Anyone who imagines living in a luxurious island paradise should consider Bermuda. While Bermuda might be an awesome place for tourists to visit, anyone intent on becoming a resident has to be well-off financially.
Bermuda’s cost of living is one of the highest in the world. It is even higher than London’s! Becoming a resident of Bermuda is quite difficult. Real estate prices are astronomical. Most homes cost well over $1 million, which makes it impossible for most expats to call Bermuda home.
Climate
Bermuda has a wonderful sub tropical climate and no rainy season. The weather is quite stable throughout the year, with temperatures usually in the 60’s, 70’s, and 80’s. Tropical storms and hurricanes may occasionally hit Bermuda. However, most storms quickly pass by the island, resulting in generally comfortable weather throughout the year.
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 for tourists to visit Bermuda. However, it is difficult for a foreigner to meet the requirements for becoming a resident there. Generally, anyone who wants to become a resident of Bermuda has to purchase real estate. In most cases, real estate costs in excess of $1 million. For more information about living in Bermuda, please visit the Bermuda Tourism page.
Tax System
The tax system in Bermuda causes the island to be considered a haven for the wealthy. In Bermuda, there is no income, capital gains, sales, wealth, or value added tax (VAT). The government also imposes annual fees and a payroll tax.
Medical Care
Medical care in Bermuda is very good, but very expensive. Most American tourists or expats who become seriously ill or injured are evacuated to the US.
Bermudan employers usually offer their employees private medical insurance. However, tourists should try to obtain travelers’ insurance that includes a health care component in case evacuation to the US becomes necessary.
Real Estate
The real estate prices in Bermuda are exorbitant. The average home in 2006 was over $1.6 million. There are also many restrictions for purchasing real estate. For instance, a foreigner cannot purchase a home solely as an investment property (e.g. to rent out). Only houses with an annual rental value of more than $153K or a condo with an annual rental value of more than $32,400 can be purchased. In addition, the government requires buyers to pay licensing fees: 22% of the purchase price if buying a house, and 15% of the purchase price if buying a condo.
Buying property in Bermuda is especially difficult. However, buyers looking for a luxurious lifestyle and wealthy neighbors would fit in quite well on this island.
Shopping
Bermuda has a few fine shops, many tiny boutiques, and luxury shops. Some shopping areas mainly cater to tourists, especially those tourists on the cruise ships that visit every week. Shopping for essentials can be extremely expensive, since most goods are imported. Most items cost two to three times what they do in the US.
Although the entertainment and nightlife in Bermuda are quite satisfying, the culture is still quite laid back, refined, and mature. There are many fine restaurants and a variety of activities on the island. This is why Bermuda is such a great place to take long vacations or to retire.
Cost of Living
Bermuda’s cost of livng is one of the highest in the world. Everything costs 2 to 3 times what they normally would in the US. Housing is extremely expensive and the average home costs $1.6 million. Gas, licensing, as well as owning and operating an automobile are quite expensive. Food prices are also very expensive. However, anyone looking for an elite tropical paradise should visit Bermuda.
Web Sites for Expats in Bermuda
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.
Map of Bermuda
