Preparing this country profile
This may take a few seconds the first time. That is normal.
The page is being put together and will appear in a moment. It loads instantly the next time.
Bermuda
North America
Lucky Nomads World Index
7.05 / 10
Global rank
=48
Corporate tax
0%
Personal tax
0%
Lucky Nomads Proprietary Indices
22 scoring dimensions scored independently using a deterministic methodology built on primary sources and structured analytical inference.
- SafetyShield Index7.0 / 10
- Affordability Index1.9 / 10
- Entry Ease Index7.1 / 10
- Tax Freedom Index10.0 / 10
- WiFi Index8.2 / 10
- Admin Ease Index8.0 / 10
- Healthcare Index7.9 / 10
- City Comfort Index8.3 / 10
- WeatherComfort Index7.0 / 10
- Banking Index9.5 / 10
- GeoStability Index9.3 / 10
- Justice & Order Index8.7 / 10
- Quality of Life Index8.5 / 10
- Open Society Index8.0 / 10
- Flight Index4.9 / 10
- Environmental Quality Index8.9 / 10
- English Index9.3 / 10
- Wealth Protection Index8.8 / 10
- AI Access Index6.3 / 10
- Economic Openness Index8.2 / 10
- Market Depth Index4.8 / 10
- ClimateShield Index5.0 / 10
Country snapshot
- Capital
- Hamilton
- Population (approx.)
- 63,179
- Area (km²)
- 54 km²
- Currency code (ISO 4217)
- BMD
- Currency name
- Bermudian dollar
- Main airport IATA code
- BDA
- Airport name
- L.F. Wade International Airport
General facts
- Minimum monthly cost
- From $4,640/month
- Main languages
- English
- Jurisdiction type
- Territory
- Region
- North America
- Web TLD
- .bm
- Phone calling code
- +1441
Web TLD and phone codes are general references and can differ for territories or special numbering plans.
Tax system
- Marginal CIT (corporate income tax)
- 0%Ultra lowNo corporate income tax
- Marginal PIT (personal income tax)
- 0%Ultra lowNo personal income tax
Corporate taxation basis: No corporate income tax. The country has no corporate-level income tax.
No general corporate income tax. Eligible exempted undertakings may obtain a Tax Assurance Certificate under the Exempted Undertakings Tax Protection Act 1966 expiring no later than 31 March 2035, but it does not protect against CITA 2023. In-scope Bermuda Constituent Entity Groups are taxed at 15%. Separately, the Tax Credits Act 2025 added the Substance-Based Tax Credit for qualifying insurance groups, the Community Development Tax Credit equal to 25% of eligible charitable expenses where the three-year group threshold is USD 300,000 or more, and the Utilities Infrastructure Tax Credit.
Headline 0% for companies outside the scope of the Corporate Income Tax Act 2023. A 15% Corporate Income Tax applies for fiscal years beginning on or after 1 January 2025 to Bermuda Constituent Entities of MNE Groups with consolidated revenue of EUR 750 million or more in at least two of the four preceding fiscal years, aligned with OECD Pillar Two GloBE rules. Eligible exempted undertakings may obtain Tax Assurance Certificates under the Exempted Undertakings Tax Protection Act 1966 expiring no later than 31 March 2035, though these do not protect against CITA 2023.
Personal income tax basis. No personal income tax. The country has no national personal income tax.
Bermuda levies no personal income tax. Charges affecting individuals include employee payroll-tax deductions, fixed weekly social insurance contributions for qualifying workers that are unrelated to income, customs duties, land tax, stamp duty on instruments, and a 1.25% tax on foreign currency purchased by a resident from a local bank. Stamp duty also falls on a deceased person's net Bermuda estate above a exemption and can reach 20%. Investment income, capital gains, and pensions are not taxed by reason of residence.
No personal income tax, and no capital gains, interest, royalty, or net wealth tax. Dividends are untaxed except those paid to persons providing services to a local unlisted company, which are taxable remuneration above a annual deductible per person from 1 April 2026. Payroll tax falls on remuneration for services in Bermuda, the employee portion progressive from 0.25% to 12.50% to a cap, with the employer legally liable for the full amount.
Tax percentages here are editorial reference figures for comparison, not individualized tax advice.
