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USANikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the BMA licence, including banking and payment rails.
Forex license in Bermuda: BMA investment-business licence.
A forex license in Bermuda is a standard licence from the Bermuda Monetary Authority (BMA) under the Investment Business Act 2003. Retail CFDs are priced apart in the BMA's 2025 schedule: $25,000 to apply and a $100,000 annual fee line. The Act sets no decision deadline; the BMA expects about three months for a complete file. The licensee needs a staffed Bermuda office. We build the file from Hamilton.
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Bermuda in brief
Forex license in Bermuda: one standard licence, retail CFDs priced apart.
CFD brokerage in Bermuda, forex CFDs included, is investment business under the Investment Business Act 2003 (2003 : 20), in force since 30 January 2004. Section 12(1) bars it 'in or from Bermuda' for any firm not licensed, registered or exempt. Since the Investment Business Amendment Act 2022, effective 27 July 2022, the Act has provided two licence classes: a standard licence for any or all investment activities, and a test licence for a defined period, on the BMA's restrictions. A broker holds the standard licence for buying and selling investments 'either as principal or agent'. The Act has no forex class: contracts for differences are one of 11 kinds of investment in the First Schedule, and rolling spot FX is not named; we settle its treatment with the BMA before the Gazette notice. The Act sets no time limit for a decision, and the BMA would not generally expect a complete, accurate application to stay outstanding beyond three months.
Retail CFD business is priced as a category of its own. The BMA's 2025 fee schedule asks $2,840 to apply for an ordinary licence and $13,560 a year if it is licensed to hold client assets; for contracts for difference in retail leveraged products the figures are $25,000 to apply and a $100,000 annual fee line. 2026 amounts are confirmed in the quote. Capital is the BMA's minimum net assets of $250,000 for a principal dealer, which we confirm against the current Rules before filing. For retail clients the Investment Business Code of General Business Conduct and Practice (July 2022) requires negative balance protection, a 50% margin close-out, no incentives without the BMA's consent, no cold-calling or call centres, no binary options and a published share of losing retail accounts. The Code sets no numeric leverage cap. Under s.17A the licensee also keeps its principal place of business in Bermuda, with staff on salary there.
A BMA standard licence under the Investment Business Act 2003: no forex or CFD class, $25,000 to apply for retail CFD business and a $100,000 annual line in the 2025 schedule, and no statutory decision deadline.
Retail clients get the July 2022 Code: negative balance protection, a 50% close-out, no incentives without BMA consent and no binary options. The licensee keeps a staffed principal office in Bermuda.
Licence or registration
A standard licence for retail dealing, or a Class B registration for a restricted client base.
Both routes keep a staffed place of business in Bermuda: s.17A for a licensee, s.13C for a Class B registered person. They part at the client list. A retail CFD book open to the public needs the standard licence and the Code's CFD rules, while a firm serving only institutional or sophisticated private investors can register instead and then may not hold client money.
A standard licence for retail dealing, or Class B for a restricted client base.
01 - STANDARD LICENCE
The retail CFD market maker
A Bermuda exempted company applies for a standard licence to buy and sell investments as principal, on the retail CFD lines of the fee schedule. It may hold client money under the Investment Business (Client Money) Regulations 2004, with audited annual accounts and a yearly review of client-money controls by a qualified person.
A Bermuda exempted company applies for a standard licence to buy and sell investments as principal, on the retail CFD lines of the fee schedule. It may hold client money under the Investment Business (Client Money) Regulations 2004, with audited annual accounts and a yearly review of client-money controls by a qualified person.
- ✓Standard licence, dealing as principal
- ✓$25,000 retail CFD application (2025)
- ✓$100,000 retail CFD annual line (2025)
- ✓Net assets under the 2022 Rules
- ✓Client money under the 2004 Regulations
- ✓Quarterly retail CFD return to the BMA
02 - CLASS B REGISTRATION
$2,840 to register (2025)The restricted-client start
A firm whose clients are all institutional or sophisticated private investors, or a capped number of clients with no solicitation of the public, can register as a Class B registered person under s.13B instead. In the 2025 schedule registration costs $2,840, then $850 a year. A Class B firm may not hold client money; the BMA counted 59 of them at the end of 2025.
Institutional or sophisticated clients, or a capped client list without a public offer; $2,840 to register, no client money.
