Say good-bye to Hollywood: Michael Douglas and Catherine Zeta-Jones are planning to move to Bermuda to raise their children, reports the New York Daily News.

"We've decided to make that our base," Zeta-Jones, 33, told the newspaper's Rush & Molloy gossip column while she was in Manhattan for last Wednesday's premiere of her movie musical, "Chicago."

According to the columnists, Douglas, 58 and an Upper West Sider, wanted to make New York the family's main home. Zeta-Jones, on the other hand, wanted Wales, her homeland, where the couple also have a large house.

Other choices: Los Angeles, Santa Barbara, Colorado or Majorca, Spain, where they also own homes.

So, why Bermuda? "My husband's mother is Bermudian," said Zeta-Jones, referring to Dianna Darrid, whose clan has been on the island since it was settled by the British in the 17th century. "We have an instant family and friends."

Besides, the Douglases already have a quite a spread there. Last year they bought a two-story 1821 house on a 2.2-acre estate called Longlands for a reported $2.5 million. The "Wall Street" Oscar winner also has a stake in a resort there called Ariel Sands.

Zeta-Jones told the News that their son, Dylan, 3, would attend a local Bermudian school, probably Saltus Grammar, where he would "wear a uniform." The couple's second child is due in March.