Bermuda is the oldest British Overseas Territory, located in the north atlantic ocean 1,000kms off the east coast of the USA. It is comprised of four main islands connected by bridges, and in excess of 100 smaller islands in the surrounding area for a total land mass of approximately 55km². With the capital of Hamilton located in the middle of the islands, its population of 65,000 enjoys one of the highest GDP per capita in the world.
Owning to its historically close links to the UK, and continuing relationship as an Overseas Territory, the islands maintain a distinct British feel in its architecture and island sporting pursuits. The weather is different to England though, sporting a sub-tropical climate providing long warm summers and mild winters. These two together create a great outdoor, sociable lifestyle.
As a leading vacation destination in the summer months for tourists from both north America and Europe, many find the charm of the island life and the many beaches irresistible…including the world famous pink beach. Combine the beautiful beaches with boating, and you have a multitude of opportunities to experience the great outdoors surrounded by the atlantic ocean.
Whilst possessing reefs, Bermudian diving centres around the wrecks of both boats and aircraft in the area over the years. Supporting the theory of the Bermuda Triangle, these are numerous with many accessible from shallow shore dives.
Bermuda sporting club community
British sports are the main influence, with many a cricket, rugby, squash and football clubs on the islands. A great place to mix a competitive spirit with a social atmosphere, like all British Overseas Terrorities they are a great way to become a part of the community of the islands. Boasting numerous world class courses, many enjoy the various golf courses that scatter the islands.
The mid atlantic location of Bermuda provides residents with daily direct flights to the North America east coast (1.5hrs), and regular direct British Airways flights into London (7 hrs). With such easy access to New York, Boston, Toronto, Atlanta and seasonally to Miami, a big city weekend getaway is always popular.
Living in Bermuda
The limited supply of accommodation on island tends for Bermuda to have a higher cost of living than most expect. A fully furnished two bed apartment within a short 15min commute to Hamilton generally start from $2.5k – $3k p/mth. There are additional opportunities available further away from Hamilton providing cheaper alternatives, increasing the commute time relative to other locally, but still significantly lower than those experienced onshore. It is advised for candidates that require a larger option for a family are urged to do their research on suitable options to avoid surprises once starting the recruitment process.
A popular strategy for singles moving to the islands is to enter into a house share with others, splitting the cost of the overheads. This strategy can reduce the monthly cost for a single to $1.5k p/mth (plus overheads), whilst being a great way to expand your social network.
Firms take into consideration the cost of accommodation when setting their salary levels, and are usually happy to assist new starters with local links to current accommodation offers.
In order to ensure traffic congestions doesn’t become an increasing issue on the islands, Bermuda employs a one car per household policy. Many residents, and nearly all new professionals to the island, choose to purchase a scooter. They can start from as little as a few hundred dollars for one that’s secondhand, to $5,000 for a brand new one. There is also a public transport system that is comprised of Buses and Ferries reaching across the islands.
The Bermuda Dollar replaced the Bermuda Pound in 1970. It is pegged to the US Dollar at a rate of 1:1. USD is widely accepted across the islands, but change will be given in the local currency.
Salaries are generally quoted and paid in USD.
Bermuda is classified as having a sub-tropical marine climate, comprising long summers and mild winters. Summer temperatures range from 25-30°c in the summer, with winter days up to 20°c.
Hurricanes can occur, but generally little activity is recorded each season.
Bermuda is known for its wide ranging industry in the Financial Services industry, having long held a pre-eminent spot amongst its peers. In conjunction with its variety of services provided, It is has carved out a particular niche in the insurance and reinsurance markets.
Whilst Bermuda is considered an income tax-free jurisdiction, there is a payroll tax for employees salaries levied on employers at 4.75%.
All foreigners (including British Citizens) wishing to live and work in Bermuda require a work permit. Whilst there are varying categories, an internationally recognised industry qualification is required to obtain one of these in financial services. Not limited to, these include CA/ACA/ACCA/CPA/CFA etc.
Spouses are able to be dependent on their partners permit to reside on the islands, however it is important to note unmarried partners are not permitted to reside on the islands without their own job and work permits.