Bermuda is one of the world's most established offshore financial centres — the world's largest reinsurance market and a significant domicile for captive insurance, hedge funds, and holding companies. As a British Overseas Territory, it offers political stability, an English common law legal system, and direct UK government oversight without being part of the UK or EU. Residents pay no personal income tax, no capital gains tax, and no inheritance tax.
Bermuda does not have an investment-for-residency programme in the traditional golden visa sense. However, several legal routes allow qualifying individuals — including high-net-worth investors and independent workers — to establish legal residence in Bermuda. This guide covers those routes, the financial and tax environment, and the practical considerations for internationally mobile individuals.
Compliance notice: Bermuda's immigration legislation, permit fees, and qualifying criteria change frequently. All information in this guide reflects publicly available data as of mid-2026. Verify current requirements with the Bermuda Department of Immigration and engage qualified Bermudian legal counsel before making any application or investment.
Bermuda: The Context
Bermuda is a self-governing British Overseas Territory in the North Atlantic, approximately 1,070km east of Cape Hatteras, North Carolina. It is neither part of the UK nor an EU territory. Its population is approximately 64,000, its land area 54 square kilometres, and its GDP per capita is among the highest in the world — driven by its role as a global financial centre.
The territory operates under a Westminster-style parliamentary democracy, with the UK responsible for defence and foreign affairs. The Bermudian Dollar is pegged 1:1 to the USD.
Key characteristics:
- Zero personal income tax.
- Zero capital gains tax.
- Zero inheritance tax.
- Zero corporate income tax for qualifying Bermudian companies (in the traditional sense; an Economic Investment Certificate levy and a 15% corporate minimum tax applies to large multinationals from 2025 under Pillar Two OECD rules — this does not affect individuals or most SMEs).
- English common law. The Privy Council in London is the final court of appeal.
- A British passport is not granted by Bermuda residence alone; Bermuda has its own citizenship status (Bermudian Status) which is extremely difficult to obtain.
Residency Routes for Investors and HNW Individuals
1. Global Citizen Certificate (Work from Bermuda Programme)
Bermuda launched the Global Citizen Certificate in 2020, initially targeting remote workers and digital nomads. The programme has been extended and modified since. As of mid-2026, it allows individuals who work remotely for non-Bermudian employers, or who are self-employed in a non-Bermudian business, to live in Bermuda.
Key terms:
- Duration: 12 months initially; extended versions available.
- Eligibility: Must work for or own a business incorporated outside Bermuda; must not compete with or employ Bermudians in local-market roles.
- Application fee: approximately $263 per adult (USD equivalent, verify current fee).
- No minimum investment required.
The Global Citizen Certificate is not a permanent residency route and does not lead to Bermudian Status. However, it provides a legal basis to live in Bermuda year-round, take advantage of the zero personal income tax environment, and participate in the Bermuda lifestyle.
2. Annual Employment Permit (for Key Employee Status)
Bermuda issues Annual Employment Permits to foreign nationals employed by Bermuda-based companies in qualifying roles. For senior executives and key professionals at Bermudian financial services firms, law firms, or reinsurance companies, this is the primary long-term residency route.
Permit renewals are annual. The permit does not automatically lead to permanent residence.
3. Permanent Resident's Certificate (PRC)
A Permanent Resident's Certificate can be obtained after ten years of continuous legal residence in Bermuda, subject to clean record and financial self-sufficiency. The PRC provides an indefinite right to live and work in Bermuda but does not confer Bermudian Status (the right to vote, own land without restrictions, or access certain businesses reserved for Bermudians).
4. Licensing of Non-Bermudian Land Ownership
Bermudian land ownership by non-Bermudians (those without Bermudian Status or PRC) requires a licence from the government. The annual land licence fee is payable, and there are restrictions on the number of properties non-Bermudians may own. Non-Bermudian property purchasers pay a licence fee of 6% on the first $1m of property value and 8% above (verify current rates). This is in addition to stamp duty.
Premium residential property prices in Bermuda are among the highest in the world: a luxury home in Tucker's Town or Southampton parishes: $3m–$15m+. Rental market: a luxury 4-bedroom home: $12,000–$25,000/month.
The Bermuda Financial Sector
Bermuda's economic model is built around financial services:
- Reinsurance: Bermuda is one of the world's leading insurance and reinsurance markets, ranked alongside London and New York among the top three global hubs and managing roughly a third of the world's property-catastrophe reinsurance capacity. The "Bermuda Market" expanded materially after major catastrophe losses such as Hurricane Andrew (1992) and the 9/11 losses (2001). Major firms: PartnerRe, Everest Re, Axis Capital, RenaissanceRe, Arch Capital, Markel, and dozens of others.
- Captive insurance: Thousands of multinational corporations use Bermuda captive structures.
- Hedge funds: Several hundred hedge funds are domiciled in Bermuda, attracted by the lack of corporate tax (for non-OECD Pillar Two eligible firms), the legal infrastructure, and proximity to New York.
- Special Purpose Acquisition Companies (SPACs) and private equity structures: Bermuda is a common jurisdiction for these vehicles.
