Bermuda
Bermuda: 5 company types, its taxes, banking and business environment.
Forming a company
Company types in Bermuda
The 5 forms a founder can choose here, each with its own figures. Open one for its sources.
Doing business here
Business accounts
Providers whose own published list of countries names Bermuda. A listing means a company formed here may apply, not that it will be accepted.
Not in our records No provider's country list has been read for Bermuda.
EU listings
Two lists a bank checks when it opens an account for a company or its owner.
- EU high-risk third countries (AML)
- Not listed
- EU non-cooperative jurisdictions for tax purposes
- Not listedOfficial EUR-Lex, 52026XG01465, Annex I as of 2026-02-17
Official sites
The authorities’ own sites for Bermuda: where to register, file and check.
Blocs and agreements
The trade arrangements Bermuda belongs to, as each arrangement’s own texts state them: since when, and what each covers. What a membership means for a business is for you to judge.
Bermuda’s own position
- Customs territory
- Its own
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there shall be imposed duty at the rate specified in the First Schedule with respect to goods of that class or description
- VAT territory
- Not in our records
- EU–UK Trade and Cooperation Agreement
- Outside
Bermuda is named among the overseas territories to which the EU-UK Trade and Cooperation Agreement does not apply (art. 774(4)).
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This Agreement does not apply to the overseas territories having special relations with the United Kingdom: Anguilla; Bermuda; British Antarctic Territory; British Indian Ocean Territory; British Virgin Islands; Cayman Islands;
Regional and customs arrangements only, 36 of them; bilateral trade agreements are not yet in our records.
Tax
Company tax
Tax, and what the company owes the registry each year.
- Corporate income tax
- 0%
- Distributions
- Not in our records
- Audit
- An auditor is appointed under s.89; s.88(1) removes the obligation to lay financial statements or appoint an auditor for an interval if all members and directors agree. No size-based exemption is stated.Official The registry or ministry page as of 2026-10-10
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if all members and directors of a company, either in writing or at a general meeting, agree that in respect of a particular interval no financial statements or auditor’s report thereon need be laid before a general meeting or that no auditor shall be appointed then there shall be no obligation
- Small-company relief
- Not in our records
- Annual obligations
- Not in our records
- Annual registry fee
- BMD 685
VAT
The tax on what the company sells in Bermuda, and when it must register, as the tax authority states it.
- VAT or sales tax
- None levied
Bermuda's tax authority lists the taxes it administers — payroll tax, corporate services tax, betting duty, land tax, foreign currency purchase tax, financial services tax, hotel occupancy tax, cruise ship departure tax and stamp duties — and the list contains no VAT, GST or general sales tax, so levied is recorded as no.
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The OTC provides services to the public in relation to the reporting and collection of the following taxes. ... Payroll Tax ... Corporate Services Tax ... Betting Duty ... Land Tax ... Foreign Currency Purchase Tax (FCPT) ... Financial Services Tax (FST) ... Hotel Occupancy Tax
Tax calendar
When the main returns and payments fall due in Bermuda, tax year 2026, as the tax authority states it.
- Corporate tax return
- 10 months after the end of the accounting period · each year
The return is the CIT Return (Form 100 online plus the S-101 or S-102 schedules) and falls due ten months after the fiscal year end, on the same date as the final tax payment: the Agency's table gives 2 November 2026 for a year ending 31 December 2025, 30 November 2026 for 31 January 2026, 31 December 2026 for 28 February 2026, 1 February 2027 for 31 March 2026 and 30 April 2027 for 30 June 2026. The same table is the authority for the shift: 31 October 2026 is printed as 2 November 2026. The Tax Credit Benefits return falls on the same date.
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2025 31-Dec-25 1 Jan 2025 – 2-Sep-25 2-Feb-26 15-Dec-25 2-Feb-26 2-Nov-26 2-Nov-26
- Corporate tax, final payment
- 10 months after the end of the accounting period · each year
The final tax payment falls on the same day as the CIT Return: the Agency's deadline table has one column for 'CIT Return Filing & Final Tax Payment due date', giving 2 November 2026 for a 31 December 2025 year end and 30 April 2027 for a 30 June 2026 year end. Interest runs on a late payment, which is why the Agency headlines the upcoming instalment dates on every page.
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Corporate Income Tax & Tax Credit Benefits - Filing & Payment Deadlines
- Corporate tax, instalments
- -4 months after the end of the accounting period · twice a year
Two instalments a year, both keyed backwards from the fiscal year end: the first four months before the year end (2 September 2025 for a 31 December 2025 year end, 30 June 2026 for 31 October 2026, 2 March 2026 for 30 June 2026), and the second on the 15th of the month before the year end (15 December 2025, 15 October 2026, 16 June 2026 — 15 June 2026 being National Heroes Day). Form 001 is filed with each instalment; the first instalment's form has its own later date for the 2025 year (2 February 2026). The rule records the first instalment; the negative month count means 'before the period end'.
