Bermuda is series of small island country located in the North Atlantic Ocean. It’s a self-governing British Overseas territory and is one of the world’s most affluent and developed countries, with a high standard of living and a per capita income that is among the highest in the world.
Bermuda has a subtropical climate and is known for its beautiful pink sand beaches. Bermuda is a great place to live and work, with a low crime rate and a high standard of living. It’s also home to a number of multinational companies and financial institutions, making it a good place to find employment.
If you are considering moving to Bermuda, the various costs listed below will help you make an informed decision on what costs are involved when moving and living in this part of the world.
Quick Bermuda Facts:
- Population: 64,184 (2022)
- Official Language:Bermudian English
- GDP Per Capita:BM$112,653 (2023 estimate)
- Shipwreck Capital of the World: Bermuda’s extensive coral reef, storms and the occasional hurricane have given Bermuda the largest ship graveyard in the world with over 300 wrecks to be explored.
- Currency: BM Dollar (BM$). As of 2023, 1US$ = $1.BMD, €1 = $0.93BMD, $ 1 CAD = $ 0.73BMD, $1 AUD = $0.6548BMD
1. Moving and Shipping Costs to Bermuda
Here are some sample container shipping rates to Bermuda from other countries around the world.
2. Bermuda Housing Costs
Housing, both rentals and purchases, are one of the biggest expenses in Bermuda. Its limited resources mean that construction materials and labour are also expensive. That said, there’s a fantastic selection of apartments and houses, some of which are out of this world.
Monthly Rental Prices in Bermuda
- 1 bedroom apartment in City Centre: BM$3,337.50+
- 1 bedroom apartment outside the City Centre: BM$2,207.42+
- 3 bedroom apartment in City Centre: BM$6,227.27+
- 3 bedroom apartment outside the City Centre: BM$4,730.20+
- Price per square metre (10.7 square feet) to buy in City Centre: BM$8,817.97+
- Price per square metre (10.7 square feet) to buy outside City: BM$5,690.98+
Bermuda Housing Cost Comparison
This is how rents in Bermuda compare with other countries around the globe.
United Kingdom is 67.3% cheaper
United States is 49.7% cheaper
Canada is 63.5% cheaper
Australia is 56.8% cheaper
France is 74.3% cheaper
Germany is 72.3% cheaper
Spain is 76,7% cheaper
Italy is 78.4% cheaper
Source: Numbeo
How to Save on Housing Costs
- Share an apartment or house. Have a look at the following sites to find your perfect room or flat mate so you can but down on accommodation costs: Erasmusu, iRoommates, and Kangaroom.
- Different areas – different prices. Unfortunately, all the areas in which expats live are expensive. Have a look at these websites to familiarise yourself with the various towns – Towns in Bermuda and Any Expat.
3. Bermuda Food, Grocery and Restaurant Costs
Food, like everything else in Bermuda, is expensive. It imports most of its food, and prices are high as a result. The selection of restaurants is staggering; from fine dining to excellent street food, the standard is very high. Seafood obviously features heavily in most restaurants and is sold in shops and markets.
- Inexpensive Restaurant: BM$18.33– BM$38.00
- Takeout Coffee: BM$3.61 – BM$5.71
- Bottle of Coke: BM$1.77 – BM$3.00
- 1L of milk: BM$1.21 – BM$408
- Loaf of Bread: BM$1.21– BM$6.76
- 12 Eggs: BM$5.16– BM$2.66
- 1kg Chicken: BM$7.38– BM$20.94
- 1kg Beef: BM$12.04– BM$23.71
- 1kg Apples: BM$2.37– BM$12.94
- 1kg White Rice: BM$1.99– BM$6.68
This is how restaurants and food prices compare with other countries in the world.
- UK restaurants are 53.4% cheaper and groceries are 66.2% cheaper than Bermuda
- US restaurants are 50.5% cheaper and groceries are 49.3% cheaper than Bermuda
- Canadian restaurants are 55.8% cheaper and groceries are 53.6% cheaper than Bermuda
- Australian restaurants are 49% cheaper and groceries are 46.1% cheaper than Bermuda.
- French restaurants are 53.8% cheaper and groceries are 54.1% cheaper than Bermuda.
- German restaurants are 3% cheaper and groceries are 63.5% cheaper than Bermuda.
- Spanish restaurants are 64.6% cheaper and groceries are 70.8% cheaper than Bermuda.
- Italian restaurants are 78.4% cheaper and groceries are 63.2% cheaper than Bermuda.
