Moving to Bermuda
There aren't many of us who haven't dreamed of living an idyllic life on an island paradise, bathed in the glow of warm sunshine, minutes away from soft-sand beaches and wiling away the hours in pursuit of a favourite pastime. Being far removed from the hustle and bustle of a modern metropolis has its definite upside. But there are also those of us who want to still stay busy, contribute to the community and continue working. Bermuda may offer the solution to both situations. Why not work and play in a heavenly place?

Business Prospects in Bermuda

The business climate in Bermuda is as pleasant as the weather. Bermuda's government is committed to working with the private sector to ensure that foreign business entities operate at a high level of performance in what amounts to a tax-free environment. Government regulations are not overly burdensome and come with minimum necessary oversight, and confidentiality is virtually guaranteed.

Local service providers and the authorities team up in efforts to market Bermuda to the world's major financial centres and some ventures (such as hotels) receive tax breaks on import duties. No income, capital gains or corporation taxes are payable in Bermuda. Stamp duty on international business transactions was abolished in 1990. What revenue is collected for the government comes from a variety of indirect taxes, such as the customs duties.

Bermuda attracts a great deal of interest from business entities, but the most common types of business are those involved in the insurance and shipping industries, international trading companies, mutual funds and trusts. In many instances, these enterprises are organised in such a way that exempts them from local ownership requirements, and often they are owned by multinational concerns or wealthy individuals. The international business ventures are generally conducted through exempt companies.

These entities can be 100 percent owned by Bermudians, but foreign ownership may be more prevalent when the Minister of Finance grants a licence to do business in Bermuda. An example is a hotel operating company. With a Bermudian partner who agrees to assume the 60 percent ownership requirement, establishing a business is fairly easy. The most popular venues for these partnerships are such opportunities as restaurants, stores and the like.

Bermudian Citizenship

According to Bermuda law, individuals born in Bermuda or who have one parent who was born on the island are considered citizens. There are some non-Bermudians who have been residents for 20-30 years and have not yet been granted citizenship. Without this designation, you may not vote or register to vote in any election.

Without citizenship, you also may not buy any real estate or be the sole owner of a business in the local marketplace, are limited to the top 5 percent of property in assessed value and must pay a substantial purchase tax. You can't obtain any local scholarships, and there are parameters as to the kind of employment you can do on a work permit that must be approved by the Immigration Authority of the Government of Bermuda.

A non-Bermudian who marries a Bermudian and wants to apply for local citizenship (Bermuda Status) must (a) have been married to the same Bermudian for 10 continuous years; (b) during that marriage, been ordinarily resident in Bermuda for at least seven years, the last two years of which must be continuous to the date of application; (c) have been living together with the Bermudian spouse as husband and wife continuously for the two years immediately before the application; and (d) be of good character and conduct.

When the application is made, the government issues a public notice in a local newspaper giving notice of the application and the name and address of the applicant. Anyone who knows if any of the provisions have not been fulfilled, or why Bermuda Status should not be granted to the applicant, should send a written statement to the chief immigration officer, Department of Immigration.

Minor concessions were granted in 2002 to some non-citizens who demonstrated good character and conduct for over 20 years of continuous residency. Having a qualifying Bermudian connection is key to getting citizenship after 20 years; otherwise, there is virtually no chance of receiving it, even if you were born here. People who apply for Permanent Resident Certificates are normally referred to as "long-term residents."

Working in Bermuda

Because of the huge popularity of Bermuda, and the convenience of getting here (a multitude of airlines serve the island daily, including American Airlines, British Airways, Continental Airlines, Delta Airlines, JetBlue Airlines, United Airlines, U.S. Airways, Zoom, Air Canada and USA 3000), there is an influx of individuals who come to work in this stunning environment.

Individuals are issued a work permit, and for most employers, there is a maximum length of six years for work permits, with no renewals after that and no automatic renewals before that. A work permit (www.immigration.gov.bm) from the government is required by all non-Bermudian applicants for the specific time or position they accept from a specific local employer — and every time they change jobs. Part-time and seasonal positions are unlikely to be approved.

While this applies for an individual coming to Bermuda to work, it is a different situation for international businesses. Many either incorporate in Bermuda or move their corporate headquarters to the island for international tax reasons. Bermuda charges no taxes on their world business activities.

With more than 12,000 ex-pats working on the island, there is a thriving market for second-hand goods like furniture, cars and the most popular method for getting around the island — the motorbike. One popular site for locals to explore the purchase/sale of such items (and for renting apartments) is www.e-moo.com, which will give you a good insight into the types of prices you will pay for living here.

Most ex-pats living in Bermuda rent apartments or houses, since real estate is very expensive and without citizenship, you cannot own property. Non-Bermudians can only purchase property in very limited and expensive ranges, and can only buy from other non-Bermudians. The price of an average home in 2006 was $1.6 million.

