Bermuda has had a steady economy since the end of World War II, growing gradually owing to the island being a must-visit destination for tourists and to the expansion of Bermuda’s international business sector in the early 1990’s.
The pink sand beaches, vibrant culture and established infrastructure make Bermuda a place that many people want to spend time in. However, before making any investments on the island, it’s wise to read up and research.
That’s why we’ve answered any questions about Bermuda’s economy you might be asking:
- What Currency is Used in Bermuda?
- What Does Bermuda Import?
- How Does Bermuda Make Money?
- Is It Expensive to Purchase Property?
What Currency is Used in Bermuda?
Everywhere in Bermuda uses Bermudian dollars and US dollars interchangeably. So if you have US dollars, you can bring them. Just make sure if you exchange to Bermudian dollars that they’re spent before leaving.
Other currencies aren’t freely traded on this luxurious island. It’s instead recommended that any other currency is exchanged for US dollars before arrival for ease.
What Does Bermuda Import to the Island?
About 80% of food in Bermuda is imported, usually from the US. However, there’s delicious seafood and fish that’s fresh from the ocean.
Due to limited farming land (approximately 6% of Bermuda’s total available land), agriculture and associated industry cannot provide everything the population needs. Farmers produce vegetables such as potatoes, carrots, lettuce, broccoli, pumpkins, squash, bananas citrus fruits and flowers.
There are dairy farms on the island, but the majority of dairy products are imported. This can make general groceries quite expensive, so shop carefully and look into some of the local eateries or hot food ‘take out’ establishments, that can be good value.
If you do book a restaurant be sure to check prices beforehand if that is a concern.
How Does Bermuda Make Money?
Bermuda is the oldest and most populated of the British Overseas Territories. Vacationing to the luxury island first started all the way back in Victorian times when most commercial activity in Bermuda revolved around the tourist industry.
Hotels and restaurants, golf courses and tour companies all cater to tourists visiting the island. In fact, in recognition of the money tourists brought to the island, children used to be reprimanded by their parents if they were not polite and courteous to visitors.
Tourism accounts for an estimated 28% of Gross Domestic Product (GDP). It continues to be vital to the island's economy, although international business has overtaken it in recent years.
Bermuda has also developed into a highly successful offshore financial center and the island ranks among the wealthiest mostly because of international businesses, like insurance and financial services companies that operate in the country. These businesses account for around 85% of Bermuda's GDP.
Is It Expensive to Purchase Property?
If you are not Bermudian and you’re interested in buying a slice of paradise for yourself, you can find out more about Bermuda’s real estate laws here.
Because Bermuda is popular and supply is limited, it’s no surprise that property prices in this sought-after location can be high. Purchasing a vacation condo can give you an abode in beautiful Bermuda at a much more affordable price.
Spas, fitness centers and private access to the beach are all available at Bermuda’s newest hotel residential development, Bermudiana Beach Resort, Tapestry Collection by Hilton,. You can spend three months on the island in a upscale condo and the rest of your time elsewhere while your property is managed in your absence and, if you wish, rented out.
Now you know the economy is steady and stable in Bermuda and that it is one of the safest and friendliest places in the world, you might want to consider a potential move. The island is exclusive and spending time here is a popular choice for many. There are lots of things to organize, so it’s best practice to research beforehand.
What’s Living in Bermuda Like? Read our Complete Guide
The island has famous pink sandy beaches, breathtaking landscapes and culture unique to this little slice of paradise. All this, just a two-hour flight or less from New York.
That’s why we created this ultimate resource with everything you need to know about moving to Bermuda. From the glorious climate to the culture you’ll experience, we’re the experts when it comes to the island.
For more information regarding your move to Bermuda, click the link below.