- ✓Class B registered person, s.13B
- ✓Institutional or sophisticated investors
- ✓Or a capped client list, no public offer
- ✓$2,840 to register, $850 a year (2025)
- ✓No client money held
- ✓Staffed place of business, s.13C
Costs and timelines are confirmed for your case before any work begins. The BMA's fees above follow its 2025 schedule; premises, salaries, payroll tax and adequate insurance are itemised in the quote.
Why Bermuda
A retail CFD rulebook in writing, and a small register the BMA visits.
Bermuda prices retail CFD business on fee lines of its own and writes its retail conduct rules into one Code, so a broker knows both costs before it files.
✓
Retail rules in one Code
Paragraphs 98-106 of the BMA's July 2022 Code give retail CFD clients negative balance protection, an automatic close-out when net equity falls below 50% of the margin requirement and is not topped up, and a loss ratio the firm recalculates every three months over the previous 12.NBP, 50% close-out, quarterly loss ratio.
✓
Margins the firm sets
The BMA's Code leaves margin levels to the broker, which sets minimum initial and maintenance margins for retail clients with the asset's volatility and comparable futures margins in view (para 99(b)). Caps of 30:1 for major pairs down to 5:1 for shares were proposed in February 2022; the Code as issued has none.No numeric cap; 2022 draft caps dropped.
✓
A register of 54
The BMA ended 2025 with 54 licensed investment businesses, 3 of them licensed that year, and declined no application in 2025 after declining two in 2024. It carried out four on-site reviews of licensees in 2025 and revoked one licence, a decision under appeal at the time of its 2025 Annual Report.End-2025 register, 3 new that year.
✓
A test licence for pilots
Section 16(1B) of the Investment Business Act 2003 lets the BMA grant a test licence for a defined period, on restrictions it determines, and the BMA's Guidance places test licences in its general regulatory sandbox. The period can be extended under s.16(1C).Defined period, BMA sandbox.
✓
Corporate tax for large groups only
The Corporate Income Tax Act 2023 charges 15% only inside multinational groups with EUR 750 million of revenue. A stand-alone broker stays outside it, and its Bermuda budget carries payroll tax on the staff that s.17A requires.15% for EUR 750m groups.
✓
Warning: retail costs more
In the BMA's 2025 schedule a retail CFD licence costs $25,000 to apply for and carries a $100,000 annual line, against $2,840 and $13,560 for an ordinary licence holding client assets. A book of institutional or sophisticated clients only can start under Class B at $2,840 and $850 a year instead.Retail CFDs: $25,000 and $100,000 lines.
How it compares
How Bermuda differs from other routes.
The Cayman Islands and the BVI cost less to enter: CI$1,000 and US$2,200 to apply, CI$10,000 and US$3,300 a year, against Bermuda's $25,000 and $100,000 retail CFD lines in the 2025 schedule. The Bahamas prints a 0.5% minimum retail margin on major pairs, so 200:1, where Bermuda's Code leaves margins to the firm. None of the three charges corporate income tax; Bermuda's 15% reaches only groups with EUR 750 million of revenue.
Bermuda vs other jurisdictions
| Feature |  Bermuda | Other jurisdictions |
|---|---|---|
| Application fee | $25,000 retail CFD (2025) | US$2,200 BVI · CI$1,000 Cayman |
| Annual fee | $100,000 retail CFD line (2025) | US$3,300 BVI · CI$10,000 Cayman |
| Retail leverage | No numeric cap · firm sets margins | 200:1 Bahamas · 0.5% margin floor |
| Corporate tax | 15% · EUR 750m groups only | None · Cayman, Bahamas, BVI |
Application fee
Bermuda$25,000 retail CFD (2025)
Other jurisdictionsUS$2,200 BVI · CI$1,000 Cayman
Annual fee
Bermuda$100,000 retail CFD line (2025)
Other jurisdictionsUS$3,300 BVI · CI$10,000 Cayman
Retail leverage
BermudaNo numeric cap · firm sets margins
Other jurisdictions200:1 Bahamas · 0.5% margin floor
Corporate tax
Bermuda15% · EUR 750m groups only
Other jurisdictionsNone · Cayman, Bahamas, BVI
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Bermuda | BMA standard licence | 15% CIT, EUR 750m groups only | Staffed office, Gazette notice |
 Cayman Islands | CIMA SIB licence | No corporate income tax | CI$100k floor, CI$10k annual |
 Bahamas | SCB registration + CFD Rules | No corporate income tax | 0.5% minimum retail margin, NBP |
 BVI | FSC Category 1 dealing | No corporate income tax | US$2,200 to apply, US$3,300 a year |
BermudaLicense typeBMA standard licence
Taxation15% CIT, EUR 750m groups only
RequirementsStaffed office, Gazette notice
Cayman IslandsLicense typeCIMA SIB licence
TaxationNo corporate income tax
RequirementsCI$100k floor, CI$10k annual
BahamasLicense typeSCB registration + CFD Rules
TaxationNo corporate income tax
Requirements0.5% minimum retail margin, NBP
BVILicense typeFSC Category 1 dealing
TaxationNo corporate income tax
RequirementsUS$2,200 to apply, US$3,300 a year
The Americas and the Caribbean
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How to start a forex brokerage: license, capital and steps →
Before you apply
Forex license requirements in Bermuda: what the BMA checks.Bermuda forex license requirements.