Special tax regimes
For companies
Tax Assurance Certificate (TAC) under the Exempted Undertakings Tax Protection Act 1966
AvailableStatutory undertaking by the Bermuda Government, granted on application to exempted undertakings (exempted companies, permit companies, exempted…
Substance-Based Tax Credit (SBTC) for regulated insurers
AvailableRefundable corporate income tax credit available to Bermuda corporate groups including at least one regulated insurer (licensed under the Insurance…
Community Development Tax Credit (CDTC)
AvailableRefundable corporate income tax credit equal to 25% of qualifying cash donations made by any Bermuda corporate taxpayer (in-scope or out-of-scope of…
Utilities Infrastructure Tax Credit (UITC)
AvailableNon-refundable corporate income tax credit available to regulated utility providers subject to the 15% Corporate Income Tax that invest in…
You either qualify for Bermuda's special tax regimes, or you don't. GeoCompass determines your eligibility, highlights the applicable conditions, and helps estimate your potential tax exposure.
Check my eligibilityVisa and mobility
Your access
Visa need and length of stay for Bermuda. Saved on your device.
Overview
- Citizenship by investment
Not currently available
- Residence by investment
Available
- Remote work visa (digital nomad visa)
Not currently available
Programmes
Bermuda lists several residency and mobility routes across residence by investment, business founder routes, work (employer sponsored), and retirement routes. Lucky Nomads tracks these programmes as editorial reference points. Thresholds, documents, and personal eligibility are evaluated in GeoCompass against your exact profile.
7 programmes listed · 7 are marked available in our editorial review
Residence by investment
1 programmeCapital, property, fund, or declared investment routes that can lead to longer-term residence.
- Available
Economic Investment Residential Certificate
Business founder routes
1 programmeFounder, entrepreneur, or company-linked pathways for people building a business locally.
- Available
Global Entrepreneur Work Permit
Work (employer sponsored)
4 programmesEmployer-linked permits and skilled employment passes for hired professionals.
- Available
Family Office Work Permit
- Available
Fintech Business Work Permit
- Available
New Business Work Permit
- Available
Standard Work Permit
Retirement routes
1 programmeRetirement-age or pension-linked residence options.
- Available
Permission to Reside on an Annual Basis
Not all residency routes are accessible. Some require minimum income, investment thresholds, local substance, or strict eligibility conditions. GeoCompass evaluates which options you can actually secure in Bermuda.
Evaluate my residency optionsVisa and programme labels reflect editorial research, not individualized legal advice. Thresholds, documents, and personal eligibility are evaluated in GeoCompass. Always confirm rules with official government sources before you plan a move.
Dimensions breakdown
Strongest dimensions
- Tax Freedom Index10.0 / 10Exceptional tax freedom
- Banking Index9.5 / 10World-class banking access for expats
- English Index9.3 / 10Exceptional english index
Weakest dimensions
- Affordability Index1.9 / 10
- Market Depth Index4.8 / 10
FAQ
What entry rights and short-stay conditions apply to foreign nationals in Bermuda?
Bermuda follows a gateway-country model and has not issued its own entry visas since 1 March 2014. Entry treatment depends principally on whether a nationality appears in the Schedule to the Bermuda Immigration and Protection (Prohibition of Entry) (No. 2) Order 2025 rather than on European Union or Commonwealth membership, and several large Commonwealth states including India, Jamaica, Nigeria, Pakistan, South Africa, and Trinidad and Tobago are listed. Nationals who are not listed, including citizens of the United States, the United Kingdom, Canada, and all European Union member states, may enter as bona fide visitors for tourism, family visits, or qualifying business activity. Section 28(2) of the Bermuda Immigration and Protection Act 1956 sets the unrestricted period of residence at six months or 180 days, whichever is greater, whether consecutive or cumulative, within any 12-month period beginning on first arrival, and the Minister may impose a shorter period in an individual case. This statutory rule took effect on 15 January 2024 and replaced the earlier administrative extension from 90 to 180 days introduced on 1 August 2020. Under section 28(1)(b), a bona fide visitor must, both on arrival and throughout the stay, hold a passenger ticket valid for departure from Bermuda during the unrestricted period of residence, and the journey must terminate in a country the visitor has a right to enter. Ordinary visitor status does not authorise gainful employment or general job-seeking. The Work from Bermuda Certificate that previously allowed