Bermuda: Cave of the Sharks is just one of many Italian shark-themed movies to follow in the wake of Jaws, but I wouldn't class it as a rip-off of Spielberg's film; I certainly wouldn't call it a horror. In fact, I'm not sure how to label the film, as it spans several genres, including crime, thriller, adventure, and sci-fi/fantasy. It doesn't do any of them very well.
Andrés García plays diver Andres Montoya, who, together with his friend Enrique (Pino Colizzi), is hired by criminal Mr. Jackson (Arthur Kennedy) to salvage a box from a plane that has crashed somewhere in the Bermuda triangle. The men successfully locate the box, but they also find a mysterious cave guarded by sharks, which may hold the key to unlocking Andres's amnesia.
Directed with little energy by Tonino Ricci, shoddily edited and boasting some of the most laughable miniature effects shots I have ever seen (the airplane scene is terrible), the film is a failure on almost every level. The story is all over the place, the film never more baffling than when a group of young people on a boat - who we haven't been introduced to - jump into the sea and drown (one of them definitely deserves his watery fate for singing a truly terrible song to his friends).
Only in the final five minutes or so does the film provide anything else of note, as Andres's girlfriend Angelica (Janet Agren) dives to the cave, with the double-crossing Mr. Jackson sending his henchmen in hot pursuit. Andres rescues Angelica by shooting the other divers and feeding them to the sharks, resulting in shredded torsos and severed limbs; unfortunately for Andres, he isn't fast enough out of the water and has his leg torn off before disappearing under the waves.
We never learn what is in the box or the secret of the cave (although we do get to see the silhouette of some strange being - possibly Dipsy from the Teletubbies).