BERMUDA

 

Name of country

  • BERMUDA

Region

  • North America, group of islands in the North Atlantic Ocean, east of South Carolina (US)

Population

  • 72,084 (July 2021 est.)

General Introduction

  • Bermuda is a British Overseas Territory governed by British Common Law. It is a safe and secure country with excellent global connections worldwide. The island is conveniently located in the Caribbean and is only a two-hour flight from New York. The country benefits from a favorable tax regime, which attracts a large number of High Net Worth individuals to the island, including over 8,000 US ex-pats. Personal income tax is not levied on individuals in Bermuda. Instead, the Bermuda Government levies a Payroll Tax.

Wifi Speed

  • Bermuda has jumped up the global rankings for broadband speeds and is now ahead of the United States, Britain, Canada, and all but one of the Caribbean nations.
  • It has moved to 17th on Cable.co.uk's annual list after a survey measured the island's mean average download speed at 73.6 Mbps.

Electrical outlet

  • On Bermuda, the power plugs and sockets are of type A and B. The standard voltage is 120 V and the standard frequency is 60 Hz

Per Capita GDP 

Real GDP per capita

  • $81,798 (2019 est.
  • $81,421 (2018 est.)
  • $81,835 (2017 est.)

 Climate

  • subtropical; mild, humid; gales, strong winds common in winter

Residence-by-Investment

  • Bermuda is implementing a new investor visa program called the Economic Investment Certificate (“EIC”) on March 1, 2021, that will allow applicants, their spouses, and any dependant children to remain in Bermuda for five years.

Investment

A minimum investment of $2.5 million in one of the following categories is required to qualify for an Economic Investment Certificate.

  • Residential or commercial real estate in Bermuda;
  • An existing Bermuda-based business;
  • The development and launch of a new Bermuda-based business;
  • Bermuda Government bonds;
  • Bermuda Registered charity in the areas of sports development, youth, seniors and health;
  • The Bermuda Trust Fund or Sinking Fund; or
  • Other social or useful venture that benefits Bermuda, Bermudians and things Bermudian as may be determined by the Minister responsible for Immigration.

Processing Time

  • Between 6 to 7 months.

Key Benefits

  • Those wanting to transfer their businesses and family to Bermuda should take advantage of the Economic Investment Certificate and Residential Certificate Policy. Unlike previous legislation, which concentrated on recruiting seniors who were subsequently prevented from working, the government is now allowing affluent working individuals to enjoy the benefits of Bermuda life.

Eligibility

To apply, you can be a new applicant, or have a specific Bermuda connection, or you can have one of the following (please attach copies of indicated items):

  • an expiring or expired residential permission
  • a short-term work permit
  • an Entry/re-entry document or written permission from the Minister to reside in Bermuda.

Requirements

You must supply the following information:

  • Completed Application for Residence Form
  • Police certificate
  • Medical clearance (required for first-time residents)
  • Employment references
  • Character references
  • Qualifications
  • Required fee(s)
  • Passport size photos
  • Proof of Citizenship (passport)
  • Proof of Multi-entry Visa/Permanent Resident Card issued by USA, Canada or UK
  • Marriage certificate (if applicable)
  • Partner information (if applicable)
  • Birth certificate
  • Resume for applicant
  • Specific Bermuda connection (if applicable)
  • Financial support information (if applicant is seeking permission to reside including a sponsored dependent)

Natural Resources

  • limestone, pleasant climate fostering tourism

Ethnic Groups

  • African descent 52%, White 31%, mixed 9%, Asian 4, other 4% (2010 est.)

Languages

  • English (official), Portuguese

Religion

  • Protestant 46.2% (includes Anglican 15.8%, African Methodist Episcopal 8.6%, Seventh Day Adventist 6.7, Pentecostal 3.5%, Methodist 2.7%, Presbyterian 2.0%, Church of God 1.6%, Baptist 1.2%, Salvation Army 1.1%, Brethren 1.0%, other Protestant 2.0%), Roman Catholic 14.5%, Jehovah's Witness 1.3%, other Christian 9.1%, Muslim 1%, other 3.9%, none 17.8%, unspecified 6.2% (2010 est.)

Median Age

  • total: 43.6 years
  • male: 41.6 years
  • female: 45.7 years (2020 est.)

Urbanization

  • urban population: 100% of total population (2021)
  • rate of urbanization: -0.2% annual rate of change (2020-25 est.)

 Physician density

  • 0.00 doctors per 1,000 people.

Government type

  • Overseas Territory of the UK with limited self-government; parliamentary democracy

 Unemployment Rate

  • 7% (2017 est.)
  • 7% (2016 est.)

Taxes

Headline Personal Income Tax Rate (highest marginal tax rate)  - 0%

Headline Corporate Income Tax Rate (excluding dividend taxes) - 0%

  • Bermuda has no taxes on profits, income, dividends, or capital gains, no profit accumulation limit, and no dividend distribution requirement.
  • Because remote workers are not employed in Bermuda, they are exempt from paying income taxes.

 

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