About Bermuda

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Capital: City of Hamilton

Population: Approx 64,000

Head of Government: Premier David Burt

Head of State: British Monarch: King Charles III, represented by The Governor: Mr. Andrew Murdoch

Official Language: English

Legal system: English common law

Currency: The Bermuda dollar is linked to the US dollar on a one-to-one basis.

Benefits of Relocation to Bermuda:

Low-crime and good security

Relaxing lifestyle and reliable infrastructure

High standard of living

No income tax, capital gains tax, or withholding tax

Hub for International business – Insurance/Reinsurance

UK oversight of its oldest self-governing overseas territory

Political stability, Robust legal framework, Strong regulatory structure

Laws and policies to support international investment

Mild sub-tropical climate

Breath-taking landscape of verdant land, pink sand beaches and crystal blue waters

Excellent facilities for golf and water activities

Bermuda in Brief

Bermuda is an island of 21 square miles, shaped like a fishhook and situated in the mid- Atlantic about 650 miles east of North Carolina, USA, and 800 miles north of the Islands of the Caribbean. Bermuda is a 400-year-old self-governing British Overseas Territory and has a balance of British, Caribbean and American influence.

The country is divided into 9 parishes: Devonshire, Hamilton, Paget, Pembroke, St. George's, Sandys, Smith's, Southampton, Warwick. The centrally located capital is the City of Hamilton. The population is around 64,000, with over half being people of mixed African ancestry and roughly a third of the population being of European ancestry.

The island’s shores are fringed by coral reefs, which provide shelter from the open ocean. Island vegetation is subtropical, and the terrain comprises low hills separated by fertile depressions with no lakes or rivers. The supply of drinking water depends on regular rainfall. Rainwater is collected on the roofs and stored in individual underground tanks for consumption, and this can be supplemented by artesian wells and seawater distillation (reverse osmosis) plants

Bermuda enjoys a temperate, sub-tropical climate, with some strong winds in winter and late summer and occasional hurricanes between June and November.

Why Bermuda

Located in the North Atlantic, Bermuda lies strategically between the economic regions of the United States and Canada to the west and the UK and Europe to the east. This prime position has made Bermuda a key military site throughout history, as well as a convenient offshore hub for trade and communication between North America and Europe/Africa.

Bermuda is an English-speaking, self-governing territory with a stable government and a robust market economy driven primarily by international business and tourism. This favourable environment makes it an attractive option for those considering relocation.

Bermuda is recognised globally as a leading centre for reinsurance and offshore international business and financial services. The island features a modern and comprehensive infrastructure, including five undersea cables that connect it to key locations: two to Tuckerton, New Jersey; one to Charlestown, Rhode Island; one to Tortola in the British Virgin Islands; and one to Fortaleza in Brazil and a direct link to Europe is currently being installed. These direct links to the USA facilitate further connections to Europe, the Far and Middle East, Africa, Australia, and the Pacific Rim, providing Bermuda with ample communication capacity.

Ninety-nine percent of households in Bermuda have internet access, with many enjoying fibre speeds of up to 1,000Mb. Notably, businesses can take advantage of even higher bandwidth options, ensuring they have the connectivity needed for optimal performance. The local mobile network is robust and reliable, capable of withstanding the occasional storms that affect the island.

Supporting its international business and tourism sectors, Bermuda is served by commercial flights from four countries: the UK, the Azores, Canada, and the USA. The USA has seven major hubs with daily direct flights to the island, making travel convenient.

Bermuda is just a two-hour flight from Teterboro, Republic Airport in Farmingdale, or Westchester County Airport for those travelling by private jet. London’s private jet airports, including Luton (LTN), Farnborough (FAB), and Biggin Hill (BQH), are about a 6.5-hour flight away, further enhancing Bermuda's accessibility for international travellers and residents alike.

