Relocation & Recruitment Advice
AP Executive has experienced consultants dedicated to recruiting for jobs in Bermuda, please contact us for further information.
OVERVIEW
Bermuda is an archipelago located some 650 miles off the coast of the USA. It is a British overseas territory; however, it is largely self-governing with its own constitution, government and courts.
Although a beautiful holiday destination, Bermuda is also a major international financial centre, with its insurance and reinsurance sector being the key drivers of the economy. As a leading offshore jurisdiction, Bermuda offers numerous advantages, ranging from competitive tax regime and business-friendly policies to sophisticated regulatory framework.
Tourism comes second to the finance sector in terms of its contribution to the economy. The island boasts a distinctive blend of British colonial history and African heritage, however, there are influences from American, Spanish and Portuguese cultures as well. The capital city Hamilton is dotted with several well-preserved historical buildings and forts, which document the island’s dynamic past.
WHY CHOOSE BERMUDA
Apart from the island’s distinct cultural identity and unspoiled natural beauty, Bermuda is a thriving financial and banking centre, offering numerous opportunities for qualified offshore financial and legal professionals.
Bermuda is widely touted as a ‘tax haven’ as it levies no taxes on corporate income, capital gains and double taxation. However, it should be borne in mind that there are other direct and indirect taxes, including payroll tax and inheritance stamp duties.
Bermuda is a politically stable and economically strong island. It has first-class communications facilities, a very well educated workforce and access to all the legal, accounting and other professional support services that clients would expect of a leader in offshore business.
It is very well-connected with easy access to and from Europe, the USA and Canada. Flying time from the US east coast is less than two hours.
There are publicly-funded and private schools, both providing education in English. Bermuda has sophisticated healthcare providers; however, service is not free of charge. Expats are recommended to get a healthcare insurance, and in most cases, the employers pay a certain amount of the total cost.
Bermuda is a beautiful island with an ideal semi-tropical climate and excellent recreational facilities including golf, tennis, swimming and a wide range of water sports. Bermuda is also famous for having more golf courses per square mile than any other destination in the world, and its Port Royal Golf Course has hosted the PGA Grand Slam for 8 years.
There are several high-profile sporting, cultural and musical events held throughout the year, providing the best opportunity to enjoy a vibrant and exciting social life.
REQUIREMENTS TO SET UP A COMPANY
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The process of establishing a company depends on the business structure and size. The Bermuda Government advises prospective businessmen to contact a local attorney who can help determine the appropriate procedure.
Usually, the process involves developing a business plan, choosing the appropriate business structure, registering the business name and finally paying for the license.
REQUIREMENTS FOR EMPLOYEES WISHING TO RELOCATE
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As Bermuda is not a part of the European Union, British and other EU nationals have to follow the same procedure for relocation as citizens from other countries.
Securing a job offer from a Bermuda based employer is the first step toward moving to Bermuda. Unlike other countries, a work permit is not issued to an employee; rather the prospective employer has to apply for the Work permit from the Bermuda Department of immigration.
First preference is given to locally qualified candidates, and a highly skilled non-Bermudian is offered a work permit until an equally qualified local applicant is available to fill in that position. A work permit is issued for a maximum period of six years.
BERMUDA RECRUITMENT SPECIALISTS
Gina Le Prevost FIRP DipRP
CEO, Global