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Emigrating to Bermuda: Your Stress-Free Fresh Start in the Tax Haven
Bermuda offers tax advantages and a high quality of life. But what should you consider if you want to emigrate to Bermuda? Learn more about the challenges and opportunities that this step brings. For personalised advice on your individual relocation needs, contact us here.
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Bermuda offers tax advantages and a high quality of life. But what should you consider if you want to emigrate to Bermuda? Learn more about the challenges and opportunities that this step brings. For personalised advice on your individual relocation needs, contact us here.
Bermuda offers tax advantages and a high quality of life. But what should you consider if you want to emigrate to Bermuda? Learn more about the challenges and opportunities that this step brings. For personalised advice on your individual relocation needs, contact us here.
Bermuda offers tax advantages and a high quality of life. But what should you consider if you want to emigrate to Bermuda? Learn more about the challenges and opportunities that this step brings. For personalised advice on your individual relocation needs, contact us here.
Dreaming of moving to Bermuda? This article provides you with all the important information on visa regulations, living costs, job opportunities, and cultural features to ensure a smooth relocation.
Dreaming of a fresh start in a tropical paradise? Moving to Bermuda could be just what you need. Known for its stunning beaches and pleasant climate, Bermuda also offers tangible economic benefits. In this article, you'll learn everything you need to know for a successful relocation: from visa requirements and cost of living to job opportunities and cultural nuances.
What Makes Bermuda Attractive to Expats
Bermuda attracts German expats mainly due to its high per capita income and strong financial industry. Another major benefit is the tax system: Bermuda has no income, capital gains, or inheritance tax. This makes the island an attractive destination for those looking to optimise their wealth. The Sale of Goods Act may exempt international sellers from sales taxes under certain conditions.
Tax Benefits
The tax advantages in Bermuda are a key reason for many expats. In addition to the absence of income, capital gains, and inheritance taxes, the Sale of Goods Act offers further incentives for international businesses. It is important, however, to thoroughly research the specific conditions and requirements beforehand.
High Income and Strong Financial Industry
Bermuda is a major financial centre with numerous international companies, resulting in a high average income and good job opportunities, especially in finance and insurance. However, the job market is competitive, and there are strict regulations for work permits.
Pleasant Climate and English Language
Beyond economic benefits, Bermuda offers a pleasant subtropical climate and high quality of life. The official language is English, which makes integration easier for many expats. However, one should be aware that the local culture is rather conservative.
Challenges and Important Considerations
Despite many advantages, there are also some challenges you should consider when moving to Bermuda. The cost of living is extremely high, particularly for accommodation and imported goods. Integration into the local community can also be difficult, as it is often very closed. It is crucial to thoroughly research and have realistic expectations beforehand.
High Cost of Living
The high cost of living is one of the biggest challenges for expats in Bermuda. The costs for accommodation, transport, food, and healthcare are well above average. It is advisable to create a detailed budget and look for ways to save costs, such as sharing accommodation or buying local products.
Work Permits and Local Preference
To work in Bermuda, you need a work permit. However, these are often difficult to obtain, as the government prefers local workers. It is therefore important to secure a job early and carefully examine the requirements for a work permit.
Integration into the Local Community
Integrating into the local community can be a challenge for expats. Bermudians are often very attached to their homeland and maintain close social ties. It requires time and effort to integrate into the community and make friendships. Proactive networking and participating in local events can help.
Visa and Residence Permits: Your Key to Living in Bermuda
If you are planning to emigrate to Bermuda, it is important to familiarise yourself early with the different visa and residency permits. The regulations are complex and depend on your individual plans. Here is an overview of the most important options.
Visa-free entry for short stays
For a short stay of up to 6 months, German citizens do not need a visa. This applies to both tourism and business purposes. However, you must present certain documents, including a valid passport, a return ticket and proof of sufficient financial resources. Please note that you must complete a digital arrival card before your arrival.
Up to 6 months for tourism and business purposes
Visa-free entry allows you to get to know Bermuda and explore potential business opportunities without the need to apply for a visa immediately. However, it is important to note that you are not permitted to engage in any gainful employment during your visa-free stay.
