Bermuda
Northern America • UTC-3 • Atlantic/BermudaBermuda's Tax System
Bermuda does not levy personal or corporate income taxes. The territory relies on payroll taxes, customs duties, and other consumption-based taxes.
Income Tax
0%
No personal income tax
Corporate Tax
0%
No corporate income tax
VAT / GST
Not Applicable
No VAT system
Nomad Visa
Not Available
No dedicated program
Tax System Overview
Bermuda's tax system is unique in that it does not impose personal or corporate income taxes. Instead, the government relies on payroll taxes, customs duties, and other consumption-based taxes.
System Type
No income tax system
Resident Taxation
Residents are not taxed on personal income but are subject to payroll and consumption taxes.
Non-Resident Taxation
Non-residents are not taxed on income but may be subject to customs duties and other fees.
Tax Year
April 1 – March 31
Income Tax Bands
No personal income tax. Bermuda does not levy tax on personal income.
Tax Treaty
Double taxation treaties are typically used to prevent individuals and businesses from being taxed twice on the same income.
United Kingdom
Treaty ActiveBermuda and the UK have agreements primarily focused on information exchange and cooperation rather than double taxation relief.
Key Benefits
Facilitates information exchange between Bermuda and the UK- Supports international cooperation on tax matters
Totalization Agreement
Totalization agreements prevent double social security taxation and help workers combine contributions from different countries.
United Kingdom
Agreement ActiveBermuda and the UK have agreements focused on cooperation rather than social security totalization.
Coverage Areas
Facts
- Bermuda's social security system is distinct and does not require totalization agreements.
Other Countries with Agreements
Business & Freelancing
Corporate Tax Rate
0% corporate tax rate
VAT Registration
Not applicable as Bermuda does not have a VAT system.
Freelancer Rules
Freelancers are not subject to income tax but must comply with local business registration and payroll tax obligations.
Crypto Policy
Cryptocurrency transactions are not specifically taxed, but businesses dealing in crypto must comply with general business regulations.
Frequently Asked Questions
Digital Nomad & Benefits
Visa Details
Tax Perks
- No personal income tax for residents or non-residents
- No corporate income tax for businesses
Filing Roadmap
Understand Local Taxes
Familiarize yourself with Bermuda's payroll and consumption taxes, which are the primary forms of taxation.
Register Your Business
If you are starting a business, ensure it is registered with the Bermuda government and complies with local regulations.
Comply with Payroll Tax
Ensure that payroll taxes are deducted and paid according to Bermuda's tax regulations if you employ staff.
Monitor Customs Duties
Be aware of customs duties on imported goods, which are a significant source of revenue for Bermuda.