You’ve worked hard for so many years to create a wonderful life for you and your family. Now it’s time to kick back and relax with the pink sand between your toes and a rum swizzle in your hand.
Being in love with the beautiful island of Bermuda is a great start, but did you know it can actually be the perfect destination for retirement too? Here’s the ultimate guide to Bermuda and everything you need to know about retiring here.
- What Visas and Documents Do I Need?
- What’s the Cost of Living?
- Can I Purchase a Home?
- What Can I Experience in Bermuda?
What Visas and Documents Do I Need?
As of March 2014, if you’re a citizen of the USA, UK or Canada, you don’t require any kind of entry visa and visa waiver to enter Bermuda. Providing you’re staying for less than three months. Once you have a valid passport and a return ticket you’re all set to come and enjoy everything the island has to offer.
If you want to stay on the island longer than three months but less than six months you can stay with a short term permit visa, once approved. This will need to be authorized by the Department of Immigration and you’ll need an appointment with an Inspector of the Immigration Department at their head office in Bermuda.
If you want to stay longer than six months you need a Residency Permit. You qualify for one of these when you buy either a vacation or a permanent home in Bermuda. Your lawyer will make the application on your behalf. The Residency Permit will last as long as you own property on the island. Therefore, if you want to retire you will have to buy property here.
Then you can start living like a local and taking time to visit the best places on the island.
What’s the Cost of Living?
The main reason Bermuda’s cost of living is more expensive is that the island is known not to impose taxes. It’s worth every penny for this luxurious island getaway and the demand for a piece of paradise is higher than ever.
Bermuda is an exclusive and exotic island which is why it’s popular as both a vacation and retirement destination. This quaint and sophisticated island community makes for the ultimate escape away from the stresses of everyday life.
Research has shown that Bermuda is only 24% more expensive than New York City. When you consider the beautiful sunsets, serene ocean views and thriving wildlife that you can’t witness in the big city, it makes sense as to why Bermuda is a little more expensive.
That added cost is worth it to experience the enviable calmness unavailable anywhere else.
That’s not to say Bermuda is expensive everywhere. The island is made up of nine parishes with areas much cheaper than the capital, Hamilton. It all depends on how you want to spend your retirement days.
Can I Purchase a Home?
Overseas buyers are permitted to own residential property in Bermuda providing the property’s designated ARV (Annual Rental Value) exceeds the given thresholds for the specific category of property, as dictated by the current legislation.
The island is exclusive so it’s no surprise that property prices for this idyllic location are on the higher side. Bermuda is popular, partly because it is less than a two hour flight from the U.S. eastern seaboard.
So, you can be in New York in the morning and on a beach in the afternoon. Buying a vacation condo can give you a slice of paradise at a much more affordable price, but not on a year round basis.
You’ll be paying less and will have access to resort facilities that you don’t even need will be maintained by others. Which is ideal for retirees who just want to enjoy their time. Swimming pools, spas, gyms, restaurants and so much more are often included in the right type of condo development.
What Can I Experience in Bermuda?
Bermuda is the perfect retirement or semi-retirement destination. Okay, so there’s the iconic beaches and glorious weather but the island also has countless fantastic activities available all year round, including:
- Sailing on the cerulean waters around the island.
- Dining at delicious local eateries and experiencing the complex fusion of flavors.
- Walking through the botanical gardens and embracing the abundant natural wonders of Bermuda.
- Venturing to hidden gems to experience new and exclusive adventures.
- Teeing off on one of Bermuda’s many oceanside golf courses.
- Enjoying the pink beaches with the children or grandchildren year round.
- Exploring historic stone buildings and pastel houses in the town of St. George.
These are just a selection of the activities that you can take part in. This list doesn’t cover all of the unique festivities and fascinating traditions that Bermuda offers throughout the year.
Discover What Bermuda Has to Offer Year Round For The Perfect Retirement
As non-Bermudians can buy property in Bermuda, retiring here is definitely an option to consider. Although it’s a fabulous option from a lifestyle perspective, it can also be costly.
At Bermudiana Beach Resort outright ownership of a vacation condo with up to 90 days usage each year starts at $415,000. Condos are for sale fully-furnished and are fully-managed with a branded rental program.
This means that while you’re away your vacation home is being looked after. While you are there you have all the amenities of a Tapestry Collection by Hilton resort at your disposal.
To find out more about what it might be like year round to retire or semi-retire on the island, please download our 12 Months in Bermuda guide.
You’ll find plenty of information and tips on the types of events celebrated, delicious cuisine to try, the perfect time to invite the family over and so much more. Grab your free copy using the link below.