Bermuda is a naturally beautiful country with a rich history and stable political environment. Bermuda has many pink sand beaches and is a popular destination for high net-worth individuals who are seeking to establish residency. This guide is intended to give you an overview of how to establish Bermuda residency and is not intended to be exhaustive.
Eligibility Criteria
– You must be at least 18 years of age
– You must not have a criminal record
– You must have a valid passport
– You must be able to demonstrate sufficient financial means to support yourself and your dependents.
Different Types of Bermuda Residency
There are various ways to obtain residency permits in Bermuda which include; Bermuda work permit residency, business residency, and student residency.
Work Permit Residency: This option for residency can be available if you have a job offer from a Bermuda-based company. Under work permit residency, the employer is responsible for sponsoring your Bermuda residency.
Business residency: This option is available for those who own and operate a business in Bermuda. You need to demonstrate significant investment in the local economy and demonstrate job creation.
Student residency: This residency is available to those enrolled in Bermuda-based school and is available to primary school students and graduate school students.
As a resident you can obtain a residential certificate.
What are the benefits of residency?
Benefits of Residency
- Tax-friendly jurisdiction: Bermuda is a tax friendly country with no personal income tax, capital gains tax or inheritance tax, making it an attractive destination for persons looking to minimize their tax liability.
- Secondary home: Bermuda has a warm climate and is a welcoming country for those wishing to have a second home or permanent residence. Bermuda has a number of top notch pristine beaches, world-class golf courses, and is the perfect place to escape a busy city life.
- Political stability: Bermuda is a country that is politically stable. The country is economically stable, upholds the rule of law and is peaceful. The Bermuda government strives to incorporate technological developments in the country to have Bermuda be competitive on the international stage.
- Great Quality of life: People are very nice and welcoming. It is a great place to raise a family and Bermuda offers a high standard of living.
As a resident of Bermuda, you can enjoy what the country has to offer. It is important to note that Bermuda does not have a citizenship by investment program. There are restrictions on foreigners owning real estate.
Bermuda is a country that is a leader in the financial services industry globally. The jurisdiction attracts a lot of affluent individuals who do international business. The official language is English and the laws are common law.
For more information about permanent residency, the application process, the minimum investment requirements, residency rights, legal residence, tax exemption certificate, application fee and more you can contact us and we can put you in touch with a law firm in Bermuda who can process paperwork directly. Licensed corporate service providers can be retained to set up an entity in Bermuda.
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