Important documents: Valid passport, return ticket, proof of sufficient funds
To enter Bermuda without difficulty, you should ensure that your passport is valid for at least six more months. You also need a return ticket or onward travel ticket and proof that you have sufficient financial resources to fund your stay.
Work permits
If you wish to work in Bermuda, you will need a work permit. This is usually applied for by your employer. The requirements are strict, and generally, it is checked whether there are no suitable local workers for the position. There are different types of work permits, depending on the nature of your job and the length of your stay.
Temporary residency permit for employees
The temporary residency permit is the most common form of work permit for employees. It is usually issued for a specific period and can be extended. To obtain such a permit, you must prove that you have the necessary qualifications and experience to fill the position.
Prioritisation of local workers
The Bermudian government places great emphasis on the employment of local workers. Therefore, when issuing work permits, it is typically checked whether there are no suitable Bermudians for the position. This can make it difficult for foreign workers to obtain a work permit.
Residency Permits (Permanent Residency Certificate)
Another option is to apply for a Permanent Residency Certificate. This provides similar rights to citizenship, but without the right to vote. To obtain a Permanent Residency Certificate, you must meet certain requirements, such as having lived in Bermuda for a certain time or made a significant investment.
Offers similar rights as citizens
With a Permanent Residency Certificate, you have the right to live, work, and study in Bermuda. You also have access to healthcare and other social benefits. However, you cannot participate in elections and may still require a visa for travel to other countries.
Entrepreneur Visa
For entrepreneurs wishing to set up a business in Bermuda, there is the Entrepreneur Visa. This visa allows you to live and work in Bermuda while building your business. To obtain an Entrepreneur Visa, you must present a convincing business plan and demonstrate that you have the necessary financial resources.
For starting a business
The Entrepreneur Visa is an attractive option for entrepreneurs who wish to benefit from Bermuda's tax advantages and favourable business climate. However, it requires careful planning and preparation to meet the visa requirements and build a successful business.
With the EIC programme for a residence permit: Invest in your future in Bermuda
The Bermuda Economic Investment Certificate (EIC) programme offers wealthy individuals the opportunity to obtain a residence permit through investment. This programme was launched in March 2021 and aims to attract foreign investments and strengthen Bermuda's economy. It is important to note that the EIC programme does not offer direct citizenship, but allows for a residence permit.
Investment opportunities for residency
To qualify for the EIC programme, you must make a minimum investment of 2.5 million BMD (Bermudian Dollar, equivalent to US Dollars). This investment can be made in various sectors, including real estate, Bermudian businesses, government bonds, or donations to charitable organisations. The investment must be maintained for a certain period to retain the residence permit.
Minimum investment of 2.5 million BMD in real estate, businesses, government bonds or donations
The investment opportunities are diverse and allow you to invest your capital in areas that align with your interests and goals. Popular options include the purchase of luxury villas, investment in local businesses in the finance, tourism, or technology sectors, as well as the acquisition of government bonds.
Application requirements
To apply for the EIC programme, you must meet certain requirements. These include a clean criminal record, proof of sufficient financial resources, and a detailed investment plan. You must also demonstrate an intention to live in Bermuda long term and contribute to the local community.
Clean criminal record, proof of financial resources, detailed investment plan
Applying for the EIC programme requires careful preparation and the compilation of all necessary documents. It is advisable to seek support from an experienced lawyer or advisor to ensure that your application is complete and correct.
Fees and costs
Various fees are incurred for applying and maintaining the residence permit under the EIC programme. These include application fees (2,625 BMD), processing fees (1,000 BMD), and annual renewal fees (5,000 BMD). These fees are in addition to the minimum investment of 2.5 million BMD.
Application, processing, and annual renewal fees
It is important to be aware of all associated fees and costs before applying for the EIC programme. These costs can constitute a significant portion of your overall investment.
Benefits of the EIC programme
The EIC programme offers a range of benefits, including access to the Bermudian healthcare system and a favourable tax structure. Bermuda does not levy income, capital gains, or inheritance tax, making it an attractive destination for wealthy individuals. Additionally, after five years of residency, you can apply for a permanent residence permit.
