<PAGE>

   As Filed with the Securities and Exchange Commission on January 18, 2000

                                                        Registration No. 333-
================================================================================

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549
                            ----------------------

                                   FORM S-8
                            REGISTRATION STATEMENT
                                     UNDER
                          THE SECURITIES ACT OF 1933
                            ----------------------


                             GLOBAL CROSSING LTD.
            (Exact name of Registrant as specified in its charter)


           Bermuda                                      98-0189783
(State or other jurisdiction of          (I.R.S. Employer Identification Number)
 incorporation or organization)


                                 Wessex House
                                45 Reid Street
                            Hamilton HM12, Bermuda
                                (441) 296-8600
   (Address, including zip code, of Registrant's principal executive office)


                1998 Global Crossing Ltd. Stock Incentive Plan
                           (Full title of the Plan)

                                CT Corporation
                           1633 Broadway, 23rd Floor
                           New York, New York 10019
                                (212) 479-8200
(Name, address, including zip code and telephone number, including area code,
                             of agent for service)


                                  Copies to:
   D. Rhett Brandon, Esq.                            James C. Gorton, Esq.
Simpson Thacher & Bartlett                           Global Crossing Ltd.
   425 Lexington Avenue                           360 North Crescent Drive
New York, New York 10017-3954                    Beverly Hills, California 90210
      (212) 455-2000                                    (310) 385-5200


                            ----------------------

                         CALCULATION OF REGISTRATION FEE
<TABLE>
=====================================================================================================================
<CAPTION>
                                                                  Proposed
                                                                   Maximum        Proposed Maximum       Amount of
                                              Amount to be     Offering Price    Aggregate Offering    Registration
   Title of Securities to be Registered        Registered       Per Share (a)         Price (a)           Fee (a)
<S>                                           <C>              <C>               <C>                   <C>
---------------------------------------------------------------------------------------------------------------------
Common Stock, $0.01 par value per share        56,784,270        $46.44           $2,636,919,538.13     $696,146.76

=====================================================================================================================
</TABLE>

(a)   Pursuant to Rule 457(h)(1) under the Securities Act of 1933, the proposed
      maximum offering price per share, the proposed maximum aggregate offering
      price and the amount of registration fee have been computed on the basis
      of the average of the bid and asked price of the Common Stock quoted on
      the Nasdaq National Market System on January 12, 2000.
<PAGE>

         Pursuant to General Instruction E for registration statements on Form
S-8, the contents of the Registration Statement on Form S-8 of Global Crossing
Ltd., a Bermuda company, relating to the 1998 Global Crossing Ltd. Stock
Incentive Plan (the "Plan"), file number 333-68825, filed with the Securities
and Exchange Commission on December 14, 1998, are incorporated herein by
reference.

                                    PART I

             INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

Item 1. Plan Information*

Item 2. Registrant Information and Employee Plan Annual Information*

* Information required by Part I to be contained in the Section 10(a) prospectus
  is omitted from the Registration Statement in accordance with Rule 428 under
  the Securities Act of 1933, as amended (the "Act") and Note to Part I of Form
  S-8.

                                    PART II

              INFORMATION REQUIRED IN THE REGISTRATION STATEMENT


Item 3.  Incorporation of Documents by Reference

      Not required to be filed with this Registration Statement pursuant to
General Instruction E for registration statements on Form S-8.



Item 4.  Description of Securities

      Not required to be filed with this Registration Statement pursuant to
General Instruction E for registration statements on Form S-8.



Item 5.  Interests of Named Experts and Counsel

      Not required to be filed with this Registration Statement pursuant to
General Instruction E for registration statements on Form S-8.



Item 6.  Indemnification of Directors and Officers

      Not required to be filed with this Registration Statement pursuant to
General Instruction E for registration statements on Form S-8.



