2025 Bermuda Monetary Authority Fees

Summary

This document sets out the Bermuda Monetary Authority's fee schedule for 2025, effective 1 January 2025, covering all fees payable under the Fourth Schedule of the BMA Act 1969 and the various sector-specific statutes it administers. It lists application, licensing, annual and penalty fees for every type of entity regulated by the BMA, replacing the prior year's fee tables.

• Insurance: Annual fee based on insurer/insurance group tier classification from latest statutory filing; various application, direction, extension and internal capital model fees; pro-rata refund available on deregistration before 31 March.
• Banks and deposit companies: Annual fees tiered by consolidated gross assets under both the Banks and Deposit Companies Act 1999 (due 31 March) and the Banks and Deposit Companies (Fees) Act 1975 (due 31 January).
• Trust, fund administration, corporate service provider, credit union and money service businesses: Application and annual licensing fees, generally due on or before 31 March, often tiered by licence type, client numbers or gross income.
• Digital asset business and digital asset issuance: Application, grant-of-licence and annual fees calculated by formula based on estimated or actual client receipts, or offering size; annual fees due on or before 31 March.
• AML/CFT supervision: Application and annual fees under the Proceeds of Crime (AML/ATF Supervision and Enforcement) Act 2008, due on or before 31 March.
• Dual licensees and penalties: Entities holding more than one licence pay a separate annual business fee per licence; statutory penalty fees apply to any entity that fails to pay its annual fee by the applicable statutory due date.
• Payments: Cheques are no longer accepted; payments must be made via specified domestic online banking payment streams or international wire transfer, quoting the entity name or registration number.

The schedule is primarily a fee-rate reference rather than a policy change, but it is legally binding as the applicable fee table for the 2025 calendar year and triggers statutory penalties for late payment.

Key obligations

• Pay the applicable annual business fee for each licence or registration held by the relevant statutory due date (e.g. 31 January for banks under the 1975 Fees Act, 31 March for most other sectors).
• Entities holding more than one licence must pay a separate annual business fee for each licence held.
• Entities failing to pay annual fees by the statutory due date are subject to statutory penalty fees calculated according to how long payment remains outstanding.
• Payments to the BMA must be made electronically (online banking or wire transfer); cheques are no longer accepted, and remittances must include the entity name or registration number.
• Insurers seeking a pro-rata refund on deregistration must have their deregistration effective before 31 March of the fee year.
• Entities applying for modifications, extensions, exemptions or directions under the various Acts must pay the corresponding application fee specified in the schedule.

Applies to

insurers, insurance managers, brokers, agents and insurance marketplace providers, insurance salesmen, banks, deposit companies, trust companies, investment business licensees, investment funds and fund administrators, fund administration providers, credit unions, corporate service providers, money service businesses, digital asset businesses, digital asset issuers, entities subject to AML/ATF supervision under the Proceeds of Crime Act 2008

Deadlines

• 31 January: Annual fees due under the Banks and Deposit Companies (Fees) Act 1975.
• 31 March: Annual fees due under the Banks and Deposit Companies Act 1999, Corporate Service Provider Business Act 2012, Credit Unions Act 2010, Digital Assets Business Act 2018, Fund Administration Provider Business Act 2019, Money Service Business Act 2016, Proceeds of Crime (AML/ATF) Act 2008, and Trusts (Regulation of Trust Business) Act 2001.
• upon application: Fees under the Insurance Act 1978 are due upon application (e.g. registration, variation, extension requests).
• 1 January 2025 to 31 December 2025: Period covered by the 2025 annual fee billing.
• before 31 March: Deadline for effective date of insurance deregistration to qualify for a pro-rata refund of annual fees.