You’ve likely heard about Bermuda’s digital nomad visa, but the landscape has changed. The “Work from Bermuda” program has evolved into a more robust “Permission to Reside” option.
Now, you can stay for up to five years. This shift represents Bermuda’s commitment to attracting remote workers. With its turquoise waters, tax advantages, and growing expat community, it’s an appealing destination for digital nomads.
What does this mean for your long-term plans? The opportunity to live and work in such a beautiful location for an extended period can be a game-changer.
Key Takeaways
Bermuda’s new “Permission to Reside” program offers digital nomads the opportunity for up to five years of residency without the need for local work permits. This initiative is designed to attract remote workers seeking a vibrant environment to live and work.
To qualify, applicants must be over 18 years of age and possess valid health insurance. Additionally, they must demonstrate financial resources of at least $60,000 for a two-person household.
Under this residency status, remote work is only allowed for companies that are not based in Bermuda. This ensures that the local job market is protected while still providing opportunities for digital nomads.
One of the appealing aspects of this program is that no local income tax applies to earnings from foreign sources. Furthermore, there are no capital gains, inheritance, or sales taxes to worry about.
For those interested in applying, it is recommended to submit applications 1-2 months before the expiration of their current permit. The processing time typically takes around 12 weeks, so planning ahead is essential.
Transitioning From Work From Bermuda to Multi-Year Residency
Though Bermuda’s popular “Work from Bermuda” certificate program has ended for new applicants, digital nomads have a new path to extending their stay on the island.
If you’re enjoying the digital nomad lifestyle while immersing yourself in Bermuda’s culture, consider applying for the new Permission to Reside option. This multi-year residency allows eligible applicants to stay for up to five years.
To ensure a smooth transition, submit your application 1-2 months before your current certificate expires.
You’ll need to prove you’re over 18, maintain valid health insurance, and demonstrate sufficient financial resources—typically $60,000+ for a two-person household.
Permission to Reside on an Annual Basis: Eligibility and Requirements
Digital nomads looking for an extended stay in Bermuda can consider the Permission to Reside option. This pathway provides a flexible alternative to traditional immigration routes.
To apply, you must be over 18, have good character, and show you have sufficient financial resources.
The residency can last for up to 5 years. It’s advisable to apply 1-2 months before your current residency expires.
While working remotely, you can only engage with non-Bermudian companies.
Health insurance is mandatory during your stay and must cover the entire period of residency.
Although this option doesn’t require a local work permit, you need to provide proof of financial self-sufficiency.
Valid health insurance coverage is essential and non-negotiable.
Application Process for Long-Term Residency in Bermuda
Securing long-term residency in Bermuda involves a straightforward yet specific application process. You’ll need to submit your Permission to Reside application 1-2 months before your current permit expires, such as your Work from Bermuda Certificate. One of the key residency benefits is the extended stay of up to five years.
Before applying, ensure you meet the basic requirements. You must be over 18, demonstrate good character, maintain valid health insurance, and have sufficient financial resources—approximately $60,000 for couples or $100,000 for three-person households.
All necessary forms and details can be found on Bermuda’s official government website at www.gov.bm. Make sure to check this resource for the most accurate and up-to-date information.
Cost Analysis: Living and Working Remotely in Bermuda
Living in Bermuda comes with a substantial price tag that digital nomads must carefully consider before relocating. Monthly rent for a one-bedroom apartment in Hamilton exceeds $2,500.
Additionally, meeting the required remuneration thresholds starts at $60,000 for a two-person household.
In your cost comparison, factor in mandatory health insurance through the Health Insurance Department or private insurers.
If pursuing the Economic Investment Certificate route, you’ll need at least $2.5 million to invest.
Be aware that as multi-year residency applications increase, living expenses may rise due to growing demand for rental properties.
Tax Implications for Digital Nomads Under Annual Residency Status
One of Bermuda’s most compelling advantages for digital nomads is its favorable tax structure under the annual Permission to Reside status.
You won’t pay local income tax on earnings from sources outside Bermuda, which creates substantial tax benefits for remote workers.
Additionally, Bermuda imposes no capital gains, inheritance, or sales taxes.
