Bermuda for Digital Nomads

Brief history of Bermuda

Bermuda was first discovered in the early 1500s by Spanish explorer Juan de Bermúdez. However, he did not attempt to land here. The island was first settled in 1609 by shipwrecked English colonists heading for Virginia. In 1620, Bermuda became a self-governing British colony.

Situated as it is between the U.S. and the U.K., Bermuda has played a prominent role in the two countries' political and military histories. It served as a principal launching point for British attacks on the United States, during both the American Revolutionary War and the War of 1812.

In 1952, British military forces finally left Bermuda and in 1968 the island was given a new constitution that, while maintaining British rule, allowed self-government. Nowadays, Bermuda has remained a British territory.

Economy of Bermuda

Bermuda possesses neither natural resources to export nor enough land for farming. Almost 80% of all items are imported. This is one of the reasons for such high prices on the island. With a population density of 1,246 people per square kilometre, Bermuda is one of the most densely populated countries. Nevertheless, people in Bermuda are among the happiest in the world. According to a survey of 150 countries, Bermuda ranked 11th on the happiness scale. This survey included such factors as schooling, income, job satisfaction, and family and other social relationships.

Bermuda’s GDP per capita is the fourth highest in the world, at $107,079 in 2020.

International business and the tourism industry are two main sectors that drive the Bermuda economy. Bermuda levies no taxes on the world business activities of companies, which has prompted many companies to incorporate or move their headquarters there. The total number of registered companies on the island is around 18,700, including 15,300 Bermuda-based international businesses. Nearly 75% of US- and Europe-based Fortune-100 companies have operations on the island. In 2020, Bermuda’s economy derived $1.97 billion from international businesses, which made up 60% of the economic output. Tourism is also a large contributor to the economy. Though its part in the economic output is only about 30%, the largest number of jobs are within this sector. About 650,000 tourists visit Bermuda annually.

Infrastructure

Supermarkets and grocery stores are everywhere on the island. Only local companies are allowed to open supermarkets in Bermuda, so there are no common chain stores like Walmart or Lindt. There are no hypermarkets that sell goods or non-food products.

As Bermuda lacks free land, most produce is imported. Only a small portion of fruits, vegetables, dairy products, and eggs are supplied by local farmers. Fishermen supply stores and restaurants with fresh local seafood such as lobsters, rockfish, and wahoo. For buying clothes, accessories and other goods, there are shopping centers in Bermuda as well as small local stores. The most popular shopping centers are in Hamilton:

• The Washington Mall,
• The Clocktower Mall,
• Great Eastern Storehouse.

For entertainment, there are cinemas, theaters, museums, and an active nightlife. Most attractions are in the center of the big towns or nearby. Some good museums to visit are Bermuda Aquarium, Museum & Zoo, Bermuda National Gallery, Bermuda Underwater Exploration Institute, National Museum of Bermuda.

For those who prefer indoor sports, Bermuda offers many fitness centers and gyms. According to Google ratings, some of the best gyms are Bermuda Elite Athletic Strength Training Gym, LifeThyme CrossFit, and Ultimate Fitness Club. Yoga, pilates, and martial arts are also popular. Classes can be found in big fitness centers or specialized studios across the island.

Cost of living in Bermuda

The annual average salary in Bermuda is $61,152, one of the highest in the world. However, the cost of living is extremely high, too. The average living cost for a single person in Bermuda in 2021 is $1,843.53 in a month without rent. For a family of two adults and two kids, the amount would be around $6,721 without rent.

Groceries aren’t cheap: a liter of milk, 12 large eggs, 500g of local cheese, one bottle of red wine and a loaf of bread together would cost around $50.

The prices for the most common products in the grocery can be found on this web-site.

An average price for eating out in a mid-range restaurant, with an average meal of 3 courses for two persons, would be about $130. In a budget restaurant, the expected bill is around $35 per person. At a fast food place, a combo menu would cost about $14. Coffee in a cafe costs in the range of $5 to $7. Beverages such as domestic beer are around $9 for half a liter, and soda such as Cola or Pepsi is $3.50 for 300 ml.