Family Office in Bermuda: Rules, Costs and Tax in 2026

How is a family office licensed in Bermuda?

Bermuda has no licence or registration specific to family offices; the Government's family office brochure names no family office statute and says activities related to investment management and funds are regulated by the BMA and 'may require licensing'. Under section 12 of the Investment Business Act 2003 (amended in 2022 and with effect from 29 July 2024), no one may carry on investment business in or from Bermuda unless licensed, registered (Class A or Class B), designated a non-registrable person or designated a recognised body, and doing so is an offence punishable on indictment by a fine of BMD 250,000, up to 5 years' imprisonment or both; since 27 July 2022 a Bermuda-formed entity carrying on investment business overseas is also in scope (BeesMont Law, 2023). Investment business means investment activities carried on by way of business that are not excluded by Part 3 of the First Schedule: the BMA's guidance for applicants (July 2022) lists its headings, including 'Groups, Firms and Joint Enterprises' and 'Trustees and Personal Representatives', and says that if the investment activity takes place wholly within a group of companies or joint enterprise, the provider would not need to be licensed or registered. The Investment Business (Class B Registered Persons) Order 2022 allows Class B registration, instead of a licence, for a person (other than a market intermediary) who deals only with listed clients (such as high net worth private investors, bodies corporate or trusts with total assets of at least BMD 5,000,000, or trusts whose beneficiaries all qualify) or with not more than 20 persons at any time without dealing with the public; the BMA says Class B persons must keep a principal place of business in Bermuda. No official text or BMA statement found says whether a single family office managing only its own family's money needs a licence or registration. A PTC is exempt from trust business licensing if it is authorised to act only for trusts specified in its memorandum (paragraph 3 of the Trusts (Regulation of Trust Business) Exemption Order 2002), and the brochure says any required BMA registration of a PTC is determined through regulatory reviews during the registration process. [1, 2, 3, 4, 12, 13, 14]

What is the minimum wealth for a family office in Bermuda?

No minimum family wealth in the Investment Business Act 2003 provisions read, the Investment Business (Class B Registered Persons) Order 2022, the BMA's guidance for applicants or the private trust company exemption in paragraph 3 of the Trusts (Regulation of Trust Business) Exemption Order 2002. The Class B order's asset test (total assets of at least BMD 5,000,000) describes the clients an office may serve, not the family's wealth, and the BMD 2.5 million in the Government's family office brochure is the investment for residence, not a family office test. [1, 2, 3, 4, 12]

Compare: Family Office Minimum Net Worth by Country

Who counts as family?

No legal definition of 'family' applies, because there is no family office regime. A PTC keeps its licensing exemption only while it is authorised to act as trustee of the trusts specified in its memorandum of association (or, for an overseas company, its permit), and it must notify the BMA of any change in its trust business. For investment business, Class B registration covers a person dealing only with qualifying clients, including trusts all of whose beneficiaries, and companies all of whose shareholders, are qualifying investors, or with not more than 20 persons at any time without dealing with the public. The Act defines a 'group' as a person with its parent and subsidiary undertakings and undertakings in which they hold a participating interest, and the BMA says investment activity wholly within a group of companies or joint enterprise needs no licence or registration. [2, 3, 4, 12]

Can one office serve several families?

No dedicated multi-family office licence was found; the Government's brochure lists multi-family office services only as a professional service. An office serving other families needs a BMA investment business licence or registration under section 12 of the Investment Business Act 2003 to carry on investment business, and a licence under section 9 of the Trusts (Regulation of Trust Business) Act 2001 to provide trustee services as a business unless an exemption applies. Conyers (September 2025) reports that only trust companies can hold an unlimited trust licence, that a limited licence covers trust assets up to 30 million dollars unless the BMA agrees a higher figure, and that a licensed company needs minimum net assets of $250,000. BMA licence fees were not checked. [1, 2, 4, 13, 15]

Which law and courts apply?

The Government's family office brochure says Bermuda's body of law is rooted in English common law, and Carey Olsen (2025) says its trust laws are based on English trust law principles. The Government's court system page (updated 6 July 2026) says the Court of Appeal hears appeals from the Supreme Court and that anyone not satisfied with a decision of the Court of Appeal can appeal to the Judicial Committee of the Privy Council; Appleby (2022) reports that a Commercial Court was set up under Order 72 of the Rules of the Supreme Court from January 2006, with designated specialist commercial judges. Grants of probate and letters of administration are sought from the Supreme Court (gov.bm), and investment business and trust business are supervised by the BMA. No source opened states the language of the courts. [1, 2, 4, 7, 16, 17, 18]

What substance is required?

