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South Korea vs Bermuda Tax Comparison
Side-by-side comparison of tax rates and systems
Tax Rate Comparison
Rate Comparison
Top Income Tax
South Korea49.5%
Bermuda0%Lower
Corporate Tax
South Korea25%
Bermuda15%Lower
Capital Gains
South Korea22%
Bermuda0%Lower
VAT / Sales Tax
South Korea10%
Bermuda0%Lower
| Category | South Korea | Bermuda |
|---|---|---|
| Tax System | Progressive | No income tax (CIT being introduced for large MNEs) |
| Top Income Tax | 49.5% | 0% |
| Corporate Tax | 25% | 15% |
| Capital Gains | 22% | 0% |
| VAT / Sales Tax | 10% | 0% |
| Crypto Tax | Yes | No |
| Wealth Tax | No | No |
| Tax Treaties | 93 | 1 |
| Currency | KRW | BMD |
The bottom line: South Korea vs Bermuda
Bermuda has the lower headline rate on 4 of the four main taxes (income, corporate, capital gains and VAT), making it the lighter-taxed of the two on paper. South Korea runs a progressive tax system, while Bermuda uses a no income tax (cit being introduced for large mnes) one. On crypto, Bermuda is the more favourable — it does not tax cryptocurrency gains. South Korea has the wider tax-treaty network (93 agreements), which can reduce withholding tax on cross-border income.
- Income tax: Bermuda is lower (49.5% vs 0%)
- Corporate tax: Bermuda is lower (25% vs 15%)
- Capital gains tax: Bermuda is lower (22% vs 0%)
- VAT / sales tax: Bermuda is lower (10% vs 0%)