The BMA licenses an applicant that meets the minimum criteria in the Second Schedule to the Investment Business Act 2003: fit and proper controllers and officers, corporate governance, business run in a prudent manner, integrity and skill. The items below are how a file shows them.
01
Legal form - an exempted or local company under the Companies Act 1981, or another form the BMA's Guidance accepts, such as a partnership, an LLC or a permitted overseas company, with objects that allow investment business.
02
Gazette notice - a notice of the intention to apply published in the Gazette, with a copy filed alongside the business plan and the management arrangements (s.16(2)-(3)).
03
Principal place of business - premises in Bermuda where the firm employs staff and pays salaries and other expenses of the business (s.17A(1)-(2)).
04
Directors and officers - fit and proper under para 1 of the Second Schedule, within the corporate governance that para 1A asks for; residence and board-size rules are confirmed per case.
05
Controllers - a questionnaire from each shareholder controller, prior notice to the BMA of new or increased control (s.28), and 14 days to report a change of controller or officer (s.43).
06
Fee and insurance - the application fee, not refunded if the application is withdrawn (s.16(4)), and adequate insurance, a minimum criterion under para 5(8).
07
Net assets and liquidity - the minimums of the Capital, Net Assets and Liquidity Rules 2022 made under s.10A, with a net-assets shortfall reported to the BMA by the first business day after the firm becomes aware of it.
08
Retail CFD conduct - margin policy, the 50% close-out, negative balance protection, cost disclosure and the quarterly loss ratio under paras 98-106 of the Code, plus a signed risk disclosure before a client's first trade (para 94).
09
Client money and returns - segregation under the Client Money Regulations 2004, an annual return, certificate of compliance and accounts within four months of year end, and the quarterly retail CFD form; late returns cost up to $5,000 a week (s.10A(6)).
10
AML/ATF - policies under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 and a reporting officer named under Regulations 16 and 17, both part of the application.
01
Companies Act 1981 company or permitted form.
02
Gazette notice before applying.
03
Staffed principal office in Bermuda.
04
Fit and proper directors; residence per case.
05
Controller questionnaires; 14-day change notices.
06
Fee not refunded; adequate insurance.
07
Net assets and liquidity under the 2022 Rules.
08
Retail CFD rules of the 2022 Code.
09
Client money, annual and quarterly returns.
10
AML/ATF policies and reporting officer.
Reflects the Investment Business Act 2003 as amended to 29 July 2024, the July 2022 Code and the BMA's Guidance for Prospective Applicants for Licensing and Registration, as of October 2026. Fees follow the 2025 schedule.IBA 2003, the July 2022 Code and BMA Guidance, as of October 2026; fees per the 2025 schedule.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawInvestment Business Act 2003 - bermudalaws.bmbermudalaws.bm
- RegulatorBMA - Investment Business Code of General Business Conduct and Practice (July 2022)cdn.bma.bm
- GuidanceBMA - Guidance for Prospective Applicants for Licensing and Registration (Investment Business)cdn.bma.bm
- FeesBMA - 2025 Bermuda Monetary Authority Feescdn.bma.bm
- LawCorporate Income Tax Act 2023 - bermudalaws.bmbermudalaws.bm
How it works
From the Gazette notice to the BMA committee's decision.