Item 7.  Exemption from Registration Claimed

      Not applicable.
<PAGE>

Item 8.  Exhibits

      The following exhibits are filed as part of this Registration Statement:

Exhibit
Number                                      Exhibit
------                                      -------

5.1               Opinion of Appleby, Spurling & Kempe

23.1              Consent of Arthur Andersen & Co.

23.2              Consent of PricewaterhouseCoopers LLP

23.3              Consent of KPMG Audit Plc

23.4              Consent of Deloitte & Touche

23.5              Consent of PricewaterhouseCoopers

23.6              Consent of Appleby, Spurling & Kempe (included in Exhibit 5.1)

24.1              Power of Attorney


Item 9.  Undertakings

      Not required to be filed with this Registration Statement pursuant to
General Instruction E for registration statements on Form S-8.
<PAGE>

                                  SIGNATURES



       Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Los Angeles, State of California, on this 18th day of
January, 2000.

                                         GLOBAL CROSSING LTD.
                                              (Registrant)


                                         By /s/ Robert Annunziata
                                           -------------------------------------
                                         Name: Robert Annunziata
                                         Title: Chief Executive Officer



       Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed on January 18, 2000 by or on behalf of
the following persons in the capacities indicated with the registrant.


     Signature                                  Title
     ---------                                  -----

        *                           Chairman of the Board and Director
----------------------
    Gary Winnick


        *                          Co-Chairman of the Board and Director
----------------------
  Lodwrick M. Cook

        *                    Vice-Chairman of the Board and Managing Director
----------------------
  Thomas J. Casey


        *                        Vice-Chairman of the Board and Director
----------------------
  Joseph P. Clayton


        *                        Vice-Chairman of the Board and Director
----------------------
   John M. Scanlon


/s/ Robert Annunziata              Chief Executive Officer and Director
----------------------
  Robert Annunziata


        *                     President, Chief Operating Officer and Director
----------------------
   David L. Lee
<PAGE>

             *                     Senior Vice President and Director
   ---------------------
       Barry Porter


             *                     Senior Vice President and Director
  ----------------------
      Abbott L. Brown


             *              Senior Vice President and Chief Financial Officer
  ----------------------
       Dan J. Cohrs


             *                                  Director
  ----------------------
       Jay R. Bloom


             *                                  Director
  ----------------------
     William E. Conway

             *                                  Director
  ----------------------
       Eric Hippeau


             *                                  Director
  ----------------------
      Dean C. Kehler

             *                                  Director
  ----------------------
    Geoffrey J.W. Kent

             *                                  Director
  ----------------------
  Douglas H. McCorkindale

             *                                  Director
  ----------------------
     James F. McDonald

             *                                  Director
  ----------------------
        Bruce Raben

             *                                  Director
  ----------------------
     Michael R. Steed

             *                                  Director
  ----------------------
     Hillel Weinberger


*By: /s/ James C. Gorton
    --------------------
     James C. Gorton
     Attorney-In-Fact
<PAGE>

                            AUTHORIZED REPRESENTATIVE

      Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed below on the City of Los Angeles,
State of California on January 18, 2000 by the undersigned as the duly
authorized representative of the registrant in the United States.




                                        /s/ Robert Annunziata
                                   -----------------------------------------
                                         Robert Annunziata

<PAGE>

                               INDEX TO EXHIBITS

Exhibit
Number                                                   Exhibit
------                                                   -------

5.1               Opinion of Appleby, Spurling & Kempe

23.1              Consent of Arthur Andersen & Co.

23.2              Consent of PricewaterhouseCoopers LLP

23.3              Consent of KPMG Audit Plc

23.4              Consent of Deloitte & Touche

23.5              Consent of PricewaterhouseCoopers

23.6              Consent of Appleby, Spurling & Kempe (included in Exhibit 5.1)

24.1              Power of Attorney
[{"type": "S-8", "sequence": "1", "description": "FORM S-8", "secsgml_size_bytes": 10927}]
{"company-data": {"conformed-name": "GLOBAL CROSSING LTD", "cik": "0001061322", "assigned-sic": "4813", "irs-number": "980189783", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-94887", "film-number": "509092"}, "business-address": {"street1": "WESSEX HOUSE 45 REID ST", "street2": "HAMILTON HM12", "city": "BERMUDA", "phone": "4412968600"}, "mail-address": {"street1": "WESSEX HOUSE 45 REID STREET", "street2": "HAMILTON HM12", "city": "BERMUDA"}}
As Filed with the Securities and Exchange Commission on January 18, 2000

