Bermuda Tax Calculator (2026)

Income tax rates and take-home pay for Bermuda

Sponsored

Getting paid in a foreign currency?

Get paid in 22 currencies at the real exchange rate, with no hidden fees or mark-ups, so the take-home above isn't quietly shaved by FX fees.

Get a Wise account

We may earn a commission if you sign up through this link.

Bermuda Income Tax Brackets (2025)

Bracket Income Range Rate

Contributory Pensions Fund - Employee Contribution

Fixed amount: BMD 1,958 per year

Key Facts

Tax Year

2025

Currency

BMD

Top Rate

0%

Brackets

0 brackets

Allowance

None

Social Contributions

1 item

Assumptions

  • · Bermuda does not impose income tax on individuals.
  • · Employee social insurance contributions are mandatory: BMD 37.65 per week (approximately BMD 1,957.80 annually based on 52 weeks).
  • · Employer social insurance contributions are separate and not included in this employee model.
  • · The default person is assumed to be under age 65, employed full-time (more than 4 hours per week), and not a full-time student.
  • · No income tax brackets, credits, or deductions are applicable.
  • · Other taxes (customs duties, stamp duty, VAT, etc.) are transaction-based or not employment-income related and are excluded from salary comparison calculations.
  • · Social insurance contributions are not deductible against any income tax liability (as there is none).
  • · This model reflects the absence of personal income tax in Bermuda, making the take-home salary equal to gross salary minus only mandatory employee social insurance contributions.

Frequently asked questions

Do I have to pay income tax if I work in Bermuda?

No, Bermuda does not impose income tax on individuals, which is one of the major financial advantages of working there. However, you will still need to pay mandatory employee social insurance contributions of approximately BMD 1,957.80 annually, which is the only deduction from your salary.

What are the social insurance contributions in Bermuda?

As an employee in Bermuda, you are required to contribute to the Contributory Pensions Fund at a fixed rate of BMD 1,957.80 per year, or about BMD 37.65 per week. These contributions are not deductible against income tax since Bermuda has no income tax, so they reduce your take-home pay directly.

Is my take-home pay the same as my gross salary in Bermuda?

Your take-home pay will be your gross salary minus the mandatory employee social insurance contributions of BMD 1,957.80 annually. Since there is no income tax in Bermuda, social insurance is the only employment-related deduction from your salary.

Are there any other taxes I need to pay on my employment income?

Employment income itself is not subject to income tax or regional taxes in Bermuda. However, other taxes like customs duties, stamp duty, and VAT apply to specific transactions or purchases, but these are not deducted from your salary and are separate from employment income calculations.

Do employers in Bermuda also pay social insurance contributions?

Yes, employers in Bermuda are required to pay their own separate social insurance contributions in addition to the employee contributions. The employee contribution of BMD 1,957.80 annually is separate from what your employer pays and does not affect your gross salary calculation.

Compare Bermuda with another country

See side-by-side tax breakdowns for any two countries

Compare countries