Source: Numbeo
Bonus Tips for Cheaper Food, Restaurants and Groceries
- Know your supermarkets: Bermuda has many independently owned grocery stores as well as the usual supermarket chains. There are also farmers’ markets and shops that sell health foods and organic foods. Popular supermarkets in Bermuda are The Supermart, Supermart and The Garden Market.
- Find Cheap Eats Bermuda isn’t the cheapest place to eat but if you hunt around you will find some good restaurants that offer specials on various days of the week. Have a look at the following sites for suggestions – TripAdvisor and Wanderlog.
4. Bermuda Alcohol Costs
Life in Bermuda lends itself to drinking a rum-based cocktail while watching sun set and enjoying fine wines with you seafood platter.
- Pint (0.5L) domestic beer at a restaurant/pub: BM$8 – BM$12
- Bottle of imported beer at a restaurant/pub: BM$8 – BM$12
- Pint (0.5L) domestic beer at a supermarket: BM$3.11 – BM$6.06
- Bottle of imported beer at a supermarket: BM$2.50 – BM$8.00
- Mid-range bottle of wine at a supermarket: BM$15 – BM$30
How to drink for less in Bermuda
- Look out for specials on cheap drinks that are advertised online or in local papers and flyers.
- Drinking alcohol is also expensive in Bermuda due to the high tax on alcohol but many restaurants and bars offer happy hours. Have a look at the following sites to choose your spot to watch the sunset with a Bermuda Rum Swizzle – Go To Bermuda, Happy Hours and Trip Advisor.
5. Bermuda Transportation Fares
Buses, ferries, privately run minibuses and taxis are available to take you round the island. The government run bus network is extensive and takes you everywhere on the islands. All the buses and ferries are air conditioned and extremely comfortable.
Here are some example ticket costs.
- Adult Single – BM$3.50 – BM$5.00
- One day ticket – BM$5.65
- Monthly season ticket, unlimited – BM$75
How to save money on public transport
- Buy a weekly ticket BM$30 for 7 days of unlimited travel
- Cycling is an option
- Walking is an alternative if you live near your place of work
6. Cost of Internet in Bermuda
Bermuda is one of the most expensive places in the world for internet. Some of the most popular ISPs in Bermuda include:
7. Cost of Clothing, Personal Items, Gym and Leisure
The archipelago of Bermuda is located 32 degrees north of the equator and has a relatively mild climate due to the gulf stream’s influence, although it is not a tropical paradise. Bermuda is located in the hurricane belt, so the island is vulnerable to storms from June to November. That said, Bermuda has only experienced ten hurricanes since records began in 1851.
Summer weather in Bermuda is warm, humid, windy and often cloudy with an average temperature of 27.7C. Winters bring rain and stronger winds and an average temperature of 21C. It rains every month in Bermuda but October is usually the wettest month. It has an average of 1,400mm of rain per annum, most of which falls in very heavy short showers.
Here are some clothing prices, together with other useful prices.
- Pair of Jeans: BM$40 – BM$100
- Summer Dress: BM$39 – BM$100
- Running Shoes (Trainers): BM$110 – BM$180
- Business Shoes: BM$75 – BM$175
- Short Doctor’s visit (15 mins): BM$76
- Deodorant: BM$4.25
- Shampoo: BM$12
- Toilet Paper (4 rolls): BM$5.81
- Gym membership: BM$95 – BM$200 per month
Source: Numbeo and Expatistan
8. Cost of Owning a Car and Driving a Car in Bermuda
Owning a car in Bermuda is not only extremely expensive, but also a ‘red tape’ mission. Firstly, if you import your car, you’ll be liable to import duty of up to 150%. You are only allowed to own one car per family, and you have to be resident and show proof of a lease or purchase of a property. You can’t own a vehicle which is described as a ‘commercial vehicle’ and this includes small vans.
Have a look at Bermuda Online for a detailed explanation on owning a car in Bermuda.
Bermudian roads are often narrow and windy, but they are well maintained. You must adhere to the rules of the road as the penalties for not doing so are severe. Even with the restrictions on car ownership, Bermuda still has 2,300 vehicles per square mile and has more accidents per square mile than anywhere else in the world.
Here are some other sample costs of owning and operating a car in Bermuda:
- Volkswagen Golf: BM$35,000
- 1 litre (¼ gallon) of gas (petrol):BM$35
- Other fees (if any):The average monthly cost of owning and driving a car in Bermuda is BM$759.