Access to the healthcare system, favourable tax structure
The EIC programme provides the opportunity to benefit from Bermuda’s numerous advantages, including high quality of life, a pleasant climate, and a stable political and economic environment. However, it is important to be aware that the programme requires a significant investment and meticulous planning and preparation are essential.
Cost of Living in Bermuda: How to Plan Your Budget
The cost of living in Bermuda is very high compared to the rest of the world. This is due to various factors, including its island location, high dependence on imports, and high taxes and duties. Therefore, it is important to have a realistic understanding of the expected expenses before moving to Bermuda and to plan an appropriate budget.
High Housing Costs
The costs for accommodation are one of the largest expenses in Bermuda. Rental prices for a one-bedroom apartment start at around 1,800 US dollars per month. Property purchase prices are also very high, especially in desirable areas. It is advisable to compare different residential areas and potentially make compromises on location to save costs.
Comparison of Rental and Purchase Prices
Rental prices vary depending on the location, size, and amenities of the apartment. Generally, apartments near Hamilton, the capital of Bermuda, are more expensive than those in more rural areas. Property purchase prices also heavily depend on the location and condition of the property.
Transport Costs
Transport costs are also relatively high in Bermuda. This is mainly due to the high import taxes on cars. A cheaper alternative is the use of public transport, such as buses. However, bus fares are relatively high compared to other countries. Another option is using scooters, which can be rather dangerous due to the high traffic density and winding roads.
High Import Taxes on Cars and Bus Fares
If you wish to import a car, you should expect high taxes and duties. This can significantly increase the cost of a car. Bus fares range between 3 and 10 US dollars per journey, depending on the distance.
Food Costs
Due to Bermuda’s heavy reliance on imports, food costs are relatively high. On average, groceries in Bermuda are 46% more expensive than in New York City. It is advisable to visit local markets and buy seasonal products to save costs. Also, avoiding expensive imported products can help relieve the budget.
Import Dependency and High Prices Compared to Other Countries
Bermuda’s import dependency leads to many products being more expensive than in other countries. This is especially true for fresh products, which often have to be imported from the USA or other countries.
Healthcare Costs
The healthcare costs in Bermuda are among the highest in the world. It is therefore essential to have comprehensive health insurance. Although Bermuda has a public healthcare system, it is not always sufficient, and private supplementary insurance is often necessary.
Highest Healthcare Costs Worldwide
The high healthcare costs are an important factor that needs to be considered when planning the budget. It is advisable to research the various insurance options in advance and choose a policy that meets your needs.
Strategies to Reduce Costs
Despite the high cost of living, there are various strategies to save costs. These include house-sharing, visiting local markets, and using alternative means of transport. Also, avoiding unnecessary luxury items and planning expenses consciously can help keep the budget under control.
House-Sharing, Local Markets, Alternative Means of Transport
House-sharing can be a good way to reduce housing costs. Local markets often offer cheaper prices for fresh products than supermarkets. Using scooters or bicycles can help reduce transport costs.
Career in Bermuda: Seize opportunities in the financial sector
Bermuda primarily offers attractive job opportunities in the finance and insurance sectors. Salaries are often high, but it's important to note that strict work permits are in place and local labour is preferred. Therefore, it's advisable to research job opportunities early and apply specifically.
Job opportunities in the finance and insurance sectors
The finance and insurance sectors are the most important industries in Bermuda. Numerous international companies are looking for qualified professionals. Salaries are often very attractive, but the competition is fierce. Therefore, it’s crucial to have the necessary qualifications and experience, and to stand out from other applicants.
High salaries but strict work permits
Although salaries in the finance and insurance sectors are high, it’s important to note that strict work permits apply. The Bermuda government places great emphasis on employing local workers and prefers them when issuing work permits.
Difficulties in certain sectors
In some sectors, such as the real estate sector, there are restrictions for foreigners. Therefore, obtaining a work permit in these areas is difficult. It is advisable to familiarize yourself with the specific regulations and requirements beforehand.
Restrictions for foreigners in areas such as real estate
The restrictions for foreigners in certain sectors are designed to protect local labour and promote the local economy. It is important to respect these regulations and behave accordingly.
