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Cost
of living in Bermuda
Overview
The cost of living in Bermuda can be more expensive than people from North
America are used to, but tends not to be out of line for those coming from
major cities in Europe.
The reasons for this
are two-fold: first, since Bermuda's main sources of income are tourism and the
offshore financial services industry, very little is actually made on the
Island so most goods are especially imported; and second, there is no
direct income tax which means that levies on imports are a key source of revenue for
the government.
However, savings
made due to the tax-free nature of earnings on the Island mean that you will
still be ahead of the game, financially-speaking.
Areas of expense
All prices below are
in US dollars which is fixed at parity with the Bermuda dollar.
Accommodation
Your employer may pay for you to stay at a hotel or guest house for a few
weeks on arrival to give you time to look for your own place. If so, you
should use the time wisely. The majority of properties are leased on a monthly basis
with rent payable one month in advance and, usually, a month's deposit due at
the start of the lease to cover against breakages or other damage.
Cost will vary
considerably depending on whether you choose to share a house or move into your
own apartment. We would generally recommend that (unless you are arriving
as part of a couple) the former is the better alternative.
Moving into a shared
house is popular since it allows you to share overheads (thereby bringing down
costs or allowing you to live somewhere even better than you could afford
on your own) as well as giving you access immediately to an additional
social circle. The closer to Hamilton and the more facilities a house has,
the more expensive it will tend to be.
 As
a rough guide, for a shared house with four bedrooms, a garden including barbecue
patio, a pool and ten minutes from Hamilton, you should
budget say $1,700 per person
(excluding variables such as telephone). If you go for more basic
accommodation further from town, this could cost as low as $1,400 each. In
comparison, an apartment for a single person or a couple will likely cost
around $2,500 a month in total. The key point, however, is that if you make
the effort to shop around, you can find very good deals. It is very much a
case of personal preference.
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Transport
One of the pleasures of living in Bermuda is that it doesn't take too long to
get anywhere. Nearly everyone, regardless of their professional level,
travels by moped or scooter. This is ostensibly because there are
restrictions on the numbers of cars allowed (to prevent undue congestion).
However, the truth of the matter is that getting around by scooter is
the more convenient, cheaper method.
When you arrive, the
choice will be between scooters starting at 50cc and larger bikes up
to 100cc. Prices for new bikes on the road will be around $3,000.
Many firms offer a start-up loan of around this amount, repayable over six
months, specifically to assist new employees arriving on the Island.
If you choose to buy a used bike, you will be able to pick one up for
as low as $500, depending on age and condition. Annual
insurance (fully comprehensive) is typically around US$300 per annum. And
gasoline is $1.26 a litre so your weekly fuel will be unlikely to exceed $10-15.
You will also have to pass a simple driving test, which for a
bike costs around $35. Note that for safety reasons, helmets are compulsory.
Household
Bermuda is not inexpensive but, compared to some other locations, you can
normally buy just about anything you could possibly want and the quality of
merchandise is very good.
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