Source: Expatistan
Ways to save money driving in Bermuda
- Car sharing or pooling is one way to save money. There are many carpooling websites including eRideshare, and
- Taxis can sometimes be a cheaper option, especially as parking is scarce in Bermuda. Have a look at Trip Advisor to find a taxi company that suits your needs.
Need your car/vehicle moved to Bermuda? Then read our guide to Car Transport & Vehicle Shipping.
9. Taxes in Bermuda
There is no direct personal income tax in Bermuda. Each employer must pay a Payroll Tax and many employers ask their employees to contribute 6% of this tax. Under certain circumstances Land Tax must be paid by residents.
There is no VAT or Sales Tax in Bermuda. There’s also no withholding tax or capital gains tax.
10. Flight Costs from Bermuda
If you do make the move to Bermuda, here’s approximately how much it will cost to fly to other major world cities based on lowest, one-way fares from Skyscanner as of early 2023:
- London: BM$505
- New York: BM$133
- Toronto: BM$265
- Sydney: BM$722
- Paris: BM$490
- Berlin: BM$510
- Rome: BM$502
- Madrid: BM$501
Other Bermuda Relocation Tips
The costs and pricing above should give you a good idea of the cost of living in Bermuda but perhaps the following extra tips will make your move go more smoothly.
11. Relocating to Bermuda Alone
Moving to Bermuda alone can be challenging, but it’s also an exciting and rewarding experience. But if you’re prepared for the challenges, Bermuda can be a great place to live.
- Meetups:Bermuda has many Meetup groups covering a wide range of activities from yachting and diving to bridge tournaments.
- Attend local events: There is always something going on in Bermuda and many of the activities are free. Have a look at the following sites for inspiration – TripAdvisor, Go To Bermuda and CNTraveller.
12. Moving to Bermuda with a Family
Moving to Bermuda with family can be a challenge but there’s so much for the kids to do, they’ll never want to leave.
- New parents (or parents to be): Check out Mama and Bermuda Sun for advice, courses and ways to meet other parents or parents to be.
- Live in a family friendly area:Everywhere in Bermuda is family friendly. Your choice of area will depend on where you work and where the kids go to school, remembering that traffic moves really slowly and there are frequent traffic jams.
- Find things to do with the kids:Bermuda has lots for children to do. Have a look at the following website for inspiration – Family Destination Guide, Mommy Poppins, Wandering Wagars and TripAdvisor.
13. Moving to Bermuda for Work
Moving to a new country for work is one of the most common reasons people choose to move. While it is possible to move without a job, it makes sense to ensure there are jobs in your field before you make the move.
Tourism, banking, law and finance are the main employers in Bermuda.
Here are a few things to consider when moving for work:
- Salary:The costs we outlined above should give you a rough idea, how much more you’ll want to be making to make the move worthwhile. You can also check salary ranges on sites such as Glassdoor and Payscale.
- How to find work: If you want to have a job lined up before you move to Bermuda, but aren’t sure where to begin, the following sites are good places to start: LinkedIn, Jobs in Bda, We-Xpats and Bermuda Job Board. You may also want to Google recruiters in your industry, as they can often help land you some initial interviews as well.
14. Moving to Bermuda from Australia
There is a small Aussie contingent living in Bermuda. If you are thinking of moving from Australia to Bermuda, here are a few things to consider.
- Size comparison:If you look at the population of Bermuda and compare it with cities in Australia, it is slightly bigger than Wagga Wagga.
- Join expat groups:MeetUp and InterNations offer ways of meeting up with other Australians in Bermuda.
15. Moving to Bermuda from Canada
There’s a small group of Canadians living in Bermuda. If you’re considering making the move from Canada here are a few things to consider.
- Size:If you compare the population size of Bermuda with a city in Canada, then it would be slightly bigger than Norfolk County.
- Expat groups:Meeting up with fellow Canadians helps the moving process. Link up through sites such as MeetUp, and InterNations.
16. Moving to Bermuda from the United Kingdom
There’s a comparatively large group of Brits working and living in Bermuda, so if you’re considering joining them, here are a few bonus tips:
- Size: Looking at the population size of Bermuda, it equates to the population of the Aldershot in the UK.
- Expat groups:If you want to get together with others from the UK who are enjoying the weather, then go to MeetUp and InterNations.
Hopefully, the tips and costs above are helpful. If want to get started pricing out how much it will cost you to move to Bermuda you can start by comparing moving quotes here.