How to live in Bermuda. Start a Low Tax life with the Bermuda Residency

Part 1: Understanding Bermuda Residency

Bermuda is a beautiful island located in the North Atlantic Ocean and is known for its stunning beaches, lush green landscape, and rich history. With its mild climate, low crime rate, and high standard of living, it's no wonder why many people are looking to establish residency in Bermuda.

However, becoming a resident of Bermuda can be a complex and time-consuming process, and it's important to have a clear understanding of what is required and what you can expect.

In this three-part article, we will provide you with the ultimate guide on how to establish Bermuda residency, covering the following topics:

• Part 1: Understanding Bermuda Residency
• Part 2: Qualifying for Bermuda Residency
• Part 3: The Residency Application Process

In this first part, we will take a look at what Bermuda residency is, the benefits of residency, and the eligibility criteria for becoming a resident.

What is Bermuda Residency?

Bermuda residency is a legal status that allows an individual to live and work on the island for an extended period of time. Residency is not the same as citizenship and does not confer the same rights and privileges.

Bermuda residency is typically granted for a period of five years, after which it can be renewed for another five years, and so on. After ten years of continuous residency, an individual may apply for permanent residency.

Benefits of Bermuda Residency

Bermuda residency offers a number of benefits, including:

• Access to the island's world-class healthcare system
• Ability to live and work in a beautiful and safe environment
• Access to excellent schools and educational opportunities
• Exposure to a vibrant cultural scene and a rich history
• Access to a stable and growing economy

Eligibility Criteria for Bermuda Residency

To be eligible for Bermuda residency, an individual must meet the following criteria:

• Be at least 18 years of age
• Be in good health
• Have no criminal record
• Have sufficient financial resources to support themselves and any dependents without relying on public assistance
• Have a valid passport

In addition to these basic requirements, there are also several specific categories of residency that individuals can apply for, including:

• Working Residency
• Retiree Residency
• Entrepreneur Residency

Each category has its own specific eligibility criteria, and individuals must meet the requirements for the category they are applying for in order to be considered for residency.

In conclusion, establishing Bermuda residency can be a complex and time-consuming process, but the rewards are well worth it. With its mild climate, low crime rate, and high standard of living, Bermuda is a wonderful place to call home.

Stay tuned for Part 2 of this series, where we will take a closer look at the various categories of Bermuda residency and the eligibility criteria for each.

Part 2: Qualifying for Bermuda Residency

In Part 1 of this series, we covered the basics of Bermuda residency and the eligibility criteria for becoming a resident. In this second part, we will dive deeper into the different categories of residency and the requirements for each.

Working Residency

Working residency is the most common category of residency in Bermuda and is granted to individuals who have been offered a job on the island. To qualify for working residency, an individual must meet the following criteria:

• Be at least 18 years of age
• Have a valid passport
• Have no criminal record
• Have a job offer from a Bermuda-based employer
• Have sufficient financial resources to support themselves and any dependents without relying on public assistance

The job offer must be for a full-time position with a salary that meets or exceeds the minimum wage in Bermuda. The employer must also provide proof that they have been unable to find a suitable candidate for the position locally.

Retiree Residency

Retiree residency is granted to individuals who are over the age of 55 and who are seeking to retire in Bermuda. To qualify for retiree residency, an individual must meet the following criteria:

• Be at least 55 years of age
• Have a valid passport
• Have no criminal record
• Have sufficient financial resources to support themselves and any dependents without relying on public assistance
• Be able to prove that they are retired or have the means to support themselves in retirement

Entrepreneur Residency

Entrepreneur residency is granted to individuals who are seeking to start a new business in Bermuda or to invest in an existing business on the island. To qualify for entrepreneur residency, an individual must meet the following criteria:

• Be at least 18 years of age
• Have a valid passport
• Have no criminal record
• Have a business plan that has been approved by the Bermuda Economic Development Corporation (BEDC)
• Have sufficient financial resources to support themselves and any dependents without relying on public assistance
• Be able to demonstrate that the business will have a positive impact on the Bermuda economy

In conclusion, there are several categories of residency in Bermuda, each with its own specific eligibility criteria. Whether you are seeking to work, retire, or start a business, there is a residency option that will suit your needs.

In Part 3 of this series, we will take a closer look at the residency application process, including the steps involved, the required documentation, and the estimated timeline for completion. Stay tuned!

Part 3: The Residency Application Process

In Part 1 and Part 2 of this series, we covered the basics of Bermuda residency and the eligibility criteria for each category. In this final part, we will take a closer look at the residency application process and what you can expect.

Step 1: Determine Your Eligibility

The first step in the residency application process is to determine which category of residency you are eligible for and to gather all the required documentation. This includes items such as a valid passport, proof of financial resources, and a business plan (if applicable).

Step 2: Submit Your Application

Once you have determined your eligibility and gathered all the required documentation, the next step is to submit your residency application. This can be done online or in person at the Bermuda Department of Immigration.

Step 3: Attend an Interview

Once your application has been received, you will be required to attend an interview with a representative from the Bermuda Department of Immigration. During this interview, you will be asked to provide additional information about your background and circumstances, as well as answer any questions the representative may have.

Step 4: Wait for a Decision

Once your interview has been completed, the Bermuda Department of Immigration will review your application and make a decision on your residency status. This process can take anywhere from several weeks to several months, depending on the complexity of your application and the current volume of applications being processed.

Step 5: Receive Your Residency Approval

If your residency application is approved, you will receive a letter of approval from the Bermuda Department of Immigration. This letter will confirm your residency status and the length of time for which it has been granted.

Step 6: Register with the Bermuda Government

Once you have received your residency approval, the final step is to register with the Bermuda government. This includes obtaining a Bermuda ID card and registering for health insurance.

In conclusion, the residency application process in Bermuda can be complex and time-consuming, but with the right preparation and understanding of the requirements, it can be a smooth and enjoyable experience. With its stunning natural beauty, rich cultural heritage, and high standard of living, Bermuda is a wonderful place to call home.

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