remote work for foreign employers closed to new applicants on 28 February 2025. Section 2.1 of the Work Permit Policy nonetheless permits specified business-visitor activities without prior Department of Immigration approval, including board, board-committee, director, and shareholder meetings, conferences, a job interview, tender presentations, and client visits, generally limited to 14 consecutive days per visit and subject to the conditions attached to each activity. Activities or stays outside those conditions require the appropriate immigration permission, which may be a Letter of Permission or a relevant work permit category. Nationals of countries listed in the Schedule to that Order, effective 17 July 2025, are prohibited from entering Bermuda unless they hold valid travel authorisation to enter and re-enter Canada, the United Kingdom, or the United States, in practice a multiple re-entry visa (MRV) for one of those countries, valid for at least 45 days beyond their intended departure from Bermuda. Government entry guidance further requires both the MRV and the traveller's passport to remain valid for 45 days after the visitor stay ends or, for Short-Term and Periodic Work Permit holders, after the permit expires, failing which entry is refused. Alternatively, the traveller may produce a current government letter confirming spouse-of-Bermudian status or that they belong to Bermuda under section 11(5) of the Bermuda Constitution Order 1968. Compared with the January 2025 Order, the current Schedule adds Trinidad and Tobago following the United Kingdom introduction of a visa requirement effective 12 March 2025, with a six-week transition until 23 April 2025 for pre-booked travel, and removes Armenia, Azerbaijan, Benin, Bhutan, Dominican Republic, Kazakhstan, Philippines, and Thailand among other countries. Bahrain, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates had already been removed in January 2025. Nationals of Cuba, Haiti, Ukraine, and Venezuela remain listed but may be landed with a standard work permit without the travel-authorisation condition, while nationals of China, Indonesia, South Africa, Taiwan, Turkey, and Vietnam remain listed subject to the exceptions incorporated from the United Kingdom Immigration Rules. Remaining beyond the unrestricted period of residence requires specific immigration permission. Available pathways include Permission to Reside on an Annual Basis, the Economic Investment Residential Certificate for qualifying investors, and the various work permit categories for active employment. Employment with a Bermuda-based employer generally requires permission from the Department of Immigration, with statutory exemptions for Bermudians, spouses of Bermudians, Belongers, spouses of Belongers, and Permanent Resident's Certificate (PRC) holders, who may work without a permit.
Last reviewed:
What long-term residence options exist in Bermuda for internationally mobile individuals?
Long-term residence in Bermuda runs along three structural lines: investment-driven indefinite residency for HNWI, employer-sponsored work permits for active employment, and discretionary self-sufficient permission. The flagship investment route is the Economic Investment Residential Certificate (EIRC), granted under subsection 32(5) of the Bermuda Immigration and Protection Act 1956 (BIPA) and the Ministry of Economy and Labour EIRC Policy. The current EIRC structure took effect on 31 March 2023, replacing the original 2021 Economic Investment Certificate (EIC) framework and removing the prior five-year wait for residency, and was further revised in June 2024. It may grant indefinite residency to approved applicants making a Qualifying Investment of at least in eligible Bermuda real estate, an existing or new Bermuda business, the Sinking Fund, the Bermuda Trust Fund, a registered Bermuda charity, or another social or useful venture benefiting Bermuda as approved by the Minister. Government bonds were removed as a qualifying investment in June 2024. The investment must be maintained for at least 5 years and the holder must reside in Bermuda for at least 90 days per calendar year over that period. The certificate also confers the right to seek employment and automatic work permit approval for any Bermuda business in which the holder has invested. Family scope covers a spouse or any legally recognised equivalent, children aged 18 or younger, and dependent children aged 18 to 25 enrolled in higher education. The application fee is . As of 5 November 2025, associated investments under the 2021 EIC and successor EIRC framework had reached across 79 approved applications, an average near per approved application. For non-employed applicants who do not use the EIRC route, Permission to Reside on an Annual Basis offers a discretionary residence right under BIPA section 32. It is typically granted for one year but may be granted for periods