Buying investment property by foreigners is prohibited. Rental of the property is allowed, but not when this is the primary purpose for the purchase. A Licence to Acquire Property is required. This costs an eye-popping 22 percent (15 percent for condominiums) of the purchase price, and a Stamp Duty is payable.

When you buy a house or condominium, that does not entitle you to permanent residency — and the owner of such property is subject to the same immigration regulations as everybody else if they wish to work. Prospective buyers of property should deal with a Bermuda agent who can give more detailed information regarding their particular circumstances and requirements. These same agents also can assist with finding a good rental property. Word of mouth remains the most attractive way of finding a good property at a reasonable price.

If all the planets align, and you are successful at working and living in Bermuda, you'll also need to find furnishings for your new residence. New furniture is available from several exquisite stores on the island, but with all imports subject to a high tax, prices are substantially higher than most people are accustomed to when they arrive here. One option is to buy the furniture abroad and have it shipped to Bermuda. But that generally also means that these shipments are highly taxed on arrival.

Having a car on the island is a luxury, because import duty fees make car prices very high. Local law prohibits more than one car per household (households can include a main house and any rental units), so that's another key factor on owning a car. The national speed limit is 20 mph or 32 kph in the countryside, and another 15 mph or 24 kph in busier areas.

But getting around the island is quite easy. Bermuda has a world-class bus service, and it runs on time regularly (as frequently as every 15 minutes), is air-conditioned, clean and safe. The bus network covers all major routes, and nearly all hotels, guesthouses and restaurants have bus stops. Some buses don't run on Sundays and holidays, so be sure to know the schedule.

Bermuda is divided into 14 zones. The cash fare for up to three zones is $3, and for more than three zones, it's $4.50. You must have exact change or tokens for the bus, as bus drivers do not make change or accept bills. You can buy $4 tokens at branch post offices or the Central Bus Terminal on Washington Street in the city of Hamilton. All routes, except the 6, begin and end there. If you intend on travelling by bus frequently, buy a booklet of 15 tickets at a nominal cost of $7.50. Another option is purchasing passes that allow travel in all zones: one-day pass is $12; two-day pass is $20; three-day pass is $28; four-day pass is $35; one-week pass is $45.

The ferries are a joy to ride and can get you from either end of the island to the business centre of Hamilton. Starting your day with a ride across the ocean is certainly a tried-and-true way to lift your mood and infuse some energy for the work ahead.

A Typical Day in Bermuda

A key quality of life in Bermuda is the ease of getting around. With only 21 square miles to navigate, you can literally walk around in a lunch hour and complete the chores that may take you several hours or more in larger cosmopolitan cities. Hamilton is the central business/shopping centre for Bermuda, and as such, most ex-pats are based in this area (excluding those who work in hotels and other tourist-related industries).

There are a number of great coffee shops in Hamilton where — like many other places around the world — people gather to have their morning jolt of caffeine, read the daily newspaper, The Royal Gazette (a must for those who want to be in the know on local politics, gossip, entertainment and business matters), and just generally socialise for a few minutes before plunging into the day's work activities. Or instead of reading the printed newspaper, you can also keep up with what's going on online at www.royalgazette.com.

For lunch, and a nice dinner after a hard-day's work, there are several good restaurants to choose from (prices are somewhat higher than in many smaller island enclaves), but again, the prices also vary depending on the type of restaurant you choose.

Other service industries are prevalent in Bermuda, and you can accomplish some personal tasks during your lunch hour if you need.

If you must drop off some clothes at the dry cleaners — no problem. There are many in Hamilton, including some that will pick up and deliver to and from your office. Pharmacies, grocery stores, banks with ATMs and the main post office, as well as the historical Perrot branch, are located in downtown Hamilton. The post office and banks have branches in other parishes. In the Hamilton City Centre, the government offices, courts and legislative building are conveniently situated just blocks from each other.

Mail is delivered to your home, or in some cases, to post office boxes placed around the island — never more than a five-minute drive from wherever you may reside.

Bermuda, incidentally, has more churches per square mile than any other country in the world, so choice is easy and totally accessible. Religion is an important part of Bermudian life, and the services are always well attended.

Bermudians obviously take their leisure time seriously, and there are a great number of recreational activities to pursue. Among the many choices are: golfing, with some courses rated amid the top layouts in the world; diving along the shoreline and reefs and farther out to sea; boating for pleasure or in the pursuit of a variety of fish; tennis at private and public facilities; and soccer, squash, cricket, rugby, basketball and much more.

You'll be aware quickly that Bermuda is a social island, and you can readily become immersed in the social life, either by joining one of the many social clubs organised by ex-pat organisations, or by taking advantage of the nightlife activities offered by the hotels, resorts, restaurants, clubs and bars that help enrich the social fun.

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