Taxes for persons operating businesses in Bermuda

Businesses in Bermuda must all pay Payroll Tax. Certain businesses pay additional taxes depending on the industry or service.

Betting Duty

Betting Duty of 20 per cent is charged on all bets made in Bermuda.

Corporate Services Tax

Any company or individual providing corporate services to an exempted company in Bermuda is required to pay a Corporate Services Tax.

Foreign Currency Purchase Tax

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

Hotel Occupancy Tax

Hotel Occupancy Tax of 7.25 per cent is charged to all hotel owners in Bermuda.

Land Tax

The Land Tax on Commercial Properties is 12% in respect of the tax periods July 1, 2018 – December 31, 2018 and January 1, 2019 – July 31, 2019. The Land Tax on Commercial Properties in an Economic Empowerment Zone remains at 7%. 

Passenger Taxes

Passenger Taxes are charged to all passengers departing or arriving from or to Bermuda on aircraft, ships, or private vessels.

Payroll Tax

All companies and self-employed persons are required to pay Payroll Taxes in Bermuda.

Stamp Duty Tax

Any business or individual must pay a duty to get certain official documents stamped.

Timesharing Taxes

Persons operating timeshare properties are subject to Timesharing Services Tax and Timesharing Occupancy Tax.