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Zonos grade for Bermuda’s ease of importing goods: AÂ
Ease of doing business 5/5
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Bermuda’s economy relies on foreign direct investment (FDI), so the government of Bermuda welcomes ecommerce technology, and The Electronic Transactions Act of 1999 recognizes the importance of e-business.
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International business plays a major role in Bermuda’s expanding economy.
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Bermuda has thriving political, economic, and social stability, strong transparency, excellent transport links and communications infrastructure, and a favorable geographical position.
Landed cost Fairness 3/5
- Burmuda does not operate a de minimis, so duty and tax would always be charged on imports; but Bermuda has no import tax.
- Due to no the lack of a de minimis, duty will always be charged.
- Bermuda has one of the highest average duty rates in the world, which is unfavorable for landed cost.
Flexibility of legal regulations 5/5
- Bermuda’s import regulations are reasonable and pose no limitations for trade.
Availability and accessibility of shipping 5/5
- Leading carriers like UPS, DHL, USPS, and FedEx ship internationally to Bermuda.
Accessibility and variety of payment methods 5/5
- Debit card, credit card, online payment gateways (Paypal, Stripe, WorldPay, etc.)
Market opportunity 5/5
-Bermuda’s sophisticated market and high percentage of internet users provide a potentially successful economy for retailers.
Key stats for BermudaÂ
| Population | 64,184 (2022) |
| GDP | 7.484 billion USD (2021) |
| GDP per capita | 117,089.29 USD (2021) |
| Internet penetration | 98.4% of the population use the internet (2022) |
| Ecommerce users | Unknown |
| Leading product categories | Electronics, fuels, furniture, and vehicles |
| Preferred online payment method(s) | Cards and online payment gateways |
| Languages | English |
| Currency | Bermudian dollar/BMD/BD$ |
Landed Cost for BermudaÂ
The landed cost for a cross-border transaction includes all duties, taxes, and fees associated with the purchase. This includes:
- Product price
- Shipping
- Duties
- Taxes
Bermuda de minimis, tax, and duty
CIF: CIF (cost, insurance, freight) is a method for calculating import taxes or duties where the tax is calculated on the cost of the order plus the cost of freight and insurance.
Further explanation of de minimis, tax, and duty provided below
Duty and tax de minimis
- Tax de minimis: 0 BMD
- Duty de minimis: 0 BMD
- Based on the CIF value of the goods
De minimis
Duty and tax will be charged only on imports into Bermuda where the total CIF value of the import exceeds Bermuda's minimum value threshold (de minimis). Bermuda does not have a de minimis, which means duty and tax fees are charged on all imports. The only time goods are exempt from duty and tax is when they receive preferential treatment through trade agreements.
Import tax
- Bermuda does not charge import tax.
Average duty rate
- Average duty rate: 22.5%
- Applied to the CIF value of the order
Import duty
The average duty charged on imports into Bermuda is 22.5%, and it is applied based on the CIF value of the order. Many common goods are charged a lower duty rate, such as clothing, which has a duty rate of 6.5%. Medicines and reading materials receive a duty charge of zero. Automobiles are generally charged a duty rate of 75% on the first 10,000 BMD and 150% on any value exceeding 10,000 BMD.
Landed cost example
Below is a sample landed cost breakdown for Bermuda calculated using Zonos Quoter. Since there is no de minimis, duty will always apply.
Landed cost for a shipment to Bermuda:
Trade agreements
Bermuda has at least 41 bilateral Tax Information Exchange Agreements (TIEAs) that promote international co-operation in tax matters through the exchange of information between the participating countries.
Customs resourcesÂ
Bermuda's Customs authority
Government of Bermuda | Customs
Customs refund in Bermuda
Government of Bermuda | Apply for a refund
Talk to your carrier about customs refunds.
Shipping and complianceÂ
Top courier services:
- DHL Express
- FedEx
- UPS
- USPS
- My Bermuda Post
Depending on the courier, additional shipping fees may include:
- Tracking
- Insurance
- Fuel surcharge
- Remote delivery charge
- Chain of signature fee
- Overweight or oversized fee
- Special handling fee
- Dangerous goods fee
- etc.
Documentation and paperwork
Always needed:
- Bill of lading or air waybill
- Commercial invoice (three copies)
- Bermuda Customs Declaration form (BCD)
Sometimes needed:
- Packing list
- Proforma invoice
- Order confirmation
Prohibited, restricted, and controlled imports into Bangladesh
Government agencies regulate imports.
Restricted items are different from prohibited items. Prohibited items are not allowed to be imported into a country at all. Restricted items are not allowed to be imported into a country unless the importer has approval or a special license. Controlled goods have military or national security significance.
Prohibited items:
- Illegal drugs (eg. heroin, LSD, cannabis, etc.)
- Offensive weapons (eg. push daggers, gravity knives, throwing stars, etc.)
- Self-defense sprays containing harmful gas or liquids.
- Stun guns or any weapons that temporarily disable or stun a person with an electric shock or directed energy.
- Indecent or obscene materials (eg. books, magazines, DVDs, software) featuring children, extreme violence, or any content that cannot be legally bought in Bermuda.
- Medical marijuana
Restricted items:
- Firearms, explosives, and ammunition
- Live animals
- Plants, fruit, vegetables, and plant products
- Endangered animals or plants
- Certain meat and dairy products
- Certain radio transmitters
- Methadone
Legal regulations for businesses
Declare imports to customs
When importing goods into Bermuda, you must make a customs declaration. There are different forms, times, and procedures for making customs declarations. The type of goods, their transportation, and how they are processed at customs determine the customs declaration you make.
Next steps
- Argentina- If you’re looking to expand your sales into international markets, Argentina may be a good place to consider. Learn all about Argentinean import regulations in our country guide.
- Australia - Graded an A by Zonos cross-border experts, Australia may be a favorable market to expand your sales. Learn all about importing goods and Australia's regulations in this guide.
- Bangladesh - Branching out into new markets can be scary, but fret not; Zonos provides information on trade barriers, import regulations, and more for many countries, including Bangladesh.
FAQ
What is the currency conversion from the Bermuda dollar (BMD) to USD?
1 BMD = 1 USD. In fact, USD can be used as currency in Bermuda and almost all Caribbean countries.
A cross-border guide to Bermudian ecommerce, shipping, and importing goodsÂ
If you are looking to grow your ecommerce business into Bermuda, you’ve come to the right place. In our guide, created by Zonos' cross-border experts, you will find the following: