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Bermuda FAQs
What are the benefits of living and working
somewhere like Bermuda?
Spending a period abroad after qualifying presents a fantastic opportunity to
widen your horizons, to develop both as a person and as a professional. Accountants
coming out of their initial training contracts are often looking for a change. Locations such as Bermuda offer an
excellent chance to grow both personally and professionally, to learn from exposure to different cultures and to
internationalise your work experience. It represents an investment in your future.
Additionally, many accountants will have qualified without any
direct experience of the financial services industry. In today's global employment market, the best firms are looking
for professionals with well-rounded experience. Candidates can therefore benefit greatly from the opportunity to add
another string to their bow.
What is the Island like socially? Will I fit in?
Bermuda is a community with high standards of living and time
spent on the Island is likely to be one of the happiest spells of your life. Tourism and the
flourishing international business industries have brought affluence with them, leading
to a generally low level of crime. Due to the friendly,
safe and courteous atmosphere in
both the local and expatriate communities, most newcomers find it exceptionally easy to establish lasting friendships and participate in an active social and sporting calendar.
Where do most of the expatriates come from?
Following on from its historic colonial ties to Britain, a large proportion of
expatriates come from the United Kingdom. However, there is also a large number of
professionals from Canada together with representatives from many other
countries including America, South Africa and Australia. Given this diverse mix of professionals, life on the Island facilitates the making of many
long-term friendships and networking with other finance professionals from other countries.
Do employers have any particular concerns about prospective new employees?
Given Bermuda's occasionally conflicting tourist image and the need to
conduct international business professionally, employers are wary of the small minority
who may be considering coming here for a working vacation'. At the end of the day,
companies are looking for talented, motivated professionals who will get the job done. The
small minority should look elsewhere.
Can my partner/spouse come with me to Bermuda?
The best way to accomplish this is if your partner can obtain a job and work
permit independently before arriving in Bermuda. Where the spouse does not have a
separate permit, the immigration authorities will only allow a couple to come if one of
them has secured a work permit and they are legally married.
It can sometimes be difficult for a dependent spouse who has not previously
found a job before arrival to search for work on the Island, given the immigration
authorities' policy of favouring native Bermudians to visitors when granting work permits for local
positions.
In conclusion, the best route is for both partners to secure employment
separately before arriving on the Island. This will be easiest to accomplish
if both possess internationally recognised professional qualifications, such as
accounting skills, or if the other partner possesses secretarial or
administrative support skills.
I've heard that living in Bermuda can be expensive. Is this true?
Because virtually everything is imported and there is customs duty levied on
most imports, it is fair to say that prices are relatively high, comparable to London but
expensive in particular compared to North America. It's
the same in most similar international financial services jurisdictions. However, this is
more than compensated
for by the fact that there is no direct income tax and salaries tend to be very
competitive. In addition, certain expenses such commuting are virtually zero and
you need never take a summer holiday again!
Nonetheless, whilst the more disciplined are able to save significant sums, many
people prefer to enjoy a greatly enhanced standard of living not available at home and
indulge themselves through extensive travel, material possessions and participation in a
wide range of social and recreational activities.
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