With effect from April 1, 2019 all foreign currency purchased by a resident of Bermuda from a local bank is subject to a 1.25 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 Betting Duty of 20 per cent is charged on all bets made, received or negotiated by licenced persons. The duty is charged under the authority of the Betting Act - 1975 and the Miscellaneous Taxes Act - 1976.

Scope of Betting Duty

Betting Duty is charged on all bets made, received or negotiated by a person licensed under the Betting Act - 1975. This includes bookmakers or pool betting agents who negotiate wagers.