The 60-second version
Bermuda has no income tax on individuals but payroll tax and social insurance apply on employment. I obtain employer settlement, cancel work permit, wire USD to NRE, and map RNOR for overlap-year filing.
Payroll tax settlement before work permit cancellation
Bermuda imposes payroll tax on employers and a portion on employees — obtain final payslip showing YTD payroll tax and social insurance contributions.
Reinsurance, captive insurance, and fintech payroll common in Hamilton — economy uses Bermudian dollar pegged 1:1 to USD; banks settle in USD.
Cayman neighbour: Cayman Islands guide for Caribbean finance parallel exit.
Bermuda lanes
| Item | Bermuda | India |
|---|---|---|
| Income tax | None on individuals | Residency tax |
| Payroll tax | Ends on exit | TDS Section 192 |
| Work permit | Cancel | OCI/resident |
| USD bank | Close | NRE wire |
Bermuda exit
Settlement
Final payslip + tax cert.
Permit cancel
Department of Immigration.
Bank close
Zero balance certificate.
Wire USD
SWIFT to NRE.
ITR
Overlap-year RNOR check.
Flow
Bermuda kit
- Work permit.
- Payslips.
- Bank closure letter.
- SWIFT receipt.
- Passport stamps.
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No income tax ≠ no compliance
Bermuda still issues payroll tax certificates — retain for India overlap-year documentation.
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Income tax in Bermuda?
Individuals pay no Bermuda income tax — payroll tax applies on employment.
RNOR?
Foreign salary after return may be exempt if RNOR conditions met in overlap year.
FBAR?
US person — FinCEN 114 if aggregate foreign accounts > USD 10K.
Cayman parallel?
Cayman Islands guide for George Town finance hub exit.
Form 67?
Typically not needed if no foreign income tax paid — confirm with CA.
Remote work?
India taxes from return date as resident.
Your country's rules are the starting point, not the finish line.
Tax exits, pension continuity, banking notifications — the India side has its own rules too. Get both sides clear.