IAMA seasoned traveler who has taken lots of gear around the world professionally and for recreation.
This is VERY typical in any country with high import duties on certain product. We Americans typically think of travel to Western Europe but you'll see this throughout the former Soviet bloc, South America, and the Middle East, and Africa.
When traveling with high value goods that are likely to be illegally resold locally, customs wants to ensure that any property that enters with you leaves with you.
Consider if a carnet (no endorsement of any company or service implied in this link) is appropriate for your gear:
What is a Carnet? | ATA Carnet
I've seen this with motorcycles, camera gear, etc. Now I have little experience with Bermuda officials, but in most cases, I've experienced slow and officious service, but not outright larceny. In some cultures, especially if you are asking for a favor, it might help to offer a SMALL gift for expeditiously processing your paperwork. In some cases that gift can just be effusive thanks and not a bribe. In most others, the best thing is to be honest, straightforward, and not not be act like you're a superior prick and not convey that they're all corrupt and trying to rip you off. That is the NUMBER ONE way to screw yourself in customs.
Don't confuse your ignorance of their procedures or your expectations for instant service for theft or corruption and you'll have a much better world traveler experience.
Do your homework before traveling (like you did here!) with lots of gear.
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