What's it Like Retiring in Bermuda? (2023)

FAQs

Can a US citizen retire to Bermuda? ›

If you're married to a Bermudian resident, you can move to the island whenever you like. For anybody wishing to move permanently to the island who isn't moving to join their Bermudian spouse, it's necessary to secure a job on the island beforehand.

The most expensive place turned out to be Bermuda, technically a British Overseas Territory located in the North Atlantic about 650 miles east of Cape Hatteras, N.C. The study found an average American would need over $1 million to retire in Bermuda—or $1,065,697, to be precise.

If someone wishes to remain on the island beyond the maximum 180-day period, they must submit an application requesting permission to reside annually. This can be done by completing an Application for Residence Form and presenting evidence of financial means.

Who Is Liable for Income Tax in Bermuda? Bermuda doesn't have income tax or capital gains tax for residents, regardless of whether they are citizens or noncitizens. In other words, you don't have to file a tax return declaring your earned or investment income, and you don't have to pay tax on these amounts.

In order of top to bottom, the following top 10 countries to retire abroad include Portugal, Mexico, Panama, Ecuador, Costa Rica, Spain, Greece, France, Italy, and Thailand.

Visitors are always welcome in Bermuda and are allowed to stay for up to six months and buy real estate. However, it's important to realize that although international buyers are allowed to purchase real estate in Bermuda, it doesn't make you eligible for Bermudian citizenship or permanent residency.

Some of the most popular destinations in this parish include Hamilton Harbor and the well-known Elbow Beach. For smaller properties, prices can start in the region of $80,000. However, prices can rise to over the $1 million mark for larger and more luxurious properties.

What's it like to live in Bermuda? ›

Bermuda boasts some of the most amazing settings you could imagine. The pink sandy shores and coral reefs surrounding the island create an environment that can't be found anywhere else across the globe. However, if you're looking to , we understand that there's so much more to consider than just the incredible views.

Fewer homes available only to Bermudians were bought last year based on the 15% decline in unit volume compared to 2019. The average sale price also dropped to $885,000 in 2020 from $960,000 in 2019.

Hollywood royalty, such as Academy Award-winning actors Catherine Zeta-Jones and her husband Michael Douglas have resided in Bermuda, along with New York's City's billionaire mayor Michael Bloomberg, who travels less than two hours by air from the Big Apple.

The majority of Bermuda's overall ancestry actually remains European, as most black Bermudians are actually of European ancestry, but as only those entirely of European ancestry are considered white, the largest demographic group is black, despite those of entirely sub-Saharan African ancestry being only a negligible ...

Almost nothing is produced on the island so everything needs to be imported (mainly from the US). Transport costs, customs duties, and high labour costs increase prices considerably. Bermudians and expatriate workers pay the price for living on such a beautiful island.

Bermuda companies do not pay tax on income or capital gains, and there is no branch profits tax in Bermuda. All companies pay an annual company fee, based on share capital levels. For exempted companies the fees vary between $1,995 and $31,120; and for local companies the fees are lower.

It is a beautiful island with opportunities for a high-end lifestyle, plus high wages and tax breaks. 20% of Bermuda's population are expats and the island has zero unemployment. You will, however, need to go through some bureaucracy, so we are going to look below at some of the pros and cons of working on the island.

Fortunately, there are some states that don't charge taxes on retirement income of any kind: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming.

How much does it cost to build a house in Bermuda? ›

Based upon April 2019 market rates the cost of building a home with traditional residential Bermuda construction is over $410 per square foot. This excludes the cost of the land.

Dual Nationality

Citizens of both the U.S. and Bermuda are recognized as such by both governments.

You must: Be 18 years of age or older; Have been ordinarily resident in Bermuda for a period of at least 15 or 20 years; Be of good conduct and character.

Cost of living in Hamilton (Bermuda) is 22% more expensive than in Honolulu, Hawaii (United States)

Weather in Bermuda

Temperatures rarely dip below 60 degrees Fahrenheit, but that means it's still too cold for swimming at the beach. However, if golf is more your sport, you will get a mild discount for traveling at this time.

If you are a resident of a country that has a U.S. social security agreement, (other than Austria, Belgium, Denmark, Germany, Sweden, or Switzerland), we will continue your U.S. Social Security payments.

If you are a U.S. citizen, you may receive your Social Security payments outside the U.S. as long as you are eligible for them.

In addition, as a tourist destination, Mexico is familiar to many visitors who have vacationed there over the years. The country offers a wide range of locations, lifestyles, climates, and living costs, making it the top retirement destination for Americans who choose to leave the U.S.

