Bermuda is now offering one-year residency for those who want to work or study remotely. Effective from 1 August 2020, the new initiative aims to capitalise on the rise of remote working, which has been accelerated by COVID-19, and to give the local economy a boost without displacing jobs for Bermudians.
With its ideal mid-Atlantic location and existing business community, amenities and infrastructure, combined with its high standard of living and relative shelter from the pandemic, Bermuda will be an attractive destination for globally mobile investors, entrepreneurs, 'digital nomads' and post-secondary students. The initiative is open to applicants from all industries, but many insurance and technology professionals will already be familiar with the island by virtue of its established reputation in those sectors and may be particularly interested in the opportunity to work remotely from Bermuda.
A successful applicant must, among other things, possess valid health insurance coverage and be able to demonstrate employment with a legitimate company, or their own company, registered and operating outside of Bermuda, or have substantial means or a continuous source of annual income. There is a fee of $263 per applicant. The Government of Bermuda has indicated that the turnaround time will be five working days and that renewals of the certificate (beyond the initial 12 month period) will be permitted on a case-by-case basis.
It is possible for applicants to bring their families, provided each family member submits their own application, and they can enrol their children in local private schools. Applicants will be able to rent long-term vacation homes and other rental properties. To purchase a property, applicants will need to follow the land licence process and restrictions that are already in place for international purchasers.
Although aimed at remote workers, it is likely that one of the long-term aims of the initiative is to encourage the growth of business and jobs in Bermuda. Despite the new initiative, successful applicants who are interested in making Bermuda a permanent base for their business will still need to adhere to various legal, regulatory and immigration requirements.
As a full service law firm, Appleby provides comprehensive, expert advice and services across corporate, dispute resolution, property, regulatory and private client and trusts practice areas. Through AGS (Appleby Global Services), Appleby provides a range of administration, reporting and fiduciary services focused on corporate structures. Our dedicated teams of experienced professionals work closely with our legal specialists to provide our clients with an integrated legal and corporate administration offering.
Please contact us to discuss how working from Bermuda could be right for you and for help with submitting your residency certificate application. We look forward to welcoming you.
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