Alerts

  • Harrington Sound Primary School building will be closed tomorrow - Friday, May 26. All students, in school uniform, to meet their teachers at Albouy's Point Park in Hamilton for 8:30am where registration will be taken prior to travel to Dockyard. Parents to pick up their students from Albouy's Park between 2:30 - 3:30pm. More details here.

Alerts

  • The Department of Parks advises that camping registration will open on 8 May for the 15 May - 30 September camping season. Permits can be collected at the Department of Parks, Ground Floor, Global House, 43 Church Street. Camping rate: $14 per night.

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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