of up to 5 years, and requires the applicant to prove an annual income of at least , which remains for a household with one dependent, rising to for two dependents, for three, and or more for four or more. Holders must reside in Bermuda for at least 90 days per calendar year, cannot engage in or seek Bermuda-based employment, and may rely on employment that is not based in Bermuda or on financial assets as proof of financial support. The Work from Bermuda Certificate (digital nomad visa) was discontinued to new applications on 28 February 2025 after several years of operation, and former holders wishing to remain could apply for Permission to Reside on an Annual Basis if they met its eligibility requirements. Active employment generally requires a work permit issued by the Department of Immigration. The Work Permit Policy 2025, effective 1 November 2025 and last revised on 1 May 2026, consolidated the framework, with the next wave of amendments expected in October 2026. The Standard Work Permit runs for one to five years and normally requires the position to be advertised. The Intra-Company Transfer route is open only to global employers and does not require advertising. The transferee must not fill a pre-existing Bermuda position. The application is automatically approved where the transferee has worked for the group for more than one year and earns a gross annual salary above , and applications falling below either threshold are assessed case by case. The New Business Work Permit gives an exempted company under the Companies Act 1981 a nine-month window of automatic approvals from the issue of its first such permit, which must be applied for within twelve months of the business registration or incorporation, with new section 114B companies capped at five automatic permits during that window. The Global Entrepreneur Work Permit is a one-year, advertising-free route for a bona fide investor intending to domicile a company, supported by a letter from a Bermudian or a Bermuda business services company. The Fintech Business Work Permit and the Family Office Work Permit each allow approval of up to five work permits within the first six months, for one to five year terms, excluding closed, restricted, entry-level, graduate and trainee positions, with the Family Office route extendable to multi-family offices at the discretion of the Minister. A work permit does not by itself confer permanent residence, and time spent under one counts toward a Permanent Resident's Certificate (PRC) only insofar as it constitutes ordinary residence. The general long-residence route requires at least 20 years of ordinary residence including the two years immediately preceding the application. A separate 15-year route applies to the non-Bermudian parent of a child holding Bermudian status. Bermudian status under section 19 of BIPA requires the applicant to be at least 18, to have completed ten continuous years of ordinary residence immediately preceding the application, to hold a Qualifying Bermudian Connection, and to be of good conduct and character. The EIRC grants indefinite residence but does not by itself confer Bermudian status or British Overseas Territories Citizenship (BOTC). An EIRC holder who actually resides in Bermuda and separately meets the BOTC residence test may apply to naturalise as a BOTC under section 18(1) of the British Nationality Act 1981 after the five-year qualifying period. Under the ordinary statutory test, the applicant must be aged 18 or over, satisfy the full-capacity requirement, have been present at the start of that period, have been absent for no more than 450 days across the five years and no more than 90 days in the final twelve months, have been free of any immigration time limit on their stay throughout that final year and on the application date, and not have breached Bermuda immigration laws during the five years, and must also satisfy the good character, language and applicable future-intentions requirements. Certain requirements, including full capacity and some elements of the residence test, may be waived or treated as fulfilled in limited circumstances. Compliance with the EIRC minimum of 90 days per calendar year does not on its own satisfy the BOTC residence test, and naturalisation remains discretionary. For a non-Commonwealth citizen, BOTC naturalisation is a prerequisite to Bermudian status rather than a substitute for it, so the ten-year ordinary residence and Qualifying Bermudian Connection conditions still apply and an EIRC holder without that connection does not acquire status merely by becoming a BOTC. A BOTC who does not already hold British citizenship may separately apply to register as a British citizen under section 4A of the British Nationality Act 1981, subject to the applicable statutory requirements and discretion.
Last reviewed:
How does taxation apply to residents and foreign-source income in Bermuda?