For HNW individuals considering Bermuda, the financial services sector provides both employment opportunities (for those in senior financial roles) and a well-developed private banking and wealth management infrastructure.
Taxation: The Core Attraction
Bermuda's tax environment for individuals is exceptionally favourable:
- Personal income tax: Zero.
- Capital gains tax: Zero.
- Inheritance tax: Zero.
- Dividend tax: Zero.
- Wealth tax: Zero.
- Payroll tax: Bermuda does operate a payroll tax (employer-funded: 10.25–14.5%; employee contribution: 5.5–9.5%) for employed individuals. This is a cost of local employment, not a personal income tax — it applies to salary, not investment income.
- Customs duty: Bermuda levies customs duty on imported goods (10–35%), which is a significant cost given that almost everything is imported.
UK, US, and other home-country considerations: Residency in Bermuda does not automatically eliminate tax obligations to your home country. UK residents relocating to Bermuda must satisfy HMRC that they have genuinely broken UK residence, under the UK Statutory Residence Test. US citizens pay US tax on worldwide income regardless of where they live (citizenship-based taxation). Tax planning with specialists in your home jurisdiction is essential before any Bermuda residency strategy.
Practical Considerations
Cost of living
Bermuda is one of the world's most expensive places to live. Almost all consumer goods are imported, driving high prices across food, clothing, and household items. A family lifestyle in Bermuda comparable to an upscale London lifestyle costs significantly more in Bermuda due to:
- Food and groceries: approximately 2–3x London prices.
- Car ownership: heavily restricted (one car per household permitted; electric vehicles encouraged).
- Healthcare: private only; no NHS equivalent. International private health insurance is essential.
- Education: several international schools serve the expatriate community (Saltus Grammar School, Warwick Academy — both established British-curriculum schools).
Connectivity
Bermuda is approximately two hours from New York and seven hours from London by air. L.F. Wade International Airport (BDA) has direct routes to New York (JFK, LGA, EWR), Boston, Atlanta, Toronto, and London Gatwick. Connectivity to the UK is generally good, though the route frequencies are more limited than a European hub.
Society
Bermuda has a deeply international community built around the financial sector. The expatriate community (predominantly US, UK, Canadian) is well-integrated with the local Bermudian community. English is the only language. Crime is low; governance is excellent.
British Overseas Territory
As a British Overseas Territory, Bermuda is stable under UK oversight. Bermudians with British Overseas Territories Citizen (BOTC) status were, under the British Overseas Territories Act 2002, granted full British citizenship (and with it the right of abode in the UK) — so most Bermudians who hold BOTC status also hold British citizenship. Non-Bermudian residents in Bermuda do not acquire any British status through their Bermuda residence.
Pathway to Bermudian Status
Bermudian Status — the right to live and work in Bermuda on a permanent, unrestricted basis — is very difficult for foreigners to obtain. Routes include:
- Marriage to a Bermudian (after seven years of marriage, may apply; not guaranteed).
- 20 years of continuous residence (under exceptional circumstances).
- Individual applications: at the government's discretion; historically very rare.
In practice, most long-term foreign residents of Bermuda operate on renewable permits throughout their careers and retirement, rather than obtaining Bermudian Status.
Who This Programme Suits
Bermuda's residency options are most appropriate for:
- Senior financial services professionals employed by Bermudian reinsurance, hedge fund, or insurance firms.
- Remote-working HNW individuals (via the Global Citizen Certificate) who can legally sever home-country tax residency and whose income is entirely foreign-sourced.
- Ultra-HNW lifestyle buyers attracted by Bermuda's exceptional physical environment, safety, and established luxury real estate market.
- Insurance and reinsurance investors who want proximity to the Bermuda Market for deal access.
It is not appropriate for those seeking a pathway to a powerful passport, EU residency, or Schengen access, or for those who cannot meet the high cost of living.
How Global Investments Can Help
Global Investments has experience advising internationally mobile clients on British Overseas Territory residency options, offshore financial structures, and the personal tax implications of relocating to zero-tax jurisdictions.
We can assist with:
- Tax residency planning: Working with UK or US home-country tax specialists to ensure a clean, compliant break from home-country tax residency before establishing Bermuda residence.
- Property acquisition guidance: Navigating the foreign buyer licensing process and identifying appropriate properties.
- Financial services connections: Introductions to Bermuda-based private banks and wealth managers who serve the HNW expatriate community.
- Legal referrals: Connecting you with qualified Bermudian immigration and property lawyers.
- Broader offshore strategy: Bermuda within a wider international mobility and wealth management plan.
Investment thresholds, rules, and timelines change frequently — verify current requirements before proceeding and seek professional legal advice. Global Investments provides strategic guidance alongside, not as a substitute for, qualified legal and tax counsel in Bermuda and your home jurisdiction.
Contact Global Investments to discuss whether Bermuda suits your international residency and tax planning objectives.
This guide is for general information only and does not constitute legal, financial or immigration advice. Programme details, investment thresholds, and eligibility requirements change; always verify current requirements with a qualified immigration lawyer and financial adviser before making any investment or application. Investment values can fall as well as rise.