Personal accounts: Bermuda
An honest assessment before work starts, the quote is fixed in writing.
A personal account in Bermuda is needed by those who live and work on the island: staff of insurance and finance companies with work permits, home owners, participants of the economic investor programme and their families. The Bermuda dollar is pegged one to one to the US dollar, there are few banks on the island, and they are cautious with non-residents who have no link to Bermuda.
Who can open a personal account
| Your status | Chances | What else the bank asks for |
|---|---|---|
| A Bermuda work permit | high | an employer letter, address on the island |
| An Economic Investment Certificate or residence | high | the certificate, source of funds |
| A home owner in Bermuda | medium | ownership documents and the purchase licence |
| A non-resident with no link to the island | low | usually only private banking for large assets |
Economic Investment Certificate
A foreigner investing at least $2.5 million in Bermuda - in property, local business, government bonds or social projects - gains the right to live on the island. After five years the certificate holder can apply for a Residential Certificate. A Bermuda bank account is needed both for the investment and for life on the island, so we open it together with the application.
An account when moving for work
A Bermuda work permit is obtained by the employer, and their letter is usually what opens the door to an account: the bank sees who you are, where you work and what salary you will receive. Salary arrives in the Bermuda account, which pays rent - among the highest in the world - utilities and health insurance. It is worth opening the account in the first weeks after arrival: without it, renting a home and getting a local card is difficult.
What the bank checks
- Passport and a work permit or residence certificate.
- An address in Bermuda: a lease or ownership document.
- A reference letter from your bank.
- Evidence of income and source of funds.
- Tax residence: Bermuda banks report foreigners' accounts to their country of residence.
Taxes and costs
Bermuda has no personal income tax, capital gains tax or tax on interest for individuals. Employees pay their share of payroll tax and social contributions. Banks charge a monthly service fee, and for private banking for non-residents they set a high minimum balance, usually hundreds of thousands of dollars.
We will calculate online the cost of opening a personal account and maintaining it for a year.
Deposit protection
The Bermuda deposit insurance scheme covers up to $25,000 per depositor per bank. Balances above that are usually placed in investment products, and large savings are often spread across several banks.
Why Bermuda banks refuse
- No work permit, certificate or home on the island.
- The account is wanted only as an offshore account for holding money with no link to Bermuda.
- The source of funds is not evidenced.
- Citizenship or payment countries on a higher-risk list.
How we help
We assess your status and choose a bank, prepare documents on residence, income and source of funds, and handle the meeting and review. If you are considering a move, we tie the account to an Economic Investment Certificate or work permit. If a Bermuda bank does not fit, we propose a bank in another jurisdiction with dollar accounts.
What we do
- Personal account - opening assistance
See also
Company formation · Business account · Investment property · Country taxes · All country programs
FAQ
Can a non-resident open a personal account in Bermuda?
What does work or residence on the island give?
What is the minimum balance?
Do I pay taxes in Bermuda?
How much must be invested to live in Bermuda?
What currency are Bermuda accounts in?
How long does opening take?
Need a personal account in Bermuda?
Bermuda has few banks and they rarely open accounts for non-residents: we give you an honest view of your chances, prepare the pack and follow the application. Every country is in the searchable catalogue.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
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