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Bermuda

Taxes

A trust established in Bermuda may not be subject to local taxes applicable to the assets and income of the trust, provided that no residents of Bermuda benefit from the trust and no physical assets are located there.

It must be noted that the choice of law of the trust would not be applicable to tax matters, which would be governed by the respective jurisdiction where the settlor, beneficiaries, assets or trustee are located, as applicable.

You should consult with your tax advisor or accountant to know the tax implications in your jurisdiction of residence when establishing a trust in Bermuda, transfer assets to it and receive profits from said assets.

  • Offshore Income Tax Exemption
  • Offshore capital gains tax exemption
  • Offshore dividends tax exemption
  • CFC Rules
  • Thin Capitalisation Rules
  • Patent Box
  • Tax Incentives & Credits
  • Property Tax
  • Wealth tax
  • Estate inheritance tax
  • Transfer tax
  • Capital duties
  • - Offshore Income Tax Rate
  • - Corporate Tax Rate
  • 0% Capital Gains Tax Rate
  • 0% Dividends Received
  • 0% Dividends Withholding Tax Rate
  • 0% Interests Withholding Tax Rate
  • 0% Royalties Withholding Tax Rate
  • 0% Personal Income Tax Rate
  • 0% VAT Rate
  • 0 Tax Treaties

Country details

Bermuda
BMD
Hamilton
North America
e n - B M , p t
65365

The Bermuda Islands are a British overseas territory located in the North Atlantic Ocean off the east coast of the United States. The closest American continent point is the Cape Hatteras in North Carolina, located 1,030 km to the northwest, while the city of Miami is 1 770 km to the southwest. It has just over 67,000 inhabitants and its capital is Hamilton.

Bermuda forms the northern peak of the legendary Bermuda Triangle, a large maritime area in which it is said that they have been disappeared numerous ships and aircraft in unexplained circumstances. The archipelago is in an adverse climate area prone to be hit by hurricanes.

Its official currency is the Bermudian Dollar (BMD), pegged to the US$ at a 1:1 ratio.

The executive power in Bermuda resides in the monarch and is exercised in his name by the Governor. The governor is appointed by the Queen on the proposal of the British Government. The head of government is the prime minister.

The cabinet is proposed by the prime minister and officially appointed by the governor. The Legislative Branch consists of a bicameral parliament inspired by the Westminster system. The Senate is the Upper House, composed of eleven members appointed by the governor on the proposal of the prime minister and the leader of the opposition.

The House of Assembly, or lower house, has thirty-six members elected by the population with the right to vote by secret ballot.

The country has one of the highest per capita income worldwide. Its economy is based on insurance and reinsurance, banking and financial services, as well as tourism, which accounts for approximately 28% of GDP. Bermuda has a robust international business and financial sector, which accounts for 60% of its GDP.

The industrial sector is small, and agriculture is severely limited by the lack of adequate land.

Services

We can help you incorporate a Trust in Bermuda.
Please, contact us to request a free, no obligation consultation.

Disclaimer

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