01
Scope agreed early
We put the model to the BMA before filing, as its Guidance encourages: licence or Class B, principal or agent, client money, and whether rolling spot FX falls within the First Schedule.Licence or Class B, products agreed.
02
Company, office, notice
The exempted company is formed, premises in Bermuda are taken and staffed, and the notice of intention to apply appears in the Gazette.Company, office, Gazette notice.
03
The file
Business plan, policies and manuals, a questionnaire for every controller, director and officer, AML/ATF policies and the reporting officer's details, lodged with the fee.Plan, manuals, questionnaires, fee.
04
The BMA's review
The BMA may meet the applicant, ask for more information, visit the premises and consult other regulators. It would not generally expect a complete, accurate file to wait longer than three months.About three months once complete.
05
Decision and first year
The BMA's Banking, Trust, Corporate Services and Investment (BTCSI) Assessment and Licensing Committee approves, defers or declines. Once licensed, the firm pays its annual fee by 31 March and files the retail CFD form each quarter.BTCSI committee; annual fee by 31 March.
Quick facts
RegulatorBMA
StatuteInvestment Business Act 2003
LicenceStandard · dealing as principal
Retail CFD application$25,000 · 2025 schedule
Retail CFD annual line$100,000 · 2025 schedule
Leverage capNone in the July 2022 Code
BMA expectation3 months from a complete file
Our plan6-9 months, first call to licence
No statutory deadline binds the BMA, and its three-month expectation applies to an application that is accurate and complete. We plan for 6-9 months from the first call to the licence; the company, the office and the retail CFD policies take most of that time.
On the ground in Bermuda
Run from our Hamilton office.
Prifinance - Bermuda
Hamilton · Bermuda
Hamilton, Bermuda
01
The exempted company
A Companies Act 1981 company whose objects cover investment business, formed before the notice of the intention to apply appears in the Gazette.Exempted company, Gazette notice.
02
The staffed office
Premises in Bermuda with employees on salary, as s.17A requires of every licensee, ready for the visit the BMA may make while it reviews the file.Premises and staff in Bermuda.
03
The retail rulebook
Margin levels, the 50% close-out, negative balance protection, cost disclosures and the quarterly loss ratio, built into the platform and the client terms before filing.Retail CFD policies built in.
04
The BMA's questions
Meetings, requests for more information and the BMA's contacts with other regulators during the review, handled from Hamilton until the BMA decides.BMA questions answered from Hamilton.
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Good to know
Taxation of forex brokers in Bermuda.
Bermuda's 15% corporate income tax reaches only the largest groups. For a stand-alone broker we budget payroll tax on the staff that s.17A puts on the island.
15% for EUR 750m groups
The Corporate Income Tax Act 2023 (2023 : 35) charges 15% of net taxable income, less foreign tax credits, to the Bermuda entities of multinational groups with EUR 750 million of revenue in at least two of the four preceding fiscal years, for fiscal years beginning on or after 1 January 2025.EUR 750m groups only.
Old assurances give way
Section 4(3) of the Corporate Income Tax Act 2023 applies the tax notwithstanding any assurance given under the Exempted Undertakings Tax Protection Act 1966, so such an assurance does not shelter a broker inside a large group.The 1966 Act does not shield.
Below the threshold
A Bermuda broker outside a EUR 750 million group is outside the 2023 Act. The Office of the Tax Commissioner lists payroll tax and land tax among Bermuda's taxes, and individuals in Bermuda pay no personal income tax.Outside the 2023 Act.
Payroll tax: employer
From 1 April 2026 to 31 March 2027 every exempt undertaking pays the employer portion of Bermuda payroll tax at 9.75%. Other employers pay by payroll band, from 0.5% under $200,000 to 9.50% above $1,000,000.9.75% for exempt undertakings.
Payroll tax: employee
The employee portion of Bermuda payroll tax runs from 0.25% to 12.50% across bands up to $1,000,000 of remuneration per person, and the employer is liable for both portions.0.25%-12.50%, employer liable.
Dividends as payroll
Where a local company not trading on a stock exchange pays dividends to people who provide services to it, payroll tax treats them as remuneration; from 1 April 2026 the first $20,000 per person a year is deductible.Local companies: $20,000 deductible.