                                                        Registration No. 333-
================================================================================

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549
                            ----------------------

                                   FORM S-8
                            REGISTRATION STATEMENT
                                     UNDER
                          THE SECURITIES ACT OF 1933
                            ----------------------

                             GLOBAL CROSSING LTD.
            (Exact name of Registrant as specified in its charter)

           Bermuda                                      98-0189783
(State or other jurisdiction of          (I.R.S. Employer Identification Number)
 incorporation or organization)

                                 Wessex House
                                45 Reid Street
                            Hamilton HM12, Bermuda
                                (441) 296-8600
   (Address, including zip code, of Registrant's principal executive office)

                1998 Global Crossing Ltd. Stock Incentive Plan
                           (Full title of the Plan)

                                CT Corporation
                           1633 Broadway, 23rd Floor
                           New York, New York 10019
                                (212) 479-8200
(Name, address, including zip code and telephone number, including area code,
                             of agent for service)

                                  Copies to:
   D. Rhett Brandon, Esq.                            James C. Gorton, Esq.
Simpson Thacher & Bartlett                           Global Crossing Ltd.
   425 Lexington Avenue                           360 North Crescent Drive
New York, New York 10017-3954                    Beverly Hills, California 90210
      (212) 455-2000                                    (310) 385-5200

                            ----------------------

                         CALCULATION OF REGISTRATION FEE

=====================================================================================================================
Proposed
                                                                   Maximum        Proposed Maximum       Amount of
                                              Amount to be     Offering Price    Aggregate Offering    Registration
   Title of Securities to be Registered        Registered       Per Share (a)         Price (a)           Fee (a)
---------------------------------------------------------------------------------------------------------------------
Common Stock, $0.01 par value per share        56,784,270        $46.44           $2,636,919,538.13     $696,146.76

=====================================================================================================================
(a)   Pursuant to Rule 457(h)(1) under the Securities Act of 1933, the proposed
      maximum offering price per share, the proposed maximum aggregate offering
      price and the amount of registration fee have been computed on the basis
      of the average of the bid and asked price of the Common Stock quoted on
      the Nasdaq National Market System on January 12, 2000.
Pursuant to General Instruction E for registration statements on Form
S-8, the contents of the Registration Statement on Form S-8 of Global Crossing
Ltd., a Bermuda company, relating to the 1998 Global Crossing Ltd. Stock
Incentive Plan (the "Plan"), file number 333-68825, filed with the Securities
and Exchange Commission on December 14, 1998, are incorporated herein by
reference.

                                    PART I

             INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

Item 1. Plan Information*

Item 2. Registrant Information and Employee Plan Annual Information*

* Information required by Part I to be contained in the Section 10(a) prospectus
  is omitted from the Registration Statement in accordance with Rule 428 under
  the Securities Act of 1933, as amended (the "Act") and Note to Part I of Form
  S-8.

                                    PART II

              INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.  Incorporation of Documents by Reference

      Not required to be filed with this Registration Statement pursuant to
General Instruction E for registration statements on Form S-8.

Item 4.  Description of Securities

      Not required to be filed with this Registration Statement pursuant to
General Instruction E for registration statements on Form S-8.

Item 5.  Interests of Named Experts and Counsel

      Not required to be filed with this Registration Statement pursuant to
General Instruction E for registration statements on Form S-8.