Bermuda imposes no personal income tax, no standalone capital gains tax, no withholding tax on dividends, interest, or royalties, and no wealth tax, and it levies no Value Added Tax (VAT). Outside the corporate income tax regime described below, companies face a 0 percent rate, as Bermuda historically imposed no tax on corporate profits. There is no separately named inheritance or estate tax, but estate stamp duty is assessed under Part IX of the Stamp Duties Act 1976 on the affidavit of value of the net Bermuda estate of a deceased person whenever a grant of probate or letters of administration is required, with the first 100,000 Bermudian dollars (BMD) of Bermuda property exempt and full exemption for assets passing to a surviving spouse and for non-Bermuda property such as shares in an exempted company. Government revenue was historically funded primarily by payroll tax, customs duty, land tax, and stamp duty, but following the introduction of the corporate income tax it is now the largest single projected revenue source, accounting for roughly 37 percent of the total projected for the 2026-2027 fiscal year. The Corporate Income Tax Act 2023 (CITA 2023), which received the assent of the Governor on 27 December 2023 and applies for fiscal years beginning on or after 1 January 2025, introduced a 15 percent Corporate Income Tax (CIT) on Bermuda Constituent Entities of multinational enterprise groups with consolidated annual revenue of EUR 750 million or more in at least two of the four fiscal years immediately preceding the tested fiscal year, in line with the OECD Pillar Two Global Anti-Base Erosion (GloBE) rules. Under section 4(4) of CITA 2023, the liability of a Bermuda Constituent Entity for the tax applies notwithstanding any assurance previously granted under the Exempted Undertakings Tax Protection Act 1966, so in-scope entities cannot rely on a Tax Assurance Certificate against the new tax. Entities outside the scope of the tax remain at a 0 percent headline rate, and qualifying exempted undertakings, meaning exempted companies, permit companies, exempted partnerships, and exempted unit trust schemes, may still apply to the Minister of Finance through the Bermuda Monetary Authority for a Tax Assurance Certificate under the Exempted Undertakings Tax Protection Act 1966, extended to 31 March 2035 by the 2011 amendment. The government fee for issuing the assurance is . The Tax Credits Act 2025, which received assent on 11 December 2025 and applies from fiscal years beginning on or after 1 January 2025, established three corporate tax credits within the Pillar Two framework. The Substance-Based Tax Credit (SBTC), available to groups that include at least one Bermuda-licensed insurer and that derive more than 50 percent of their aggregate gross revenues from those insurers and from allocations of gross revenues to those insurers by investment holding entities, combines a job-based component on eligible payroll weighted by Bermuda workdays and an expense-based component graduated from 0 percent on the first USD 1 million of eligible Bermuda expenses to 50 percent above USD 15 million, capped at 25 percent of eligible payroll. It is structured as a refundable credit intended to qualify as a Qualified Refundable Tax Credit (QRTC) under the GloBE rules, with a transition factor reaching 100 percent for fiscal years beginning in 2027 and a distributable benefit factor reaching 100 percent for fiscal years beginning in 2028, subject to a carry-forward across up to three preceding benefit periods. The Community Development Tax Credit (CDTC) is a refundable credit equal to 25 percent of eligible charitable contributions to Bermuda-registered charities, available where aggregate eligible charitable expenditure for the current and two preceding fiscal years reaches at least USD 300,000. The Utilities Infrastructure Tax Credit (UITC) supports utility company infrastructure investment by reference to the OECD Substance-Based Income Exclusion, but is non-refundable, capped at the corporate income tax charge, and therefore is not a Qualified Refundable Tax Credit. Bermuda maintains no broad double taxation treaty network, but it has concluded three comprehensive double taxation agreements that are in force, with Bahrain, Qatar, and the Seychelles. Beyond these, the network consists of bilateral Tax Information Exchange Agreements (TIEAs) with more than 40 jurisdictions, including the United States, the United Kingdom, Canada, Germany, France, Japan, and Australia, alongside participation in the OECD Convention on Mutual Administrative Assistance in Tax Matters, which covers more than 100 jurisdictions and now serves as the primary channel for information exchange. Common Reporting Standard (CRS) due diligence has applied to new accounts since 1 January 2016, with the first reporting and automatic exchange taking place in 2017, and Country-by-Country (CbC) reporting under Base Erosion and Profit Shifting (BEPS) Action 13 applies to in-scope multinational enterprise groups. The Economic Substance Act 2018 and its Regulations became operative on 31 December 2018, applying immediately to entities registered on or after that date and giving pre-existing entities until 30 June 2019 to comply, and they require adequate substance for relevant activities including banking, insurance, fund management, financing and leasing, headquarters, shipping, distribution and service centre, intellectual property, and holding entity, with pure equity holding entities subject to reduced requirements.
Last reviewed:
Can foreign residents open bank accounts and deploy capital in Bermuda without friction?