Tax summary
Corporate income tax15% · EUR 750m groups only
Smaller brokersOutside the CIT Act 2023
Payroll tax, employer9.75% · exempt undertakings, 2026/27
Payroll tax, employee0.25%-12.50% · employer liable
Personal income taxNone for individuals
*As of 2026 per the Corporate Income Tax Act 2023 and the Office of the Tax Commissioner's payroll tax rates for 2026/27. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Bermuda exempted company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
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Bermuda · BMA
Get your forex license in Bermuda with expert support.
Full-service assistance - from the exempted company, the Gazette notice and the staffed office to the retail CFD policies and the BMA's review - run through our Hamilton office.
Get a consultation →Free legal opinion
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Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
What founders ask before filing with the BMA.
What licence does a forex broker need in Bermuda?+
A standard licence from the BMA under the Investment Business Act 2003, covering buying and selling investments as principal or agent. Bermuda has no separate forex or CFD class; contracts for differences are investments under the First Schedule, and retail CFD business brings its own fee lines and a quarterly return.
Does a Bermuda licensee need staff on the island?+
Yes. Section 17A of the Investment Business Act 2003 makes every licensee keep its principal place of business in Bermuda, in premises where it employs staff and pays salaries and other expenses of the business. Whether directors must also live in Bermuda is confirmed per case.
How long does a forex license in Bermuda take?+
The Investment Business Act 2003 sets no deadline for the BMA's decision, and the BMA would not generally expect a complete, accurate application to remain outstanding beyond three months. With the exempted company, the Gazette notice and a staffed office to arrange first, we plan for 6-9 months end to end.
What does a forex license in Bermuda cost?+
Under the BMA's 2025 schedule, $25,000 to apply for retail CFD business and a $100,000 annual fee line, against $2,840 and $13,560 for an ordinary licence holding client assets; 2026 amounts are confirmed in the quote. Net assets follow the 2022 Rules, the BMA may require more of a firm that offers margin, and the office, staff and insurance are costed per case.
Does Bermuda cap leverage on retail CFDs?+
Bermuda sets no numeric leverage cap. The BMA's Code makes the firm set minimum initial and maintenance margins for retail clients, and the 30:1-5:1 caps proposed in February 2022 did not reach the final Code. Close-out at 50% of the margin requirement and negative balance protection are mandatory.
Does a Bermuda company with only foreign clients need the licence?+
Yes, a licence or a registration. Under s.4(1) of the Investment Business Act 2003 a company incorporated in Bermuda that carries on investment business does so in or from Bermuda, wherever its clients are, and doing that without a licence, a registration or an exemption is an offence under s.12(2). The BMA licence carries no passport into other markets.
Can a Bermuda licensee offer crypto CFDs?+
Not under its investment business licence alone. The BMA's Guidance places digital asset derivatives outside the Act's list of investments, so offering them takes a licence under the Digital Asset Business Act.
How are forex brokers taxed in Bermuda?+
A broker in a group with EUR 750 million of revenue pays the 15% tax of the Corporate Income Tax Act 2023; one outside such a group does not. Payroll tax applies either way: in 2026/27 an exempt undertaking pays the employer portion at 9.75% and is liable for the employee portion as well.
Bermuda or the BVI for a retail CFD broker?+
The BVI, if running cost decides: US$2,200 to apply and US$3,300 a year under its Fees Regulations, against Bermuda's $25,000 and $100,000 retail CFD lines in the 2025 schedule. Bermuda's case is a retail Code with negative balance protection, a 50% close-out and a published loss ratio, and a licensee with real staff in Bermuda.
Why Prifinance for Bermuda?+
We form the exempted company, publish the Gazette notice, set up the staffed principal office and write the retail CFD policies the BMA's Code requires before the file goes in. All of it is run from our Hamilton office.
What licence?+
BMA standard licence, IBA 2003.
Staff on the island?+
Yes, a staffed principal office.
How long?+
About 3 months once complete; 6-9 planned.
Cost?+
$25,000 and $100,000 retail CFD lines (2025).
Leverage cap?+
None numeric; the firm sets margins.
Foreign clients only?+
Licence or registration needed; no passport.
Crypto CFDs?+
A Digital Asset Business Act licence.
Taxes?+
Payroll tax; CIT only for large groups.
Or the BVI?+
Cheaper there; retail Code here.
Why you?+
Hamilton office, staffed set-up handled.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Bermuda Monetary Authority (BMA) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.