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:
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.
International business plays a major role in Bermuda’s expanding economy.
Bermuda has thriving political, economic, and social stability, strong transparency, excellent transport links and communications infrastructure, and a favorable geographical position.
-Bermuda’s sophisticated market and high percentage of internet users provide a potentially successful economy for retailers.
|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)|
|Leading product categories||Electronics, fuels, furniture, and vehicles|
|Preferred online payment method(s)||Cards and online payment gateways|
The landed cost for a cross-border transaction includes all duties, taxes, and fees associated with the purchase. This includes:
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.
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.
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.
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:
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.
Talk to your carrier about customs refunds.
Depending on the courier, additional shipping fees may include:
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.
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.
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.