The Bermuda banking sector is regulated by the Bermuda Monetary Authority (BMA), an independent integrated regulator established in 1969. Four conventional banks are operational in Bermuda: HSBC Bank Bermuda Limited, The Bank of N.T. Butterfield & Son Limited, Clarien Bank Limited, and Bermuda Commercial Bank Limited. Jewel Bancorp Limited, which uses the Jewel Bank brand, received a full banking licence from the BMA in June 2022 but remained pre-operational as of June 2026. The Bermudian dollar (BMD) is pegged to the United States dollar at 1 to 1 and circulates interchangeably with the USD on the island. Foreign residents holding valid Bermuda immigration status can apply for ordinary personal chequing and savings accounts. A publicly available Butterfield account-opening form states a minimum opening deposit of for chequing and savings accounts, an institution-specific figure rather than a market-wide threshold of USD 500,000 to USD 1,000,000. Butterfield also allows residents to submit a digital application in as little as 15 minutes using electronic document uploads and signatures, although approval and activation remain subject to the bank's checks. Customer due diligence applies when establishing a relationship, with enhanced due diligence where the customer, jurisdiction, transaction, ownership structure, delivery channel, or source of funds presents higher risk. Materially higher minimums and longer processing times may apply to international non-resident, investment, trust, corporate, and private-banking relationships. Bermuda implements the United States Foreign Account Tax Compliance Act (FATCA) through a Model 2 intergovernmental agreement (IGA) under which relevant financial institutions report directly to the Internal Revenue Service (IRS). It is an early adopter of the Common Reporting Standard (CRS), with due diligence on new accounts required from 1 January 2016 and first exchanges in September 2017, and applies Country-by-Country (CbC) reporting under Base Erosion and Profit Shifting (BEPS) Action 13. Bermuda is absent from both Annex I and Annex II of the EU list of non-cooperative tax jurisdictions as updated on 17 February 2026. Its Annex II reference was deleted on 4 October 2022 after the OECD Forum on Harmful Tax Practices concluded that its economic substance commitment had been fulfilled, following a brief relisting in February 2022 pending that decision. The 2020 Caribbean Financial Action Task Force mutual evaluation, based on a 2018 on-site visit, rated Bermuda compliant or largely compliant on 39 of the 40 Financial Action Task Force (FATF) recommendations. Bermuda maintains an exchange-control regime under the Exchange Control Act 1972 and the Exchange Control Regulations 1973, administered by the BMA. Entities designated non-resident for exchange-control purposes, including most exempted companies and partnerships, generally have broad freedom to hold and transfer foreign currency, although permissions may still apply to particular ownership, securities, or capital transactions. Foreign currency purchased by a Bermuda resident from a local bank is generally subject to a 1.25% Foreign Currency Purchase Tax, subject to statutory exemptions. Digital-asset business is regulated under the Digital Asset Business Act 2018, an early comprehensive framework supervised by the BMA. Bermuda has no general capital gains tax, so individuals are not taxed locally on crypto capital gains. Bermuda constituent entities of in-scope multinational groups that record consolidated annual revenue of at least EUR 750 million in at least two of the four preceding fiscal years may be subject to a 15% Corporate Income Tax (CIT) for fiscal years beginning on or after 1 January 2025, subject to the scope, exclusions, and calculation rules of the Corporate Income Tax Act 2023. Real estate acquisition by non-Bermudians remains restricted. A non-Bermudian is a Restricted Person under the Bermuda Immigration and Protection Act 1956 (BIPA) and must obtain a separate licence to hold or acquire land, with eligible residential stock generally constrained by property category and Annual Rental Value (ARV) thresholds. A holder of the Economic Investment Residential Certificate (EIRC) who uses real estate as a Qualifying Investment must still obtain that landholding licence. The Bermuda Business Development Agency provides a concierge service for EIRC applications, but this does not remove the separate landholding-licence requirement. Capital deployment in private funds, captive insurance, segregated account companies, and Bermuda exempted partnerships is well-served by an established ecosystem of international law firms, fund administrators, and corporate service providers, including Conyers, Appleby, Walkers, and Carey Olsen.
Last reviewed:
Is Bermuda a viable operational base for foreign professionals?
