Bermuda: Offshore Legal and Tax Regimes
Employment and Residence
This page was last updated on 5 August 2019.
In common with some other crowded and attractive offshore jurisdictions, Bermuda limits immigration through tough controls on work permits and housing.
The Bermuda Immigration and Protection Act 1956 requires a non-Bermudian (not married to a Bermudian) to obtain a work permit. This will only be granted if there is no suitably qualified Bermudian. Positions must first be advertised locally before a permit is applied for, although this requirement is often waived for senior positions.
Work permits are normally granted for one year (longer in the case of senior posts). Permits are not normally given to people with more than two children. Fees for standard work permits in 2019 range from US$920 for a one-year permit to US$5,905 for a five-year permit. There is also a ten-year permit, which costs US$20,000, though it is very rarely issued.
Foreigners are more or less unable to buy land or property, other than houses with a high annual rental value (ARV). As of July 2019, theminimum ARV is set at US$126,000 for a house or $25,800 for a designated condominium unit.
NB: This is a very abbreviated summary of the complex rules governing property purchase or rental in Bermuda.