With its stunning pink-sand beaches, British charm, and world-class quality of life, Bermuda is an increasingly popular destination for expats seeking both professional opportunities and an upscale island lifestyle.
In this guide, we’ll walk you through everything you need to know about relocating to Bermuda from a personal tax perspective, including tax residency, double tax treaties and tax return obligations.
TaxPilot recommend that you organize your affairs in good time to get ahead and make the most of favorable tax treatment while making sure you’re meeting your tax return obligations.
Bermuda follows a zero taxation model. You will not pay tax on personal income sources.
Tax on property and share sales
Tax on value of owned assets
Tax on assets passed to heirs
Tax to contribute to state welfare
If you receive incomes overseas while you are living in Bermuda, you may find that the source country, as a starting point, continues to tax the income.
Double taxation agreements may remove the source country’s taxing right and thus, enable you to receive incomes tax free globally.
At present, Bermuda has one double taxation agreement signed.