Bermuda has a literacy rate of 98%, with an average per capita income of around $110,000 and low unemployment. It has one of the world’s highest population densities, with an estimated 64,000 people living on its 21 square miles. Despite this, the island offers a desirable and varied lifestyle, including access to luxurious golf and beach clubs, fine dining and entertainment plus a variety of leisure activities, particularly those related to the outdoors and the ocean, such as sailing, diving and deep-sea fishing.

The currency is very stable, with the Bermuda dollar used interchangeably with the US dollar and pegged on a one-to-one basis.

Political stability is a hallmark of the parliamentary system that has existed in Bermuda for nearly 400 years, and prudent economic policies have provided economic stability. The Bermuda legal system is based on the English Common Law.

Residency

Bermuda offers several means to obtain Residency in Bermuda.

1. The Economic Investment Residence Certificate (EIRC) allows Internationals individuals to acquire Bermuda Residency. The EIRC was introduced to encourage overseas investment in all sectors of Bermuda's business. In terms of real estate, purchasing property through the EIRC means that with an investment of at least $2,500,000 (through a variety of means, including real estate purchase/s), an application for an Economic Investment Residential Certificate is made to the Bermuda Government. Residency grants the right to reside indefinitely in Bermuda and hold a Residential Certificate.

2. A Permanent Resident Certificate (PRC) - This gives a person the right to live and work in Bermuda indefinitely, available through the Incentives for Job Makers Act 2013.

3. Residential Certificate - A Residential Certificate grants a person the right to enter and live indefinitely in Bermuda, subject to satisfying certain requirements.

4. Permission to Reside on an Annual Basis - This grants a person the right to enter Bermuda and live on the island for a period of one year at a time and is subject to renewal.

Establishing a Home in Bermuda

Most new residents in Bermuda arrive on a work visa issued by the Bermuda Government, typically settling on the island for a period of 1 to 5 years. This influx of expatriates has created a dynamic rental market characterised by regular fluctuations in arrivals and departures.

New residents have the option to purchase a home on the island, subject to certain restrictions; however, the majority do not find this cost-effective, which sustains the strong rental market.

Rental prices and types of residences vary across the island, offering options from purpose-built city apartments and condos to spacious family estates and private apartments in more affordable areas outside the city.

Bermuda also boasts a wide range of goods and services, ensuring that residents can easily furnish and equip their homes to suit their preferences.

Investing in Bermuda

Considering investing in Bermuda? You can rely on the island's robust legislative framework, strong regulatory structure, and stable political environment, all supported by a skilled workforce. As one of the world’s leading offshore international business centers, Bermuda boasts modern infrastructure and convenient air transportation, ensuring efficient business operations.

One of the most attractive features of Bermuda is its tax environment: there is no income tax, capital gains tax, or withholding tax. The island does not impose taxes on profits, income, dividends, or capital gains, and there are no restrictions on profit accumulation or requirements to distribute dividends. Instead, tax revenue is generated primarily through customs duties, payroll tax, real property tax, corporate services tax, and fuel taxes.

Beyond business, Bermuda is also a sought-after tourist destination, celebrated for its tranquil sub-tropical beaches and private coves that offer a peaceful retreat, making the perfect backdrop for relaxation and leisure.

Several new oceanfront hotel locations have recently been developed, offering fractional and whole ownership condo component for purchase by international buyers which takes advantage of the luxury hotels’ amenities and “rent back” options as well as Government tax and license concessions.

Schools in Bermuda

In Bermuda, children start primary school at the age of five and typically complete their education after 12 years. While public education is free and accessible, many families—both Bermudian and expatriate—opt for private schools. Several of these private institutions offer the International Baccalaureate (IB) program, providing a globally recognised educational pathway for students. This variety of options ensures that families can find the right fit for their children's educational needs:

• Warwick Academy

• Saltus Grammar School

• Bermuda High School for Girls

• Bermuda Institute

• Mount St Agnes Academy

• Somerfield Academy

• Bermuda Centre for Creative Learning

• Chatmore British International School