The 35th Americas’s Cup yacht races were held in Bermuda waters this summer, giving the small North Atlantic island global publicity. Besides shining a light on the attractiveness of the island as a perfect location for sailors and superyachts, the event further accentuated its potential as a prospective home for the wealthy – and a suitable base for their financial operations.
Since the 1920s, many HNWs have included a Bermuda element in their financial architecture – and what worked for Noël Coward and Ian Fleming still holds good for individuals or families today. It’s not even necessary to live on the island to reap its benefits. One’s wealth may be domiciled in Bermuda even if busy lives make permanent residence there difficult. In fact, Bermuda residence is generally available only to those qualified to work in certain industries, including financial services and hospitality, and UHNW services.
Wealth of Options
Three options are available to those who would like to reside in Bermuda. The first is the residential certificate, which grants indefinite residence to those who are retired, and who own or rent property there. A second option is permission to reside on an annual basis, which is renewable, may suit those still employed elsewhere in the world, and whose circumstances may change. The third option is an annual work permit, which allows a person to live and work in Bermuda for a specific period. It, too, is renewable, and senior executives of certain companies may apply for permanent residence if they meet specified criteria.
This article was first published in Spear’s.