What you get with British citizenship

Right to live and work in the UK, but people in the UK or the European Union will not get the right to live in the Overseas Territories;

no immigration controls when travelling to the United Kingdom;

right to settle, work and start businesses in any of the European Union countries.

What you don't get

Automatic right to domestic university tuition rates. Universities have individual policies on fees and much depends on length of residence in the UK.

Right to vote and stand for elections unless you are resident in the UK;

right to free treatment under the National Health Service scheme - unless you are resident in the UK and pay your taxes;

state retirement pension based on national insurance contributions not nationality or residency.

Children

Children with British Overseas Territories Citizenship are also entitled to full British citizenship. Future children, born to British citizen parents after today, will automatically become British citizens if they are born in an Overseas Territory or in the UK.

If born outside the Overseas Territories or the UK, they will be British citizens if one of their parents is a British citizen. There are other cases in which non-British citizen children can get citizenship by registration.

What happens if Bermuda goes independent ?

Britain has yet to address that question conclusively. In the past, people with a residual connection to Britain have been allowed to keep their British citizenship after independence.