No substance rule specific to family offices was found. Under the Economic Substance Act 2018 and the Minister of Finance's Guidance Notes (revised 30 January 2023), a Bermuda company, LLC or partnership carrying on a relevant activity, including holding entity business, must meet substance requirements and file an annual declaration within six months of the end of the financial period, unless it is tax resident in another jurisdiction that is not on the EU list of non-cooperative jurisdictions. A pure equity holding entity has minimum requirements (corporate governance and record keeping, plus adequate people and premises in Bermuda), and 'it will never be acceptable for a pure equity holding entity to have no people in Bermuda'. An entity with no gross revenue from a relevant activity in a period does not have to meet the requirements for that period, and penalties range from $7,500 to $50,000 on a first notice up to $50,000 to $250,000 on a third. Carey Olsen (2022) says acting as trustee is not a relevant activity. [11, 19, 20]

Which holding vehicles are available?

The Government's family office brochure lists companies under the Companies Act 1981 (including PTCs), limited liability companies under the Limited Liability Company Act 2016, partnerships, private funds under the Investment Funds Act 2006 and trusts under the Trusts (Special Provisions) Act 1989, the Trustee Act 1975 and the Perpetuities and Accumulations Act 2009. Carey Olsen (2022) reports that section 12A of the 1989 Act allows non-charitable purpose trusts with certain, lawful purposes, that an enforcer has not been required since 2009, and that trusts created from 1 August 2009 have no perpetuity period unless they hold Bermuda land (100 years at most) or the trust instrument sets a period. Carey Olsen (2025) says Bermuda has no foundations law. [1, 7, 11]

What is the corporate tax rate?

Under the Corporate Income Tax Act 2023 (amendments to 29 July 2026), tax of 15% of net taxable income is charged on the Bermuda entities of a multinational group with annual revenue of EUR 750 million or more in the ultimate parent's consolidated financial statements for at least two of the four fiscal years immediately preceding; the Government said in December 2023 that the Act would come fully into force in January 2025, and Carey Olsen and Walkers say it applies for fiscal years beginning on or after 1 January 2025. Walkers (March 2026) says most local companies are not subject to it, that exempted undertakings are not generally taxed other than payroll tax and hold an assurance under the Exempted Undertakings Tax Protection Act 1966 until 31 March 2035 (not for entities liable to the new tax), and that Bermuda has no capital gains tax on companies and no withholding taxes. A family holding company is taxed under the Act only if it is a Bermuda entity of such a group. [5, 6, 21, 22]

Are there tax incentives for family offices?

No tax regime specific to family offices was found: the Government's family office brochure mentions only that employers hiring eligible Bermudians may qualify for payroll tax exemptions, and Walkers says most local companies are not subject to the corporate income tax. A Family Office Act with tax concessions (a payroll tax holiday for Bermudian hires and a stamp duty waiver on some trust instruments) was proposed in 2020 (IFC Review), but no such law was found in force. [1, 6, 23]

Is there personal income tax?

Walkers (March 2026) and Carey Olsen (2025) say Bermuda has no general personal income tax and no tax on individuals' dividends or capital gains, and Carey Olsen says there is no wealth tax and no VAT or sales tax; no official statement on this was opened. Payroll tax applies to employment remuneration up to BMD 1,000,000 a year per person: for 1 April 2026 to 31 March 2027 the employee rates are 0.25% on the first BMD 48,000, 7.75% to BMD 96,000, 10.75% to BMD 200,000, 11.5% to BMD 500,000 and 12.5% to BMD 1,000,000, and employer rates by size of annual payroll run from 0.5% (under BMD 200,000) to 9.5% (over BMD 1,000,000), with 9.75% for all exempted undertakings and other rates for some classes (Office of the Tax Commissioner; Payroll Tax Amendment and Validation Act 2026). The Payroll Tax Rates Amendment Bill 2026 raises the rate for employers with annual payroll under BMD 200,000 back to 1.0% from the October to December 2026 tax period; Bloomberg Tax reports that it was enacted and in force from 28 September 2026. Owners also pay annual land tax on the rental value of Bermuda property (0.8% to 55% by band) and stamp duty on property transfers (Carey Olsen). [6, 7, 8, 24, 25, 26]

Reported by the sources named, not confirmed by an official source.

