Bermuda - Foreign Exchange ControlsBermuda - Foreign Exchange
Exempt businesses and non-resident individuals may trade and maintain bank accounts in Bermuda in any currency, remitting or repatriating their funds without exchange controls. The Foreign Currency Purchase Tax Amendment Act 2010 applies to the purchase of all non-local currencies, including the U.S. dollar. The foreign currency purchase tax is 1%, applicable to all purchases of foreign currencies for travel and business purposes and all telegraphic (wire) transfers of monies from Bermuda to individuals and businesses abroad.
The Revenue Act 1898, as amended in 2009, strengthened the requirements relating to cross border transportation of currency and monetary instruments. The threshold for reporting is $10,000. All air passengers importing or exporting cash and/or negotiable instruments exceeding $10,000 must complete a written declaration. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
The Revenue Act 1898, as amended in 2009, strengthened the requirements relating to cross border transportation of currency and monetary instruments. The threshold for reporting is $10,000. All air passengers importing or exporting cash and/or negotiable instruments exceeding $10,000 must complete a written declaration. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.