about-bermuda | KPMG | BM

About Bermuda

About Bermuda

Bermuda is a self-governing British Overseas Territory located in the North Atlantic Ocean, about 770 miles (1,240 km) south-east of New York City.

Bermuda is a self-governing British Overseas Territory.

Bermuda is a self-governing British Overseas Territory located in the North Atlantic Ocean, about 770 miles (1,240 km) south-east of New York City. The island is a 2-hour flight from New York, 2½ from Miami, 3 from Toronto and 7 from London Gatwick. Bermuda is on Atlantic Standard Time (GMT–4h).

The capital city, Hamilton, is home to the island’s finance sector and government offices. To the east lies the 17th century town of St George’s and to the west is the historic Royal Naval Dockyard, now one of the island’s main tourist attractions.

 

Climate

Bermuda has a subtropical climate due to the Gulf Stream and the relative humidity in summer can be very high, although the actual temperature seldom exceeds 30ºC (86ºF). Winter is mild with average daytime temperatures in January and February around 20ºC (68ºF). Hurricanes are infrequent this far north but the official hurricane season runs from June until November. Rainfall occurs fairly evenly throughout the year, and represents the island’s only natural source of fresh water, since there are no rivers, lakes or reservoirs.

 

Lifestyle

Bermuda has a wide variety of social activities, especially in summer when cruise ships visit weekly from the U.S. There are gourmet restaurants, English pubs and a wide variety of international cuisine ranging from French to Thai. Bermuda lobster, codfish and potato, and fish chowder are local favourites, and fish in some guise or other features on almost every menu.
 
Year-round sporting events and attractions encourage a ‘have-a-go’ attitude towards sailing and other water sports, golf, cricket, rugby, football, softball and beach volleyball, and in fact almost all sports are represented on the island. Bermuda also has some of the best scuba diving in the world, with crystal-clear waters, vibrant coral reefs and scores of shipwrecks from through the centuries.

 

Finance

The currency used is the Bermuda dollar which is on a par with the U.S. dollar. U.S. Dollars and coins are used interchangeably with Bermudian notes and coins. Despite the close trade links and proximity to the U.S., Bermuda retains a strong British influence, and Bermudian bank notes carry the image of the Head of State, Queen Elizabeth II. The number of banks on the island is limited, but there is easy access to ATMs accepting most international debit/credit cards.
 
There are no direct taxes such as income tax, company tax, inheritance tax, capital gains or gift tax in Bermuda, although employers and employees are subject to payroll tax.

 

Immigration

Bermudian legislation requires that all persons of non-Bermudian status who are engaged in any form of employment must hold a valid work permit. Visitors are not permitted to take up or seek employment whilst on the island. A valid work permit will allow the holder and approved dependants to live and remain in Bermuda for an extended period.

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