Compare: Countries With No Personal Income Tax

Is there inheritance or estate tax?

There is no inheritance tax as such, but stamp duty is charged on the net value of the Bermuda estate of a deceased person when a grant of probate or administration is sought: under Head 2 of the Schedule to the Stamp Duties Act 1976, as amended with effect from 1 April 2023, the rates are nil on the first BMD 100,000, 5.25% on the next BMD 100,000, 10.50% on the next BMD 800,000, 15.75% on the next BMD 1,000,000 and 21% above that (Carey Olsen and Appleby give the same rates; the gov.bm probate page, updated 6 July 2026, still shows the older 5% to 20%). The Act deducts legacies to a surviving spouse, bequests to registered charities, funeral expenses and debts, exempts one residential property designated as the primary family homestead of an owner with Bermudian status, and leaves securities held in an exempted undertaking outside the estate; the estate provisions read give no relief for children. Carey Olsen adds that the duty applies whatever the deceased's nationality, residence or domicile, and that only Bermuda land and Bermuda-dollar assets count as Bermuda property. There is no gift tax, but lifetime transfers of Bermuda property bear conveyance stamp duty (Carey Olsen), and probate application fees run from BMD 25 to BMD 250 by gross estate value (gov.bm). [7, 9, 18, 27]

Compare: Inheritance Tax by Country

How do wills and succession work?

Carey Olsen (2025) says Bermuda has no forced heirship and allows freedom of testamentary disposition; a will needs a testator aged 18 or over and two adult witnesses, foreign wills are recognised if valid where made or under the law of domicile, habitual residence or nationality, and on intestacy a spouse with children takes the chattels and the greater of half the residue or BMD 100,000. Sections 10 and 11 of the Trusts (Special Provisions) Act 1989, restated in 2020, make Bermuda law govern the validity and administration of Bermuda trusts and protect them against foreign forced heirship, matrimonial property and insolvency claims (Carey Olsen, 2022 and 2025). Probate is granted by the Supreme Court, and an estate of personal property up to BMD 50,000 with no real property can use a Certificate in Lieu of Grant (gov.bm). [7, 11, 18]

Reported by the sources named, not confirmed by an official source.

Can the family get residence?

The Economic Investment Residential Certificate (EIRC) Policy, revised and effective 7 June 2024, gives a Residential Certificate for a qualifying investment of at least BMD 2,500,000, for example in Bermuda real estate, the Sinking Fund or the Bermuda Trust Fund, a registered charity, or an existing or new Bermuda business; it replaced the 2021 Economic Investment Certificate and Residential Certificate Policy and the 2003 and 2015 Residential Certificate policies. The holder (aged 18 or over, of good character) may live in Bermuda for an indefinite period with a spouse and children aged 18 or under, or up to 25 in higher education, must keep the investment at BMD 2,500,000 or more and live in Bermuda at least 90 days a year for 5 years, and can seek work (dependants need work permits); the Minister may revoke a certificate under section 34 of the Bermuda Immigration and Protection Act 1956. The Government's EIRC service page and its immigration fees page (updated 3 September 2026) give an application fee of BMD 2,755, while the June 2024 policy says BMD 2,625. The policy names no route to a Permanent Resident's Certificate or Bermudian status, and Appleby (June 2025) says the EIRC gives neither; the Government's brochure says the separate Incentives for Job Makers route can make senior executives eligible for permanent residency. [1, 10, 28, 29, 30, 31]

Compare: Residency by Investment by Country

How long does set-up take?

Not found in official sources.

What are the official fees?

Indicative: under the Registrar of Companies (Annual Corporate Regulatory Fees) Act 2024 (operative 1 January 2024), an exempted company or exempted LLC pays an annual corporate regulatory fee of BMD 500 (BMD 150 for a local company or LLC). A Registrar of Companies notice for filings due in January 2020 listed exempted company annual fees from BMD 2,095 (assessable capital up to BMD 12,000) to BMD 32,676 (over BMD 500 million); current bands were not confirmed. The Residential Certificate (EIRC) application fee is BMD 2,755 on the Government's immigration fees page (updated 3 September 2026; BMD 2,625 in the June 2024 policy). The PTC exemption order sets no fee, and Appleby reported in January 2020 that the BMA did not intend to introduce an annual fee for PTCs. [4, 10, 29, 32, 33, 34, 35]

Does a private trust company need a licence in Bermuda?

