Bermuda Jobs

Tax

Renowned as a tax haven throughout the world, Bermuda has been successful in attracting banking & finance professionals as well and lawyers and accountants with its beneficial taxes on individuals.

If youre planning to look for employment in Bermuda be warned you might receive a pay rise and to get the whole lot tax free! Sounds like a good deal?

Well you better go find that job.

Personal Taxes

Bermuda currently levies no income taxes or capital gains taxes.

Thats great for your average insolvency practitioner or insurance lawyer but the government has to raise money from somewhere to pay for its annual US$500million deficit.

To make up for this the government charge a social security contribution of 4.75% of your salary as well as a fixed weekly sum of around $20.

In the addition there are some property taxes including stamp duty and annual property taxes.

Other salary deductions include compulsory health insurance and government pension contributions.

But your hard-earned dollars will go even further as there are no sales taxes.

Couple that with a great climate and you can see why so many legal, accounting and banking professionals choose to call Bermuda their home.

Property Tax

If youre thinking of cashing in on the global real estate boom and buying in Bermuda however, be prepared for the whopping 22% special property tax on the purchase as well as restrictions on where you can and cant buy.

Typically foreign citizens are limited to buying extremely high-value homes or condos in certain designated complexes. The government has taken this stance in an attempt to prevent locals from being priced out of the market by wealthy foreigners.

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