Bermuda is a fully English-speaking jurisdiction operating on Atlantic Time, which is Coordinated Universal Time (UTC) minus four hours in winter and minus three in summer. It is within convenient reach of London, around seven to eight hours away by air, and the United States East Coast, around two hours from New York and about two and a half hours from Boston. Scheduled nonstop services operate to New York, Newark, Boston, Baltimore/Washington, Toronto, London Heathrow, and Atlanta, with routes and frequencies varying by season, and carriers include American Airlines, Delta, JetBlue, United, Air Canada, British Airways, and the locally based BermudAir. L.F. Wade International Airport, on St David's Island around 16 kilometres east of Hamilton, is the only airport. Residential fixed broadband is provided primarily by One Communications and Digicel, with plans ranging from 100 megabits per second to 1 gigabit per second. The cost of living is among the highest in the world, driven partly by Bermuda's heavy dependence on imported goods, including the vast majority of its food. Crowdsourced indices such as Numbeo have repeatedly placed Hamilton at or near the top of global cost-of-living rankings, although the underlying local sample is small. A one-bedroom apartment in Hamilton generally costs roughly USD 2,500 to 4,000 per month, with larger and luxury properties materially higher, and both groceries and dining sit well above New York City levels. Healthcare is delivered through a mixed public and private system centred on King Edward VII Memorial Hospital in Paget, operated by the Bermuda Hospitals Board, a statutory body established under the Bermuda Hospitals Board Act 1970 and funded through government support and insurance payments. Private specialist practices supplement hospital provision, while certain complex treatments require overseas care. The United Kingdom Foreign, Commonwealth and Development Office assesses Bermuda as having a moderate level of crime, with burglary, mugging, and theft among common offences, while gang-related and firearm violence remains a material concern, and the island recorded nine murders in 2024 for a resident population of approximately 64,000. Bermuda is a stable parliamentary democracy under British Overseas Territory status, with an English common law judiciary and a final right of appeal to the Judicial Committee of the Privy Council in London. The climate is subtropical, and the official Atlantic hurricane season runs from June to November, with peak exposure generally between August and October. The principal operational constraints for foreign professionals are the exceptionally high cost base and the need to hold an appropriate work permit. Subject to statutory exclusions and special rules, the Corporate Income Tax Act 2023 generally imposes tax on Bermuda Constituent Entity Groups within in-scope multinational groups meeting the EUR 750 million consolidated-revenue threshold in at least two of the four immediately preceding fiscal years. It does not apply generally across the wider local business community. Bermuda is therefore a viable operational base mainly for highly paid, employer-sponsored, or internationally structured professionals whose activities justify its cost and immigration requirements.
Last reviewed:
Lucky Nomads editorial note
Bermuda is not a residency-by-price jurisdiction, it is a structuring jurisdiction that happens to offer residency, and that distinction governs the advice around it. Where Caribbean programmes sell status as a product, Bermuda sells institutional depth, one of the world's largest reinsurance markets, mature segregated accounts and trust infrastructure, and a British Overseas Territory common-law system with appeal to the Privy Council. Its flagship Economic Investment Residential Certificate (EIRC) and the new Family Office Work Permit are access keys to that ecosystem, not ends in themselves. Selling Bermuda on its zero-tax headline alone is a category error, that headline is cheaper elsewhere. What is scarce is its blend of substance, common-law certainty, and United States proximity, rare among zero-tax peers. The inflection is that Bermuda is now segmented rather than flat zero-tax. A 15 percent Corporate Income Tax (CIT) reaches Bermuda Constituent Entities of multinational groups whose consolidated revenue is at least EUR 750 million in at least two of the four preceding fiscal years, subject to exclusions and elections. Entities outside that scope generally keep the zero-CIT baseline. Family offices, captives, and trust-linked entities are not categorically exempt, though certain investment funds and real estate vehicles that are ultimate parent entities are excluded entities. A large enough multinational private group can still be caught, the practical protection being scale, not a carve-out. Timing is favourable, but do not mis-sell the grandfathering, Tax Assurance Certificates under the Exempted Undertakings Tax Protection Act 1966 extend no later than 31 March 2035 yet, under section 4(4) of the CIT Act, do not shield an in-scope entity from it. The open question is execution risk on the