Under paragraph 3(1) of the Trusts (Regulation of Trust Business) Exemption Order 2002 (BR 38/2002), made under the Trusts (Regulation of Trust Business) Act 2001, a trust company is exempt from the licensing requirement in section 9 of the Act if it may provide trustee services only to trusts specified in its memorandum of association or, for an overseas company, in its permit under section 134 of the Companies Act 1981. Paragraph 3 does not mention family or connected persons and does not require administration by a licensed trust company; the limit is to the trusts named in the memorandum. Paragraph 3 was amended by BR 137/2019 with effect from 31 December 2019, which (Appleby and Cox Hallett Wilkinson, January 2020) added the annual declaration, and again by BR 85/2025 with effect from 25 September 2025, apparently the Trusts (Regulation of Trust Business) Exemption Amendment Order 2025, which the Minister of Finance made on the advice of the Bermuda Monetary Authority (BMA) and which was tabled in the House of Assembly on 26 September 2025 and listed for announcement in the Senate on 29 September 2025. The current text has no route for other trusts approved by the Minister, which Cox Hallett Wilkinson (January 2020) and Conyers (September 2025) described as part of the condition, but no source read states what BR 85/2025 changed. [4, 15, 35, 36, 37, 38]

Who supervises it, and what must it file?

The Bermuda Monetary Authority (BMA). The PTC does not apply for a trust licence but must notify the BMA in writing within three months of its registration (or the grant of its permit) that it qualifies, with particulars of the nature and scope of its trust business (paragraph 3(2)), notify any change in that nature and scope as soon as practicable (paragraph 3(3)), and file a declaration on or before 31 March each year that it still qualifies, in the form the BMA determines (paragraphs 3(3A) and 3(3B)). The BMA's Private Trust Company Exemption Notification asks whether the PTC has been appointed trustee of additional trusts and, if its details have changed, for a cover letter on the structure, settlor and beneficiaries, its constitutional documents and its registers of directors, officers and members; it is signed by a director and sent to ptc@bma.bm, and a PTC whose business no longer fits the exemption must file a new notification or apply for a trust licence under section 11 of the 2001 Act. Conyers (October 2023) adds that the BMA must approve the incorporation of every exempted company and asks the settlor and each owner of 10% or more for a signed personal declaration. [4, 39, 40]

What local requirements apply?

The exemption itself does not require a licensed administrator, but anti-money laundering rules do in practice: the definition of an AML/ATF regulated financial institution quoted on the BMA's supervision page excludes a person exempted under paragraph 3 only if it uses the services of a corporate service provider business licensed by the BMA, or has in its corporate structure or engages the services of a trust business licensed by the BMA. A PTC without such a provider must register with the BMA as a non-licensed person in the category 'Exempted Private Trust Companies' under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008, filing board-approved AML/ATF policies and procedures and details of its compliance officer and reporting officer with the BMA's registration form. Conyers (October 2023) reports that a PTC needs a registered office in Bermuda (not a post office box), at least one director and a secretary, and Carey Olsen (2022) says acting as trustee is not a relevant activity under the economic substance rules. Conyers (September 2026) reports that since 25 September 2026 a Bermuda legal person whose shares are held by a PTC can be exempt from filing beneficial ownership information with the Registrar of Companies if, among other conditions, a Bermuda licensed corporate service provider or licensed trustee has been appointed with responsibility for the PTC's compliance with the Beneficial Ownership Act 2025 and its regulations. [4, 11, 40, 41, 42, 43]

What are the official fees?

The exemption carries no fee: the Exemption Order sets none, the BMA's notification form names none, Appleby (January 2020) reports that the BMA stated it did not intend to introduce a full licensing regime or annual fee for PTCs, and Cox Hallett Wilkinson (January 2020) that neither would be required. A PTC that must register as a non-licensed person pays the AML/ATF fees in the BMA's 2025 fee schedule (effective 1 January 2025): an application fee of $150 (section 14(1) of the 2008 Act) and an annual fee of $1,000 (section 14(2)); the BMA's registration web page still shows older amounts ($108 and $850 a year), and the 2026 schedule could not be read. A PTC formed as an exempted company also pays the annual corporate regulatory fee of $500 under the Registrar of Companies (Annual Corporate Regulatory Fees) Act 2024; other annual government company fees were not confirmed for 2026. [4, 32, 35, 36, 39, 44, 45]