Bermuda, being out in the middle of the Atlantic, may seem vulnerable to hurricanes. However, only six have ever made landfall on the island nation since record-keeping began in the 19th century, and the last direct hit from a hurricane occurred in 2003, according to Ray.

What are houses like in Bermuda? ›

Bermuda style

The archetypical Bermuda house is a low, squared building with a stepped, white roof and pastel-painted walls, both of which are made out of stone. Between roof and wall are a series of eaves painted a third colour, which is also used on the wooden shutters of relatively small windows.

Family of four estimated monthly costs are 7,028.4$ without rent. A single person estimated monthly costs are 1,935.8$ without rent. Cost of living in Bermuda is, on average, 95.5% higher than in United States. Rent in Bermuda is, on average, 99.2% higher than in United States.

Bermuda is one of the most expensive places in the world to purchase and operate any motor vehicle, partly because of extremely high import duties on motor vehicles. Plus, there are high annual costs of vehicles - more than twice those imposed by London, 4 or more times the cost of most American cities.

Since tourists are not allowed to rent cars in Bermuda, taxis and scooters are the primary means of transportation on the island. Ferries and water taxis are available. Rental Cars are not available in Bermuda.

The predominant language on Bermuda is Bermudian English. It exhibits characteristics of English as spoken on the Atlantic Seaboard of the United States of America (especially in the region around Virginia), in the Canadian Maritimes, southern England, and parts of the British West Indies.

Bermuda receives warm tropical weather but is known for severe storms. The cost of living including rent and property ownership is very high. Although many jobs are high paying, it is difficult to find work. There is no income tax in Bermuda.

The culture of Bermuda is a blend of British, Caribbean and American influences, and the population is generally friendly and welcoming.

With its stunning beaches, lush tropical landscapes, and vibrant culture, Bermuda is an ideal place to spend your retirement years. The island is also known for its low taxes, excellent healthcare system, and strong infrastructure, making it an attractive destination for retirees.

Why is food so expensive in Bermuda? ›

Bermuda has historically been rated as one of the most expensive places on the globe to live since most of the items needed for daily life is imported. On average, a basic food item such as bread costs over USD$7 per loaf.

Traditional dishes include codfish and potatoes served either with an add on of hard boiled egg and butter or olive oil sauce with a banana or in the Portuguese style with tomato-onion sauce, peas and rice. Hoppin' John, pawpaw casserole and fish chowder are also specialties of Bermuda.

We will point out the homes of the rich and famous – such as Michael Douglas and Catherine Zeta-Jones; James Martin, Pioneer of Texas Instrument; playwright Eugene O'Neal, who's daughter was married to Charlie Chaplin; and illustrator William Denslow, most famous for his work on the “Wizard of Oz”.

If you're married to a Bermudian resident, you can move to the island whenever you like. For anybody wishing to move permanently to the island who isn't moving to join their Bermudian spouse, it's necessary to secure a job on the island beforehand.

Political Stability and Absence of Violence/Terrorism: Percentile Rank in Bermuda was reported at 85.85 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources.

When comparing the standard of living in Bermuda to other countries, many assume that it's either in the Caribbean or is a third-world country. Neither of these are true statements and when you break it down, Bermuda can be compared to popular countries like the US, Canada or even famous European destinations.

Visitors are always welcome in Bermuda and are allowed to stay for up to six months and buy real estate. However, it's important to realize that although international buyers are allowed to purchase real estate in Bermuda, it doesn't make you eligible for Bermudian citizenship or permanent residency.

Costa Rica

Climate, environment, and costs vary throughout the country, but the overall cost of living is about 38 per cent lower than in the United States, and housing is 72 per cent lower on average making it one of the cheapest countries to retire in, based on June 2022 data.

How much money do you need to live in Bermuda? ›

Family of four estimated monthly costs are 7,033.9$ without rent. A single person estimated monthly costs are 1,937.6$ without rent. Cost of living in Bermuda is, on average, 94.8% higher than in United States. Rent in Bermuda is, on average, 99.0% higher than in United States.

The programme has been created to allow applicants, their spouse and any dependent children the right to reside in Bermuda for five years. To qualify for an EIC, a minimum investment of $2.5 million must be made in one of seven areas. There's also an initial cost of $2,265 to acquire the certificate.

Which are the easiest countries to immigrate to from the US? Portugal, Malta and Spain are some of the easiest countries to relocate to from the United States. American citizens can either gain permanent residency or apply for citizenships via each country's Citizenship by Invest programs.

Panama. Not for the first time, Panama tops the list of the world's best places to retire. Located away from Central America's hurricane belt, its warm tropical climate is tempered by breezes from the Pacific Ocean on one coast and the Caribbean Sea on the other.