This program, introduced in August 2020, was part of a global trend during the height of the COVID-19 pandemic to attract remote professionals seeking a change of scenery. The scheme was popular – and the application process relatively straightforward – with the Bermuda Government reporting around 1,800 participants. However, the Government has recently announced that it will be “transitioning back to multi-year residency applications for individuals who wish to reside in Bermuda”. Termination of the scheme marks a significant shift in Bermuda’s approach to remote working and residency with the Government stating that the “transition aligns with the Government’s long-term economic strategy and housing policies, as it will help ensure more housing is available for locals”.

WFB Certificate holders are informed that they have 90 days from their certificate’s expiration date to settle their affairs and depart Bermuda, and those wishing to remain may apply for Permission to Reside on an Annual Basis, “provided they meet the eligibility requirements” (see below).

While Bermuda no longer remains a remote work destination, there remain a number of alternative residency options for individuals not seeking local employment.

Permission to Reside on an Annual Basis

The Government’s granting of permission to reside on an annual basis allows individuals to reside in Bermuda without a work permit connected with local employment. Applicants must be over 18 years of age, demonstrate good character, have adequate financial resources, and possess valid health insurance. Permissions can be granted for up to five years which the Government confirmed in their statement regarding the termination of the WFB Certificates.

Importantly, while local employment is prohibited and employment cannot be sought while on island, remote work for companies outside of Bermuda is permitted. Applicants are not required to purchase property; renting is acceptable, and a letter from a rental agency can support the application. The application process takes approximately 12 weeks with fees of $275 for one year or $1,215 for five years.

The main question, however, is what constitutes “adequate financial resources” as this is not specified. The Government will likely require proof of sufficient income or savings to cover the cost of accommodation and the high cost of living in Bermuda. The Government’s Work Permit Policy indicates that applications for permission to reside and seek employment in Bermuda with sponsored dependents must include evidence that total remuneration thresholds will be met of $60,000 for a 2-person household, $100,000 for a 3-person household and $125,000 for a 4+ person household. The same thresholds could logically be applied for permission to reside on an annual basis, however it is unknown to what extent they are as often applicants far exceed them.

Turning to the requirement to possess valid health insurance, the most affordable health insurance coverage can be obtained through the Health Insurance Department, which offers two health insurance plans. Other more comprehensive, but equally more expensive plans, can be purchased through registered private insurers in Bermuda.

Applications for those transitioning from a WFB Certificate must be submitted 1-2 months before their WFB certificate expires.

Economic Investment Certificate (EIC)

For those with significant financial means, Bermuda offers the Economic Investment Certificate. Introduced in 2021, this program grants a five-year residency to individuals who invest at least $2.5million in the Bermudian economy. Eligible investment avenues include real estate, government bonds, contributions to local charities, or establishing a new business. After five years, EIC holders can apply for a Residential Certificate, allowing indefinite residency. Applicants must spend a minimum of 90 days per year in Bermuda and maintain their investment for the duration of the certificate.

The conclusion of Bermuda’s digital nomad visa program reflects a broader reevaluation of remote work policies globally. While the island no longer offers a dedicated visa for digital nomads, it remains accessible to non-employed residents through avenues like Permission to Reside on an Annual Basis and the Economic Investment Certificate. These options cater to individuals with varying financial capacities and long-term residency goals, however the requirement to have adequate financial sources, while not quantified by the Bermuda Government, does mean that many individuals would not qualify.

Prospective residents should carefully assess each pathway’s requirements and consult with immigration professionals or legal advisors to determine the most suitable option for their circumstances.

First Published in the Bermuda Chamber of Commerce Newsletter (Chamber Insider), May 2025