Item 6.  Indemnification of Directors and Officers

      Not required to be filed with this Registration Statement pursuant to
General Instruction E for registration statements on Form S-8.

Item 7.  Exemption from Registration Claimed

      Not applicable.
Item 8.  Exhibits

      The following exhibits are filed as part of this Registration Statement:

Exhibit
Number                                      Exhibit
------                                      -------

5.1               Opinion of Appleby, Spurling & Kempe

23.1              Consent of Arthur Andersen & Co.

23.2              Consent of PricewaterhouseCoopers LLP

23.3              Consent of KPMG Audit Plc

23.4              Consent of Deloitte & Touche

23.5              Consent of PricewaterhouseCoopers

23.6              Consent of Appleby, Spurling & Kempe (included in Exhibit 5.1)

24.1              Power of Attorney

Item 9.  Undertakings

      Not required to be filed with this Registration Statement pursuant to
General Instruction E for registration statements on Form S-8.
SIGNATURES

       Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Los Angeles, State of California, on this 18th day of
January, 2000.

                                         GLOBAL CROSSING LTD.
                                              (Registrant)

                                         By /s/ Robert Annunziata
                                           -------------------------------------
                                         Name: Robert Annunziata
                                         Title: Chief Executive Officer

       Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed on January 18, 2000 by or on behalf of
the following persons in the capacities indicated with the registrant.

     Signature                                  Title
     ---------                                  -----

        *                           Chairman of the Board and Director
----------------------
    Gary Winnick

        *                          Co-Chairman of the Board and Director
----------------------
  Lodwrick M. Cook

        *                    Vice-Chairman of the Board and Managing Director
----------------------
  Thomas J. Casey

        *                        Vice-Chairman of the Board and Director
----------------------
  Joseph P. Clayton

        *                        Vice-Chairman of the Board and Director
----------------------
   John M. Scanlon

/s/ Robert Annunziata              Chief Executive Officer and Director
----------------------
  Robert Annunziata

        *                     President, Chief Operating Officer and Director
----------------------
   David L. Lee
*                     Senior Vice President and Director
   ---------------------
       Barry Porter

             *                     Senior Vice President and Director
  ----------------------
      Abbott L. Brown

             *              Senior Vice President and Chief Financial Officer
  ----------------------
       Dan J. Cohrs

             *                                  Director
  ----------------------
       Jay R. Bloom

             *                                  Director
  ----------------------
     William E. Conway

             *                                  Director
  ----------------------
       Eric Hippeau

             *                                  Director
  ----------------------
      Dean C. Kehler

             *                                  Director
  ----------------------
    Geoffrey J.W. Kent

             *                                  Director
  ----------------------
  Douglas H. McCorkindale

             *                                  Director
  ----------------------
     James F. McDonald

             *                                  Director
  ----------------------
        Bruce Raben

             *                                  Director
  ----------------------
     Michael R. Steed

             *                                  Director
  ----------------------
     Hillel Weinberger

*By: /s/ James C. Gorton
    --------------------
     James C. Gorton
     Attorney-In-Fact
AUTHORIZED REPRESENTATIVE

      Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed below on the City of Los Angeles,
State of California on January 18, 2000 by the undersigned as the duly
authorized representative of the registrant in the United States.

                                        /s/ Robert Annunziata
                                   -----------------------------------------
                                         Robert Annunziata
INDEX TO EXHIBITS

Exhibit
Number                                                   Exhibit
------                                                   -------

5.1               Opinion of Appleby, Spurling & Kempe

23.1              Consent of Arthur Andersen & Co.

23.2              Consent of PricewaterhouseCoopers LLP

23.3              Consent of KPMG Audit Plc

23.4              Consent of Deloitte & Touche

23.5              Consent of PricewaterhouseCoopers

23.6              Consent of Appleby, Spurling & Kempe (included in Exhibit 5.1)

24.1              Power of Attorney