Bermuda

Can a foreigner buy property in Bermuda?

Yes, but under some of the strictest conditions in the world—a factor that dictates the feasibility of any such project. Acquisition by a person without Bermudian status requires a government-issued license, which comes with high fees. Crucially, only properties exceeding a very high annual rental value threshold are available to foreigners; this limits the scope to a tiny fraction of the housing stock—primarily high-end properties—and an even smaller number of condominiums subject to their own specific rules. There are also limits on the number of properties non-Bermudians may own. Verifying this must be the first step, as it determines whether the project is even possible.

What is the Residence by Investment Certificate?

Introduced to attract capital and wealthy residents, it grants the applicant, their spouse, and certain dependents the right to reside in Bermuda in exchange for a qualifying investment of at least $2.5 million. Accepted forms of investment include residential real estate (subject to the restrictions applicable to foreigners) as well as other asset classes and contributions defined by regulation. After a period of residence, the certificate opens the door to applying for permanent residence status. It offers the most direct route to settling there without a pre-existing professional connection to the islands, whereas the standard route relies on local employment accompanied by a work permit.

Why is the reinsurance sector so prominent?

Because, starting in the 1970s, Bermuda built a regulatory framework specifically designed for insurance and reinsurance, featuring a specialized regulator, tailored legislation, and a self-reinforcing concentration of expertise. The archipelago has become the world’s leading hub for catastrophe risk reinsurance and is home to the headquarters of many major industry players. This specialization has two practical consequences. It explains the presence of a large international community and a high level of service for a territory of this size. It also means that professional opportunities are heavily concentrated in a single sector; any Bermudian venture unrelated to this field must rely on independent investment income.

What budget should be planned?

A budget far higher than that of most destinations we cover—a factor that must be considered before anything else. The cost of living in Bermuda is consistently among the highest in the world due to its island location, limited land area, and total reliance on imports. Housing, food, energy, and services reach unparalleled price levels. Private school tuition and mandatory, expensive health insurance add to these costs. Furthermore, vehicle ownership is strictly regulated—with limits on the number of cars per household—which alters daily routines. Depending on income levels, significant tax savings can easily be swallowed up by these expenses.

Will I still have to pay the French real estate wealth tax while living in Bermuda?

Yes, on your French assets, provided their net value exceeds €1,300,000 as of January 1st (according to French tax authorities). Non-residents remain liable for this tax solely on real estate assets located in France; foreign assets fall outside its scope. The assessment is calculated at the household level, including spouses and minor children. Given the highly restricted access to property ownership for foreigners in Bermuda, most expatriates retain their real estate holdings in France, making this a central rather than a marginal issue. Holding property through a *société civile* (civil partnership/company) is not sufficient to exempt it from the tax. On what basis does Bermuda transmit my banking data?

Based on the OECD’s Common Reporting Standard, supplemented by a bilateral agreement. Bermuda participates in the automatic exchange of information regarding financial accounts held by non-residents, and a tax information exchange agreement, signed on October 12, 2009, entered into force on October 28, 2010 (list of information exchange agreements). The automatic exchange covers the account holder's identity, the account balance, and financial income, all transmitted annually without a prior request. Furthermore, as long as you remain a French tax resident, each account must be included in your annual tax return; failure to do so carries a penalty per account, per year (BOFiP, declaration of accounts held outside France).