Article: Brits in Bermuda

(Reprinted from December 2004)

An increasing number of finance professionals are taking jobs in this sub-tropical paradise. We find out what awaits them there….

“You won’t need to worry about the cold or getting stuck in traffic or the wrong sort of leaves being on the line here,” jokes Pam, an ACA from England. “My total commuting time is only ten minutes.”

Pam, 26, works in the audit department of PricewaterhouseCoopers in Bermuda – a department that is staffed by chartered accountants primarily from Britain and Canada. She is one of an increasing number of accountants deserting the shores of Britain to venture off to distant lands. Everybody has a mental picture of Bermuda but what’s it really like?

Life on the Island has been described as being “similar to university except with money, beaches and a bit of sun.” Whilst these attractions cannot be denied, there are other more significant advantages to a period invested abroad, such as adding an international dimension to a progressive career plan - undeniably an asset in today’s global workplace.

Bermuda also offers a cosmopolitan, tax-free environment in which to progress both personally and financially. As for standards of living, the Island boasts one of the highest in the world with the largely affluent, educated resident population mixing easily with the influx of “guest workers.” For those considering a career in the City afterwards, it also provides excellent financial services experience, particularly in the areas of insurance and fund management.

Most employers will take on staff even if they have no financial services experience and provide all the training they need. Hours can sometimes be long especially during busy periods but the lifestyle and remuneration compensate. In public practice, recently-qualifieds can expect to earn in excess of US$65,000, tax-free.

An accountant starting in the financial services industry can command up to $60,000 including bonuses. A number of employers also offer the inducement of share options.

Bermuda is located approximately 600 miles off the East Coast of the United States, level with the Carolinas. It has a population of 60,000 and enjoys a sub-tropical, frost-free climate with mild winters thanks to the warming effects of the Gulf Stream. It is the world’s premier offshore financial centre. The Island is a global leader in insurance and the undisputed number one in the world captive insurance market. Bermuda is also home to over 300 companies including many of the largest financial service institutions in the world.

Reassuringly, Bermuda has retained many of its British characteristics even down to red telephone boxes, police uniforms and a selection of decent pubs. Aside from a wide range of social and sporting activities, there are events such as the high-profile World Rugby Classic, the Bermuda Open, cricket fixtures such as Cup Match and the annual sailing regatta.

For those considering a move overseas, the usual placement method involves transferring through employment agencies. These include offshore specialists such as Hamilton Recruitment (www.hamilton-recruitment.com). Whichever route is chosen, however, prospective candidates should take care whom they choose to guide them and ensure they do their own research before making decisions that will affect their future.

Jason, 28, chose to work in Bermuda because he wanted to both benefit from financial services exposure and also gain international experience. Since arriving on the Island last year he has achieved both, enjoying extensive excursions overseas in his role as account executive with Mutual Risk Management, a leading offshore insurance management company.

So what are the drawbacks? For these adventurous expatriates, having to seek annual work permit approval from the local Immigration authorities can sometimes lead to short-term career thinking. Most professionals go to Bermuda with the intention of staying for two years before returning to further progress their careers at home. Many, however, find that their horizons develop in the time away and it becomes increasingly difficult to sacrifice their new standard of living to return home.

And Island life is not for everybody, of course. The most difficult adjustment for many is leaving behind friends and family. “To be happy here, you have to enjoy the outdoor life. You have to be independent and outgoing,” notes Jason, “otherwise you’ll find it hard. You need to develop friendships quickly since you don’t have your old social network at hand. Fortunately, everybody is in the same boat so it’s quite easy to get to know people whether it’s in the office, on the golf course or at the beach.”

For the lucky few, it sounds like just another day in paradise!