2026 Bermuda Monetary Authority Fees

Summary

This is the Bermuda Monetary Authority's published fee schedule for 2026, effective 1 January 2026, setting out application, licensing, annual, and penalty fees payable by entities regulated under Bermuda's financial services legislation. It consolidates fee amounts across all sectors the BMA supervises, including banking, insurance, trusts, investment business and funds, fund administration, credit unions, corporate service providers, money service business, digital assets, and AML/ATF supervision.

• Banks and Deposit Companies: Annual fees under the 1999 Act are due on or before 31 March; annual fees under the 1975 Act are due on or before 31 January, tiered by consolidated gross assets.
• Insurance: Application and related fees are due upon application; annual fees are billed based on insurer/insurance group tier classification and licence class as of 1 January 2026, with pro-rata relief available if deregistration occurs before 31 March.
• Trusts, Corporate Service Providers, Credit Unions, Fund Administration, Money Service Business, AML/ATF: Annual fees are due on or before 31 March, with amounts varying by licence type, entity size, or number of entities serviced.
• Digital Assets Business and Digital Asset Issuance: Application, authorisation, and annual fees apply, with amounts for digital asset business generally calculated as the lower of a fixed cap and a formula based on client receipts; annual digital asset business fees are due on or before 31 March.
• Statutory Penalty Fees: The BMA applies statutory penalty fees to any entity that fails to pay its annual business fee by the applicable statutory due date, scaled to how long the fee remains unpaid.
• Payment Methods: Cheques are no longer accepted; payments must be made via specified domestic online banking payment streams (HSBC Bermuda or Butterfield Bank) or by international wire transfer using the account details provided.

Entities holding more than one licence must pay a separate annual fee for each licence held, and where a dual licensee applies for a modification, the higher applicable fee applies. Queries on fee amounts should be directed to finance-receivables@bma.bm.

Key obligations

• Banks must pay their annual fee under the Banks and Deposit Companies (Fees) Act 1975 on or before 31 January, tiered by consolidated gross assets.
• Institutions licensed under the Banks and Deposit Companies Act 1999 must pay their annual fee on or before 31 March, tiered by consolidated gross assets.
• Corporate service providers, credit unions, fund administration providers, money service businesses, digital asset businesses, trust companies, and AML/ATF-registered persons must pay their annual fees on or before 31 March.
• Insurers and insurance intermediaries must pay application, registration, and related fees at the time of application, and annual fees based on tier classification and licence class as of 1 January 2026.
• 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 escalating with the length of non-payment.
• Insurance registrants cancelling registration must do so before 31 March to qualify for pro-rata annual fees; otherwise the full annual fee is due.
• Payments to the BMA must be made via approved online banking payment streams or international wire transfer; cheques are no longer accepted.

Applies to

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

Deadlines

• 1 January 2026: Effective date of the 2026 BMA fee schedule; annual fees cover the calendar year 1 January 2026 to 31 December 2026.
• 31 January: Due date for annual fees under the Banks and Deposit Companies (Fees) Act 1975.
• 31 March: Due date for annual fees under the Banks and Deposit Companies Act 1999, Innovation Hub fees, Corporate Service Provider Business Act 2012, Credit Unions Act 2010, Digital Assets Business Act 2018 annual fees, 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.
• 31 March (for insurance registrants): Cancellation of insurance registration must occur before this date to be eligible for pro-rata annual fees; otherwise full annual fees are due.
• upon application: Insurance Act 1978 application, registration, and related fees are due at the time of application.