refundable-credit framework in the Tax Credits Act 2025, still bedding in across early compliance cycles. Bermuda sits in a premium tier among comparators. Its EIRC investment of USD 2.5 million clears the Cayman Residency Certificate for Persons of Independent Means, a 25-year status near USD 1.2 million, 30 days a year, and the Cayman Certificate of Permanent Residence near USD 2.4 million in developed real estate, which for post-1 May 2026 applicants has a ten-year initial term, with a year-nine application for indefinite status and no fixed day count. It clears the Bahamas Economic Permanent Residence, since 1 January 2025 USD 1 million in real estate or Central Bank zero-coupon bonds, either held at least ten years. Monaco is a different category, no statutory investment threshold but proof of sufficient resources and genuine residence, presence beyond 183 days a route to a tax-residence certificate, not a permit condition. Against Singapore it levies no personal income tax, though pay can bear a payroll-tax deduction, versus a 24 percent top rate, both generally leaving genuine private capital gains untaxed. Against the United Arab Emirates it is more remote but has an older common-law trust tradition, even as Abu Dhabi builds alternatives. The risk profile is best read as low instability, high friction. Political, legal, and currency risk are low, a stable parliamentary democracy, common-law courts, and a one-to-one United States dollar peg, though that peg shields only a dollar balance sheet, not a euro or sterling one. Cost of living sits among the highest globally, disqualifying clients whose lifestyle budget is thin. On banking, the common claim of a flat six-figure minimum is misleading, ordinary resident accounts may require only low opening deposits with digital applications available, while the real friction sits at the non-resident, trust, corporate, and private-banking tier, where higher balances, slower timelines, and rigorous source-of-funds review are standard. Residual constraints are concentration risk in a small island economy and seasonal hurricane exposure, neither fatal but worth pricing in. Bermuda fits a narrow, well-defined client. The natural match is the HNWI or family principal with structuring intent across reinsurance, captive, fund, or single-family-office activity, who can absorb a premium cost base and a 90-day minimum annual presence for the first five years, for depth and proximity to New York. For that client the EIRC is the deployment route, the Family Office Work Permit an optional staffing route, not a mandatory companion. The misfits are clear, the client chasing cheap status without substance, the lifestyle nomad on modest remote income, and the climate-and-variety seeker. Redirections are specific, Anguilla for low-presence residence by investment, Saint Kitts and Nevis or Antigua and Barbuda for citizenship by investment, Cayman or the Bahamas for sub-EIRC cost-versus-status, and the United Arab Emirates or Portugal's research-and-innovation tax incentive for qualifying professionals. The premium is justified only where structuring substance is the objective.
Last reviewed:
Published ranks by index
One row per leaderboard we publish (the composite index plus each proprietary dimension). A rank appears only when this country is currently in the published top 10 for that list. Open a row to see the full ranking. Hover an index name for the same short definition as elsewhere on the site.
- Lucky Nomads World Index — global rankingMapOutside top 10
- SafetyShield IndexMapOutside top 10
- Affordability IndexMapOutside top 10
- Entry Ease IndexMapOutside top 10
- Tax Freedom IndexMapRank =1
- WiFi IndexMapOutside top 10
- Admin Ease IndexMapOutside top 10
- Healthcare IndexMapOutside top 10
- City Comfort IndexMapOutside top 10
- WeatherComfort IndexMapOutside top 10
- Banking IndexMapRank =1
- GeoStability IndexMapOutside top 10
- Justice & Order IndexMapOutside top 10
- Quality of Life IndexMapOutside top 10
- Open Society IndexMapOutside top 10
- Flight IndexMapOutside top 10
- Environmental Quality IndexMapOutside top 10
- English IndexMapOutside top 10
- Wealth Protection IndexMapOutside top 10
- AI Access IndexMapOutside top 10
- Economic Openness IndexMapOutside top 10
- Market Depth IndexMapOutside top 10
- ClimateShield IndexMapOutside top 10
Compare Bermuda with…
Bermuda
Italy
San Marino
Denmark
Monaco
PanamaSurprise meDiscover another country at random
Founder, Lucky Nomads · Wealth manager
Researched from official sources, leading global indices and Lucky Nomads' own scoring.
Free diagnostic
Is Bermuda really your strongest move?
GeoCompass Signal scores your profile across 12 active dimensions weighted for your profile and ranks 232 jurisdictions by fit for your exact situation. In minutes you get your composite fit score, where your current country really stands, your monthly tax and cost-of-living impact, and the strongest matches your profile unlocks.
~6 minutes, no payment, instant results. The full GeoCompass report puts a name on every match, shows exactly where Bermuda lands, and opens the complete ranked shortlist across every scoring dimension.