The Cost of Living in Bermuda | An Expert Guide

Bermuda, a British Overseas Territory located in the North Atlantic Ocean, is renowned for its pink-sand beaches, sophisticated financial sector, and one of the highest per capita incomes in the world. With a population of approximately 65,000 people, this 21-square-mile island combines British colonial charm with modern international business infrastructure.

Bermuda's economy is primarily driven by its offshore insurance and reinsurance industry, along with international business services and high-end tourism. The island's status as a leading offshore financial center has created a highly developed economy with strong regulations and professional services, attracting skilled workers from around the globe.

The expatriate community in Bermuda is substantial and diverse, primarily concentrated in and around Hamilton, the capital city. Many are drawn by career opportunities in the financial sector, though strict immigration policies mean most expatriates are high-skilled professionals with specialized expertise. The island's high standard of living comes with one of the highest costs of living globally.

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Regional Comparison

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Housing Costs in Bermuda

Housing costs in Bermuda are among the highest globally, reflecting limited land availability and high demand. In Hamilton and its immediate vicinity, a one-bedroom apartment typically rents for 3,500-5,000 BMD monthly, while similar accommodations in other areas range from 2,800-4,000 BMD. Larger properties and those with water views command premium prices, often starting at 6,000 BMD monthly. Most rentals come furnished, and many include utilities in the rent due to the complexity of setting up separate accounts.

Summary:

• Rent, 1-bedroom apartment (Hamilton): 3,500-5,000 BMD/month
• Rent, 1-bedroom apartment (other areas): 2,800-4,000 BMD/month
• Larger properties/water views: 6,000+ BMD/month

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Food Costs in Bermuda

Food costs in Bermuda are significantly higher than in most countries due to the need to import nearly everything. A meal at a casual restaurant typically costs 30-45 BMD, while dinner at an upscale restaurant might run 75-120 BMD per person. Monthly grocery shopping at stores like MarketPlace or Lindo's typically costs 800-1,200 BMD for one person, with imported items carrying particularly high premiums. Even basic items like a gallon of milk can cost 15-20 BMD.

Summary:

• Casual restaurant meal: 30-45 BMD
• Upscale dinner: 75-120 BMD
• Monthly groceries (1 person): 800-1,200 BMD

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Transportation Costs in Bermuda

Transportation in Bermuda is unique, with restrictions on car ownership meaning most residents rely on scooters, buses, and ferries. Bus and ferry passes cost approximately 69 BMD monthly. Taxis are expensive, with a 5-mile journey costing around 40-50 BMD. Scooter rentals, a popular option for residents, typically cost 300-400 BMD monthly, plus insurance and fuel. Many workplaces provide transportation allowances to help offset these costs.

Summary:

• Bus/ferry monthly pass: 69 BMD
• Taxi (5-mile journey): 40-50 BMD
• Monthly scooter rental: 300-400 BMD

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Healthcare Costs in Bermuda

Healthcare in Bermuda is privatized and expensive, with mandatory health insurance required for all residents. Basic health insurance typically costs 400-700 BMD monthly per person, often partially covered by employers. A doctor's visit without insurance can cost 100-200 BMD, while specialist consultations range from 200-400 BMD. Many employers provide comprehensive health insurance as part of their benefits package.

Summary:

• Basic health insurance: 400-700 BMD/month
• Doctor's visit: 100-200 BMD
• Specialist consultation: 200-400 BMD

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Utility Costs in Bermuda

Utility costs in Bermuda are substantial, particularly due to the need to import fuel for electricity generation. Monthly utilities including electricity, water, and basic internet for a typical apartment range from 300-500 BMD, depending on usage and air conditioning needs. Internet and cable packages typically cost 150-250 BMD monthly, while mobile phone plans with data start from 100 BMD monthly.

Summary:

• Basic utilities: 300-500 BMD/month
• Internet/cable package: 150-250 BMD/month
• Mobile phone plan: 100+ BMD/month

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Cost of Living vs Quality of Life Correlation

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If you want to know more about Bermuda and the cost of living there you can also check out the Bermuda page.