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Bermuda has long been established as a leading international financial centre, having sanctioned its first ‘exempted company’ back in the 1930’s. Over the years, the Bermuda government and the private sector have worked together to attract business to the island by ensuring that the jurisdiction provides a sensible regulatory regime and a tax neutral platform for international business.
Bermuda has no income or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by a Bermuda company or its shareholders (other than shareholders ordinarily resident in Bermuda).
In 1966, the government of Bermuda saw the value in providing international business with an additional assurance: not only is there no Bermuda tax applicable to exempted companies, partnerships or unit trust schemes, if such taxes were to be legislated these entities would be exempted from that tax until 2016. It is widely recognised that this tax exemption assurance has made an important contribution to the success of the jurisdiction as an international financial centre.
But time marches on, and suddenly 2016 does not seem so far away. Thus, in the 2011 Throne Speech the Governor of Bermuda has announced the government’s intention to extend the tax exemption undertaking to 2035.
We expect that this extension will provide comfort and certainty to Bermuda’s international business clientele and Bermuda’s standing as a top-tier international financial centre will be assured well into the future.
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Bermuda Throne Speech