda/corporate/other-taxes
Capital gains tax
NonePwC Worldwide Tax Summaries — Bermuda, Overview, https://taxsummaries.pwc.com/bermuda
Primary government revenue sources
Payroll tax, customs import duties, land tax, stamp duty, and government feesPwC Worldwide Tax Summaries — Bermuda, Overview, https://taxsummaries.pwc.com/bermuda
Payroll tax year
1 April to 31 MarchPayroll Tax Act 1995, https://www.gov.bm/payroll-tax
Residence / taxation basis
No income-based residence test for individuals (no income tax); payroll tax is levied on remuneration for work performed in Bermuda regardless of residencePayroll Tax Act 1995, https://www.gov.bm/payroll-tax
Withholding taxes on dividends, interest, royalties
NonePwC Worldwide Tax Summaries — Bermuda, Corporate withholding taxes, https://taxsummaries.pwc.com/bermuda/corporate/other-taxes
Common customs import duty rate
25Customs Tariff Act 1970, https://taxsummaries.pwc.com/bermuda/corporate/other-taxes
Rendered from the canonical facts model. General reference only — confirm with a qualified professional before acting.
Bermuda is a British Overseas Territory with no personal income tax, no corporate income tax on most companies, no capital gains tax and no VAT/sales tax. Government revenue comes primarily from payroll tax, customs import duties, and various fees. A new 15% corporate income tax applies only to large multinational enterprise (MNE) groups for tax years beginning on or after 1 January 2025.
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Other Bermuda computations in the OpenAccountants Tax Library.