Bermuda is a British Overseas Territory best known as a global reinsurance and insurance-linked securities centre. All financial sectors, including banks, investment business, funds, money services and digital asset businesses, are licensed by a single regulator, the Bermuda Monetary Authority, which was an early mover with a dedicated digital asset statute in 2018.
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes5
CurrencyBMD
S&P ratingA+
Next electiondue by 2030
Bermuda is not on the FATF lists (statement of 19 June 2026), the EU high-risk third country list (Delegated Regulation (EU) 2016/1675 as amended by 2026/83, in force 29 January 2026) or Annex I or Annex II of the EU tax list (updated 17 February 2026). Checked 7 October 2026.
Government and politics
Government
Parliamentary democracy; self-governing British Overseas Territory
Monarch
Charles III · since September 2022
Premier
David Burt (Progressive Labour Party (PLP))
Governing parties
Progressive Labour Party (PLP)
Last election
House of Assembly general election, 18 February 2025
Next election
House of Assembly general election, due by 2030. PLP won 25 of 36 seats in 2025, One Bermuda Alliance 11
Legislature
Parliament: House of Assembly (36 elected seats) and Senate (11 appointed members)
Legal system
English common law
Economy and finance
Population
64.6k (2025)
GDP
USD 9.2bn (2024)
GDP per person
USD 142,250 (2024)
Currency
Bermudian dollar (BMD), Pegged to USD at par (1:1); US dollar also widely accepted
Central bank
Bermuda Monetary Authority
Credit rating
S&P A+ (positive) · Moody's A1 (stable) (as of May 2026)
Bermuda is one of the world's largest reinsurance and captive insurance centres, with international business and tourism the main sources of income.
Bank
Banking licence, deposit company licence or restricted banking licence
Minimum capitalUSD 10m
TimelineNot published
AuthorityBermuda Monetary Authority, with the Minister of Finance advising that the grant accords with government economic and financial policy
Initial net assets of at least BMD 10 million for a bank and BMD 1 million for a deposit company (Second Schedule, para. 7)
Law
Banks and Deposit Companies Act 1999, ss. 13 and 14 and Second Schedule
Fees
Application fee BMD 50,000 (2026); annual fee under s. 16 from BMD 25,180 to BMD 400,130 by asset band, plus annual fees under the Banks and Deposit Companies (Fees) Act 1975 from BMD 400,570 (banks) and BMD 20,000 (deposit companies)
Passporting
No
Key requirements
Fit and proper controllers and officers
Prudent conduct with adequate capital, liquidity, systems and insurance
Group structure must not obstruct consolidated supervision
A full banking licence requires a minimum set of retail services in Bermuda dollars; a restricted banking licence serves only persons in the Third Schedule
Covers money transmission, cheque cashing and guaranteeing, drafts, money orders and traveller's cheques, payment service business and bureau de change
Fit and proper controllers and officers
Business conducted in a prudent manner under the Schedule 1 minimum criteria
Digital asset business licence (Class F full, Class M modified, Class T test)
Minimum capitalNot published
TimelineNot published
AuthorityBermuda Monetary Authority (Authorisation and Licensing Committee for digital assets)
Law
Digital Asset Business Act 2018, ss. 10, 12 and 16
Fees
Application fee BMD 2,266 (Class F or M) or BMD 1,000 (Class T). Grant and annual fee is the lower of BMD 450,000 and the higher of a floor (BMD 15,000 for most activities, BMD 100,000 for some, BMD 150,000 for custody of client private keys) and 0.075 percent of client receipts; Class T BMD 1,000 (2026)
Passporting
No
Key requirements
Class T is a testing licence for a pilot or minimum viable product; Class M is time limited
Meet DABA minimum criteria and the DABA Statement of Principles
Applications reviewed by the BMA committee; BMA aims to present complete applications within 20 business days
Investment business licence or Class A / Class B registered person
Minimum capitalNot published
TimelineNot published
AuthorityBermuda Monetary Authority
Law
Investment Business Act 2003, ss. 13A, 13B and 16
Fees
Application fee BMD 2,840 (licence or registration); BMD 25,000 for retail CFD business. Annual fee BMD 2,710 to BMD 13,560 for licensees (BMD 100,000 for retail CFD providers) and BMD 850 for Class A or Class B registered persons (2026)
Passporting
No
Key requirements
Licence covers dealing, arranging, managing, advising and safeguarding investments
Higher fee tier for firms licensed to hold client assets
Authorised fund (institutional, administered, specified jurisdiction, standard) or registered fund (Professional Class A, Professional Class B, Professional Closed, private, overseas)
Minimum capitalNot published
TimelineNot published
AuthorityBermuda Monetary Authority
Law
Investment Funds Act 2006
Fees
Authorisation application BMD 1,040; annual fee BMD 1,860 (standard) or BMD 1,170 (administered and institutional); initial filing fee BMD 950 to BMD 1,870 for registered funds (2026)
Passporting
No
Key requirements
Institutional funds: minimum investment of USD 100,000 per BMA guidance
Private funds limited to 20 participants without public promotion
Professional funds open only to qualified participants and must appoint manager, administrator, auditor and custodian
Professional Class A manager must have at least USD 100 million under management
Bermuda Monetary Authority (BMA) · websitebanks, Payment service providers, FX brokers, Virtual asset service providers (VASPs), Investment firms, Funds, Insurance, Trust companies
Bermuda is one of the largest reinsurance markets in the world; insurers are licensed under the Insurance Act 1978 by the BMA (not detailed here). Token issuers fall under the separate Digital Asset Issuance Act 2020. In August 2026 the BMA consulted on proposed Banks and Deposit Companies Fee Regulations 2026 on fees charged to bank customers. Bermuda has no domestic online gaming licensing regime covered in this file. No fixed minimum capital is stated in the sources consulted for money service, digital asset, investment business or fund licences, so these are null; the BMA sets capital case by case or by rules. No statutory decision period was found for any licence, so timelines are null.
General information
About Bermuda
Natural Earth boundaries. Map is indicative.
Status
British Overseas Territory
Capital
Hamilton
Area
54 km²
Official languages
English
Time zone
UTC-04:00 (UTC-03:00 in summer)
Main exports
Reinsurance and insurance
International business and financial services
Tourism
Main export partners
Germany
South Africa
Netherlands
United States
Angola
Sources for the country information(7)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
