The International Comparative Legal Guide To: Private Client 2013 - Bermuda

1 PRE-ENTRY TAX PLANNING

1.1 In Bermuda, what pre-entry estate and gift tax planning can be undertaken?

Stamp Duty on Death:

In Bermuda, the tax levied on estates is known as stamp duty and the applicable rates are set out in Head 2 of the Schedule to the Stamp Duties Act 1976 (as amended) (the 'Stamp Duties Act') at the following rates:

There is no stamp duty on (i) non-Bermuda Dollar assets, (ii) bequests to spouses, (iii) bequests to charities registered under the Charities Act 1978 or other bodies whose purposes are charitable, in the opinion of the Minister of Finance, or (iv) the value of any Bermuda residential property which has been designated as the deceased's primary family homestead in accordance with the provisions of the Stamp Duties Amendment Act 2005.