vs
Singapore vs Bermuda Tax Comparison
Side-by-side comparison of tax rates and systems
Tax Rate Comparison
Rate Comparison
Top Income Tax
Singapore24%
Bermuda0%Lower
Corporate Tax
Singapore17%
Bermuda15%Lower
Capital Gains
Singapore0%
Bermuda0%
VAT / Sales Tax
Singapore9%
Bermuda0%Lower
| Category | Singapore | Bermuda |
|---|---|---|
| Tax System | Territorial | No income tax (CIT being introduced for large MNEs) |
| Top Income Tax | 24% | 0% |
| Corporate Tax | 17% | 15% |
| Capital Gains | 0% | 0% |
| VAT / Sales Tax | 9% | 0% |
| Crypto Tax | No | No |
| Wealth Tax | No | No |
| Tax Treaties | 90 | 1 |
| Currency | SGD | BMD |
The bottom line: Singapore vs Bermuda
Bermuda has the lower headline rate on 3 of the four main taxes (income, corporate, capital gains and VAT), making it the lighter-taxed of the two on paper. Singapore runs a territorial tax system, while Bermuda uses a no income tax (cit being introduced for large mnes) one. Singapore has the wider tax-treaty network (90 agreements), which can reduce withholding tax on cross-border income.
- Income tax: Bermuda is lower (24% vs 0%)
- Corporate tax: Bermuda is lower (17% vs 15%)
- Capital gains tax: identical in both (0%)
- VAT / sales tax: Bermuda is lower (9% vs 0%)