Bermuda Digital Nomad Policy doesn’t come as a surprise since Covid has wreaked havoc to most country’s economy. Having researched extensively about digital nomad in the last 3 years, I am observant to study about new countries that want Digital Nomads to come get residency or citizenship and improve their local economy. Digital Nomad gets his/her new experience that they want and the government gets their share through taxes or fees.
The trend in the last 3 years is that a lot of countries are starting to welcoming anyone who wishes to do remote work from their nation. Thus, understandably, the country gains from their spending activity by staying for longer periods in the country. These financially secure people can easily boost any lagging economy.
Earlier, Tourists were preferred where as they were doubtful about Digital Nomad life. Now, since remote work has become more common, countries are openly encouraging Digital Nomads who contribute to the economy in a much better way than the tourists.
Perhaps, a rich tourist may splurge more in a day than a digital nomad. But, tourists spend short time in a country to leave to their home or to another new country for a different experience.
Digital Nomads spend organically every day and help keep a sustainable economy. Digital Nomads easily offset tourists in total dollars spend since we stay for months or years together.
What does the refreshed Bermuda Digital Nomad Policy say?
Bermuda’s minster of labour announced an important update pertaining to Digital Nomads. It helps Bermuda strengthen its position as a country welcoming Digital Nomads.
According to the Ministry of Labour update,
A new recognition for people who are independent of location and reliant on technology are pushed by the governments through Digital Nomad policies. Bermuda is also trying to attract people who work remotely and willing to work from a different paradise on earth.
Remote working is a burgeoning trend lately. It is part of the Bermuda Digital Nomad plan, Government has been inspecting, as a vital part of growth through economic diversification through focus in technology and remote work.
What are the requirements for One Year Residential Certificate?
Starting with August, you will be able to request for One Year Residential Certificate for a low cost of around $263.
There are a few simple requirements,with none of them being tough to prove
- You need to be an adult with 18+ age (no brainer)
- Get employment through a foreign company operated and registered outside of Bermuda, to make sure you don’t take jobs away from Bermuda citizens. Freelancer working on their own business registered outside Bermuda is fine.
- Possess valid health insurance
- Demonstrate good character and not have conviction for an indictable offence
- Demonstrate uninterrupted source of active or passive annual income, with no need to gain any kind of employment within Bermuda
- In case of Student, show enrollment evidence in a UnderGrad or Grad or PhD Program
For those who follow digital nomad space, these are standard requirements and nothing out of the blue. Thus, it shall be fairly simple to prove what Bermuda wants and stay peacefully in the paradise country.
The master plan is to attract smart people and their wealth into Bermuda. But, with nothing that affects or takes work from Bermudians. One thing that’s cool about the visa is it applies to students, who just enroll into course and can not study in person, due to the Pandemic.
Pros of Living in Bermuda
- Easy and Fast Application – Application process grabs you for less than an hour to fill online. Further, it takes five business days for approval. The process is fully online end to end. On the day of the approval from Bermuda Government, twelve month time period starts ticking.
- Cost of Application and Renewal – Well, this is technically not a pro of living, but renewal costs in other countries are much higher. Bermuda has a low fee of $263, which is highly affordable. No visa runs too.
- Blazing Quick Internet – Generally, Digital Nomads worry about internet speeds, since their work is totally remote or entirely online.
Bermuda Tourism Authority qoutes
The paradise island has the lightning quick Fiber internet in the Caribbean, powered by three sub-sea cable network. Bermuda boasts really high speeds of 500Mbps. WiFi mesh tech enables complete coverage without any spotty service
- Flights to Bermuda – You can reach Bermuda directly from major countries like the USA, UK and CanadaToronto, CA : 3 hours for just under $310
New York, US : 2.5 hours for just under $245
London, UK : 6.5 hours for just around $520
Cons of Living in Bermuda
- Less availability of Hostels – If a digital nomad wants to pinch and save on the accommodation cost, it is not possible in Bermuda. There are no hostels or not many hostels. There are certainly other options, like AirBnB or perhaps house sitting. Living on a budget will go for a toss.
- Highest Cost of Living – Bermuda is shockingly the most expensive place to reside around the globe. Well, at least to me. One gallon of milk costs $15 and one loaf of bread costs $6. If you are not making big bucks, work from Bermuda for a few months may set you back financially. That is, not what the financially literate will do.
- Difficulty in getting certain nuanced products – You may not be able to get certain day to day nuanced products that you readily get in top cities in Asia, Europe or the US.
Before I let you know my thoughts, let’s hear from Mr. Burt, the Bermudian Premier, on what he thinks about the Digital Nomad policy
“If you’re working remote, you may as well consider taking the opportunity to work remotely from our paradise island for the coming 12 months. Bermuda is totally safe and friendly and beautiful.”
I can’t let go of the opportunity, looking at those pristine beaches and that crystal clear water. Perhaps, the challenge will be worth it, if you know what you are signing up for. On the other hand, make sure your business has enough active or passive income for you to afford this lifestyle.
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates