Alerts

  • Members of the public are invited to submit requests to rezone property or amend policies in the Bermuda Plan 2008. Requests should be submitted on a Rezoning Request form and emailed to jamarshall@gov.bm or submitted by hand to the Department of Planning, 5th Floor, Dame Lois Browne-Evans Building, 58 Court Street no later than Friday, 31March 2017.

Foreign Currency Purchase Tax

All foreign currency purchased by a resident of Bermuda from a local bank is subject to a 1 per cent tax.

Exemptions from the Foreign Currency Purchase Tax

Transactions by the following bodies are exempt from paying the Foreign Currency Purchase Tax:

  • the Government of Bermuda
  • the Bermuda Monetary Authority
  • the Bermuda Housing Corporation
  • any bank
  • a deposit company licensed under the Deposit Companies Act - 1974
  • a credit union registered under the Credit Unions Act - 1982
  • a trust company licensed under the Trust Companies Act - 1991

The following transactions are also exempt from the tax, with permission of the Bermuda Monetary Authority:

  • a payment of premium income by a local insurance company or a non-resident insurance undertaking
  • a remittance of pension contributions by a local pension fund

Paying Foreign Currency Purchase Tax

Payments are due at the end of each calendar quarter.

Penalties

Any bank that knowingly fails to collect and remit any Foreign Currency Purchase Tax commits will be fined $5,000 or triple the amount of the tax payable (whichever is greater).

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