Bermuda to Introduce Corporate Income Tax

Bermuda, a British Overseas Territory in the Caribbean, is widely recognized as a tax haven, much like the British Virgin Islands (BVI) and the Cayman Islands. Companies registered in Bermuda have historically been exempt from corporate income tax. However, Bermuda plans to introduce corporate income tax starting January 1, 2025. Does this mark the end of Bermuda’s status as a tax haven and its “return to the right path”? Will this change negatively impact companies currently registered there? In this article, we’ll provide a brief analysis.