Remote work as an alternative
An alternative to traditional employment is remote work. Bermuda offers a special work permit for remote workers, allowing them to work from the island for foreign companies. This can be an attractive option to enjoy the quality of life in Bermuda without having to seek local employment. There is already a community of around 70 Austrians living and working in Bermuda.
Special work permit for remote workers
The special work permit for remote workers is a relatively new initiative by the Bermuda government aimed at attracting highly skilled professionals and diversifying the island's economy. To obtain such a permit, you must demonstrate that you have the required qualifications and experience and that you can support yourself independently.
Integration in Bermuda: How to network and settle in
The integration into the local community can prove challenging as Bermuda is somewhat of a closed society. It is important to proactively approach people, show an interest in the local culture, and get involved in clubs or organisations. Connecting with other expats can also be helpful for settling in more quickly.
Challenges of Integration
The closed community and transient expat community can make integration more difficult. It takes time and effort to gain the trust of locals and to build friendships. Being patient and not getting discouraged is crucial.
Closed Community, Transient Expat Community
Bermudians are often very attached to their homeland and maintain close social ties. The expat community tends to be very mobile, which can make forming long-term friendships challenging.
Language and Culture
English is the official language in Bermuda, which facilitates communication. However, the culture is rather conservative, and it's important to respect local customs. A respectful and open demeanour can ease the process of integration.
English as Official Language, Conservative Culture
Although English is the official language, there are some local expressions and phrases to learn. The conservative culture requires a certain degree of adaptation and respect for local traditions.
Networking and Social Connections
Proactive networking is crucial to making social connections and integrating into the community. Attend local events, join clubs or organisations, and use social media to connect with others. Engaging with fellow expats can also be beneficial for faster acclimatisation.
Proactive Networking Required
It's important to be proactive and not wait for others to approach you. Attend local events, join clubs or organisations, and use social media to connect with others.
Healthcare in Bermuda: How to ensure optimal care
Bermuda has a well-developed healthcare system that includes both public and private facilities. It is important to research the various options before emigrating and to obtain appropriate health insurance. Even though Bermuda has a public healthcare system, it is not always sufficient, and private supplementary insurance is often necessary.
Public Healthcare
Bermuda offers public healthcare, but it does not cover all services. Therefore, it is advisable to take out private supplementary insurance to be comprehensively covered. However, public healthcare can help reduce personal healthcare costs.
Potential Reduction in Personal Healthcare Costs
Public healthcare can help reduce the costs of basic medical services. For specialised treatments or visits to private doctors, however, a private supplementary insurance is usually required.
Mandatory Health Insurance
Health insurance is mandatory in Bermuda. Therefore, it is important to research the various insurance options before emigrating and choose a policy that suits your needs. The cost of a health insurance can vary depending on the extent of coverage.
Due to High Healthcare Costs
The high healthcare costs in Bermuda make health insurance essential. Without coverage, medical treatments can quickly become very expensive.
Access to Healthcare System for EIC Residents
Even for EIC residents, comprehensive insurance is required to access the healthcare system. It is important to be informed in advance about specific requirements and regulations, and to choose a policy that meets these requirements.
Comprehensive Insurance Required
EIC residents must prove that they have comprehensive health insurance in order to access the healthcare system. The insurance must cover certain services and comply with the regulations of the Government of Bermuda.
Preparing for the Move: How to Successfully Start Your New Life in Bermuda
A successful move to Bermuda requires careful preparation. This includes financial planning, clarifying visa requirements, finding suitable accommodation, and organizing the transport of your belongings. It is advisable to address all aspects of the move early on and to seek professional help to avoid stress and complications.
Financial Planning
A solid financial plan is essential to finance the move and life in Bermuda. Consider the high cost of living, health insurance costs, and any potential work permit costs. Also, clarify the impact on your career goals and check if you can still access foreign sources of income.
Impact on Career Goals, Maintaining Foreign Income Sources
Moving to Bermuda can affect your career goals. It is important to inform yourself in advance about job opportunities and to check whether your qualifications and experience are in demand in the local job market. Maintaining foreign sources of income can also be helpful in securing a livelihood in Bermuda.
