On 20 March 2023, Bermuda's Parliament approved the Land Tax Amendment Act 2023. The legislation provides for an increase in the top two land tax bracket rates as proposed in the Budget Statement for 2023/2024. This includes an increase in the 30% rate to 35% and an increase in the 50% rate to 55%, resulting in the following brackets/rates:

• up to BMD 11,000 - 0.8%
• BMD 11,001 to 22,000 - 1.8%
• BMD 22,001 to 33,000 - 3.5%
• BMD 33,001 to 44,000 - 6.5%
• BMD 44,001 to 90,000 - 17.0%
• BMD 90,001 to 120,000 - 35.0%
• BMD 120,001 and over - 55.0%

The Act must now be published in the Official Gazette and will enter into force on 1 July 2023.