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2025 31-Dec-25 1 Jan 2025 – 2-Sep-25 2-Feb-26 15-Dec-25 2-Feb-26 2-Nov-26 2-Nov-26
- Personal income-tax return
- Not levied here
Bermuda levies no personal income tax, so a resident individual files no annual income tax return. The Office of the Tax Commissioner's own statement of the taxes it administers lists payroll tax, corporate services tax, betting duty, land tax, foreign currency purchase tax, financial services tax, hotel occupancy tax, cruise ship departure tax, transport infrastructure tax, yacht arrival tax, stamp duties and timesharing taxes — no income tax. Read 22 October 2026.
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The OTC provides services to the public in relation to the reporting and collection of the following taxes.
- Personal income tax, final payment
- Not levied here
With no personal income tax there is no balance of income tax for an individual to pay in Bermuda. The taxes an individual can owe here are land tax on a valuation unit, stamp duty on an instrument, hotel occupancy tax as a proprietor, and the transaction taxes listed by the Office of the Tax Commissioner; none is an income tax assessment. Read 22 October 2026.
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Land tax is assessed on the annual rental value of each valuation unit, depending on whether the unit is a private dwelling or a commercial property.
- Personal income tax, instalments
- Not levied here
With no personal income tax there are no payments on account of income tax for an individual in Bermuda. The only regular personal remittance in the tax system is the employee portion of payroll tax, which the employer withholds and remits with its own quarterly payment, recorded under payroll_withholding. Read 22 October 2026.
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Remuneration is capped at $1million per annum per person and is taxed in two portions - the Employer portion and the Employee portion.
- VAT return
- Not levied here
Bermuda levies no VAT and no general sales tax, so there is no standard periodic VAT/GST return. Goods are taxed on import by customs duty, and the nearest thing to a periodic consumption-tax return is the Corporate Services Tax — 7% of gross fee revenue charged by a local service provider to an exempted undertaking, filed quarterly — which taxes a narrow class of fees rather than supplies generally. Read 22 October 2026.
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Corporate Services Tax, introduced 1st April 1995, is charged on a local service provider on the gross earned fee revenue charged to an exempted undertaking for taxable corporate services provided during each tax period.
- Payroll withholding
- 15 days after the end of the quarter · each quarter
Payroll tax is the salary tax here — there is no income tax — and it is paid on fixed quarterly dates: 15 January, 15 April, 15 July and 15 October every year, i.e. 15 days after the end of each calendar quarter. The tax has an employer portion and an employee portion; the employer remits both. The page states the dates but not what happens when one falls at a weekend, so the shift is unstated.
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Payroll Tax must be paid in Bermuda on 15 January, 15 April, 15 July, and 15 October every year.
Running the company
Running a company here
Not in our records The authorities’ pages on running a company have not been read for Bermuda yet.
Economy and trade
What it exports
Goods Bermuda exported, by product, as a share of its goods exports each year. Exports include goods passing through for re-export. A share describes Bermuda’s own trade; it does not compare places.
| Product (HS heading) | 2022 | 2023 | 2024 | Value, 2024 |
|---|---|---|---|---|
| Cruise ships, excursion boats, ferry-boats, cargo ships, barges and similar vessels for the transport of persons or goods HS 8901 | 4.5% | 31.1% | 73.9% | US$183 m |
| Parts of goods of heading 8801, 8802 or 8806 HS 8807 | under 0.05% | 0.17% | 11.2% | US$28 m |
| Turbojets, turbopropellers and other gas turbines HS 8411 | under 0.05% | under 0.05% | 2.8% | US$7 m |
| Containers (including containers for the transport of fluids) specially designed and equipped for carriage by one or more modes of transport HS 8609 | 3.3% | 1.6% | 2.2% | US$5 m |
| Undenatured ethyl alcohol of an alcoholic strength by volume of less than 80 % vol; spirits, liqueurs and other spirituous beverages HS 2208 | 7.0% | 1.6% | 1.3% | US$3 m |
| Telephone sets, including smartphones and other telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, including apparatus for communication in a wired or wireless network (such as a local or wide area network), other than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528 HS 8517 | 0.32% | under 0.05% | 1.2% | US$3 m |
| Machinery for sorting, screening, separating, washing, crushing, grinding, mixing or kneading earth, stone, ores or other mineral substances, in solid (including powder or paste) form; machinery for agglomerating, shaping or moulding solid mineral fuels, ceramic paste, unhardened cements, plastering materials or other mineral products in powder or paste form; machines for forming foundry moulds of sand HS 8474 | 0.49% | under 0.05% | 0.61% | US$2 m |
| Yachts and other vessels for pleasure or sports; rowing boats and canoes HS 8903 | 10.1% | 0.76% | 0.49% | US$1 m |
| Automatic regulating or controlling instruments and apparatus HS 9032 | under 0.05% | 0.20% | 0.37% | US$1 m |
| Precious stones (other than diamonds) and semi-precious stones, whether or not worked or graded but not strung, mounted or set; ungraded precious stones (other than diamonds) and semi-precious stones, temporarily strung for convenience of transport HS 7103 | under 0.05% | under 0.05% | 0.33% | US$1 m |
Total goods exports, 2024: US$247 m. The ten largest headings are shown.