Bermuda or Morocco: which taxes less?

Both tax systems side by side, headline rates and the gap between them.

Lighter: Bermuda, ahead by 5.4 FiScore points.

Tax Bermuda Morocco Gap
Corporate income tax headline rate 0% 20% −20.0 points
Personal income tax top bracket 0% 0% to 37% −37.0 points
VAT standard rate 0% 20% −20.0 points

Detailed schedules

Corporate income tax

Bermuda

Standard companies 0%
Multinational groups revenue over €750 M, since 2025 15%

Morocco

Profit under 100 M MAD 20%
Profit of 100 M MAD and over 35%
Banks and insurance Bank Al-Maghrib, CDG, insurance and reinsurance 40%

Personal income tax

Bermuda

No personal income tax 0%

Morocco

Up to MAD 40,000 scale reviewed 30 April 2026 0%
MAD 40,000 to 60,000 10%
MAD 60,000 to 80,000 20%
MAD 80,000 to 100,000 30%
MAD 100,000 to 180,000 34%
Over MAD 180,000 37%
See the Bermuda page See the Morocco page