When applying for the Permission to Reside, you’ll need to demonstrate sufficient financial resources, which indirectly relates to your income sources and potential tax obligations.
While the current policies are attractive, it’s important to stay informed about possible changes.
The government is continuously developing programs to attract long-term residents, and updates could impact your tax situation in the future.
Frequently Asked Questions
You’ll find answers to your most pressing questions about Bermuda’s residency options below. This includes information on eligibility requirements, application procedures, and taxation considerations.
The application process requires proof of financial means, valid identification, and health insurance coverage. Processing typically takes about 12 weeks for the multi-year option.
While working remotely is permitted under the Permission to Reside status, you can’t seek local employment.
Additionally, you’ll need to maintain extensive healthcare coverage throughout your stay.
Eligibility Requirements
When navigating the digital nomad visa process in Bermuda, it’s crucial to understand the eligibility requirements for a successful application. To qualify, applicants must demonstrate financial stability and pass a character assessment.
Firstly, you must be over 18 years old. Additionally, proving sufficient financial resources is essential, typically needing to show at least $60,000 for two-person households.
It’s also mandatory to maintain valid health insurance coverage throughout your stay.
It’s important to note that you can’t work for Bermuda-based companies; remote work is the only option permitted under this visa.
To ensure your application is processed smoothly, submit it 1-2 months before your current visa expires.
If approved, your permission to stay can last up to five years, allowing you to rent accommodation while working remotely.
Application Process
Although the Bermuda digital nomad visa application may seem complex at first glance, understanding the key steps will simplify your journey.
You’ll need to submit your Permission to Reside application 1-2 months before your current Work From Bermuda certificate expires. One of the key residency benefits is the potential five-year approval period without requiring a separate work permit.
For successful application tips, ensure you have gathered proof of good character, financial stability documentation, and valid health insurance.
While exact financial requirements aren’t specified, preparing documentation similar to work permit thresholds is advisable.
Access all application forms and detailed guidance at www.gov.bm.
Taxation and Benefits
Now that you’re familiar with the application process, let’s address the most common questions about taxation and benefits in Bermuda.
One of the most appealing aspects is the zero income tax on earnings from foreign employers. This is a significant tax benefit for digital nomads.
To meet residency requirements, you must prove financial stability, typically showing an income of $60,000 or more for two-person households.
You’ll also need to secure mandatory health insurance as part of your residency application.
For those interested in enhanced residency incentives, consider the Economic Investment Certificate, which requires an investment of $2.5 million and offers a path to indefinite status.
Finally, living in Bermuda provides access to a vibrant community and networking opportunities that can significantly boost your professional growth.
Healthcare Coverage
Healthcare concerns are crucial when relocating abroad. If you’re considering a move to Bermuda, it’s important to familiarize yourself with the island’s insurance requirements.
Valid health insurance is mandatory for all residency applications and must be maintained throughout your stay.
You have several coverage options to consider. The Health Insurance Department offers two affordable basic plans.
Additionally, registered private insurers provide more extensive health insurance packages tailored to your specific needs.
Work Permit Renewal
While planning your stay in Bermuda, it’s essential to understand the evolving landscape of work permits for digital nomads. The Work from Bermuda Certificate program no longer accepts new applicants or any extensions, so you’ll need to consider the remaining options for continuing residency.
However, there are still several residency benefits and work permit options available. Current certificate holders will receive a 90-day grace period after their certificate expires.
Additionally, the Permission to Reside allows for stays of up to five years without needing local work permits. To maintain continued residency, you must demonstrate good character and have adequate financial resources, similar to the thresholds set by the Work Permit Policy.
Lastly, it’s crucial to maintain valid health insurance throughout your stay in Bermuda.
Summary
Bermuda’s Permission to Reside program presents a fantastic opportunity for those looking to enjoy island living while continuing their remote careers. With this program, you can benefit from up to five years of tax-friendly residency.
Imagine living in stunning surroundings, surrounded by a growing community of digital nomads. If you’re in search of a longer-term base that offers stability and tropical charm, consider exploring Bermuda’s multi-year residency option for your remote work lifestyle.
