Expat Bermuda

For those looking to live in the lap of luxury, there are not many places better than Bermuda. While Bermuda might be an awesome place to visit as a tourist, if you are set on living in Bermuda, make sure you are well off financially.

Bermuda has one of the highest costs of living in the world, even higher than London. Becoming a resident in Bermuda is difficult and the prices of real estate are astronomical. Most homes are well over $1 million dollars making it impossible for most expats to call Bermuda home.

Climate

Bermuda has a wonderful climate that is categorized as sub tropical with no rainy season. The temperature throughout the year stays pretty stable, with temperatures usually in the 60's, 70's and 80's. Bermuda can occasionally be hit by tropical storms and hurricanes, however for the most part the weather is comfortable all year round with most storms moving quickly past Bermuda with little recourse.

Government

Bermuda is an overseas territory of the United Kingdom. It is extremely stable and secure. It is located in the North Atlantic Ocean about 840 miles off the coast of Miami, Florida. It is very easy to visit Bermuda as a tourist, however living requirements can be very difficult to attain. For the most part in order to live in Bermuda as a foreigner, you must purchase real estate which in most cases is in excess of $1 million dollars. You can find out more information about living in Bermuda at Bermuda Tourism.

Tax System

The tax system in Bermuda is considered to be a haven for the wealthy. In Bermuda, there is no income tax, capital gains tax, Value Added Tax (VAT), sales tax or wealth tax. It should be noted that there are annual fees imposed by the government and there is a payroll tax.

Medical Care

Medical care in Bermuda is very good, but it can be very expensive. For most tourists or American expats that suffer from a serious illness or injury, evacuation to the US is usually required.

If you are working in Bermuda, your employer will usually offer you private medical insurance, you might also want to look into travelers insurance that include a health care component in case you need to be evacuated to the US.

Real Estate

Real estate prices in Bermuda are astronomical. The average home in Bermuda for 2006 was over 1.6 million dollars. There are also many restrictions for purchasing real estate. For instance, as a foreigner you can not purchase a home for the sole purpose of renting it out as an investment property, you must purchase a home with an annual rental value of more than $153K per year or a condo with an annual rental value of more than $32,400 per year. In addition, you will be required to pay a licensing fee of 22% for the purchase price of your home, 15% for a condo.

Buying property in Bermuda is especially difficult, but for many buyers looking for a certain type of lifestyle and certain type of neighbor, Bermuda fits quite well.

Shopping

Bermuda does have its share of fine shops, however for the most part it consists of tiny boutiques and luxury shops. There are touristy types of places that cater to the cruise ships that visit each week. Shopping for most essentials can be extremely expensive, since practically all goods are shipped in. Most items cost two to three times what they cost in the US.

Entertainment and nightlife are quite satisfying on Bermuda; however the culture is quite laid back, refined and mature. There are many fine restaurant choices and plenty of activities to do on the island making it a great place to vacation for long periods of time or to retire.

Cost of Living

The cost of living in Bermuda is rated as one of the highest in the world. Expect everything to cost 2 to 3 times what they normally cost in the US. Housing is extremely expensive and the average home is $1.6 million dollars. Gas is very expensive and owning and operating and automobile is expensive as well to license and operate. Food can also cut into one's budget. However, if you are looking for an elite tropical paradise Bermuda is it.

Web Sites for Expats in Bermuda

Bermuda Online

Comprehensive guide to the Bermuda islands.

Extradition from Bermuda

The laws of extradition from Bermuda are set by the Extradition Treaty Between the Government of the United Stats of America and the Government of the United Kingdom of Great Britain and Northern Ireland.