Long-term Goals
It is important to be clear about your long-term goals and to adapt them to the realities of expat life. Consider potential challenges in integration, high cost of living, and possible restrictions on career development. Ensure that your personal and professional goals are compatible with the conditions in Bermuda.
Adapting to the Realities of Expat Life
Expat life in Bermuda can come with some challenges. It is important to be prepared and to adjust accordingly. This includes being willing to forge new connections, taking an interest in the local culture, and making compromises.
Considering Risks
Bermuda is susceptible to hurricanes, especially in September. Therefore, it is important to be informed about the risks and to make appropriate preparations. The high cost of living should also not be underestimated. Careful planning and preparation can help minimize risks and ensure a successful relocation.
Hurricanes, High Cost of Living
The hurricane season in Bermuda lasts from June to November, with the highest risk in September. It is important to stay updated on current warnings and recommendations from the authorities and to take appropriate protective measures. The high cost of living should also not be underestimated. Careful planning and preparation can help avoid financial difficulties.
Emigrating to Bermuda: Make an Informed Decision
Emigrating to Bermuda can be a rewarding experience if you are aware of the challenges and prepare accordingly. The island offers a high quality of life, a pleasant climate, and attractive job opportunities, particularly in the financial and insurance sectors. However, the cost of living is very high, and integrating into the local community can be difficult. Careful planning and preparation are therefore essential.
Summary of Advantages and Disadvantages
Bermuda offers numerous advantages, including a high quality of life, a pleasant climate, and attractive job opportunities in the financial and insurance sectors. The disadvantages include the high cost of living, the challenge of integrating into the local community, and the vulnerability to hurricanes. It is important to carefully weigh these pros and cons before making a decision.
Key Aspects for a Successful Relocation
For a successful relocation to Bermuda, careful planning, solid financial preparation, and proactive integration are crucial. Learn extensively about visa regulations, living costs, and job opportunities. Connect with other expats and get involved in the local community. Be patient and give yourself time to settle in.
Outlook for the Future
Bermuda is a dynamic and ever-developing place. The government is working to diversify the economy and attract new investments while further improving the quality of life. If you are ready to face the challenges and actively engage with the community, emigrating to Bermuda can be a rewarding experience.
GoMovin is happy to support your move to Bermuda. We offer you an all-in-one solution for international relocations with personal consultation, legal support, property services, and cultural integration. Learn more about our relocation assistance and how we can help make your move stress-free.
Are you ready for your new start in Bermuda? Contact us today for a non-binding consultation. We are happy to assist with the planning and implementation of your move. Get in touch now!
Further useful links
On Wikipedia you will find a comprehensive article about Bermuda, its geography, history, and culture.
FAQ
How do the living costs in Bermuda compare to Germany?
The living costs in Bermuda are significantly higher than in Germany, particularly for housing, transport, and imported food. Plan for at least 46% higher food costs than in New York City.
What are the visa options for German citizens looking to relocate to Bermuda?
For short stays of up to 6 months, no visa is required. For longer stays, you will need a work permit, a residency permit, or an entrepreneur visa.
What tax advantages does Bermuda offer for expatriates?
Bermuda imposes no income, capital gains, or inheritance taxes, making it an attractive destination for those looking to optimise their wealth. The Sale of Goods Act may allow tax exemptions under certain conditions.
How challenging is it to integrate into the local community in Bermuda?
Integration can be challenging as Bermudians are often very patriotic. Proactive networking and participating in local events can help you settle in more quickly.
What job opportunities are available in Bermuda for expatriates?
The best job opportunities are in the finance and insurance sectors. However, strict regulations on work permits apply, as local labour is prioritised.
What investment opportunities does the EIC programme offer for residency?
The EIC programme requires a minimum investment of 2.5 million BMD in real estate, Bermudian companies, government bonds, or donations to charitable organisations.
How is healthcare managed in Bermuda?
Bermuda has a well-developed healthcare system, but health insurance is mandatory. There are both public and private facilities available.
What risks should be considered when relocating to Bermuda?
Risks include the high living costs, vulnerability to hurricanes, and potential difficulties in integration.
