Jobs in Bermuda

Jobs in Bermuda

You may have already heard of what it means to be working in Bermuda.

Yes, a Bermuda job can get you the best of lifestyle that you ever desired. If you still have doubts, check Why Bermuda.

And such a lifestyle comes complemented with tax free and really high earnings.

There is no income tax in Bermuda. Government taxes are mostly indirect in nature and are generally recovered from import of goods and not directly from the workers or professionals.

Bermuda is a tax haven and attracts thousands of expatriates to come here and work. In this 21 square mile tiny island, there is over 66000 resident population. The per square mile population density of Bermuda is one of the highest in the world. So do you think that such high population density can reduce your job prospects? Actually no.

There are over 20% non-Bermudians or expatriates who are employed in Bermuda in private and public sectors. Number of expat jobs in Bermuda is growing every year. That's because Bermuda needs skilled resources that are not always available in the island.

But a job in Bermuda requires a Work Permit which is issued by Bermuda's Department of Immigration. And unlike many other countries, this work permit is issued only for a short duration of 1 to 3 years with a maximum term limit of 6 years. That means you can not renew the work permit beyond 6 years in general, and after that you should be prepared to go back to your own country. Update Nov 2011: 10-year work permit is now issued for critical roles.

For a professional job, a bachelor degree is expected at the minimum. Higher degrees like Masters, Doctorate are given preference. Average annual gross salary for a middle management role in International Business (like reinsurance companies) is about $150,000. It varies a bit depending on your profession and level of experience. For leadership roles, the packages can be much higher.

However, like in any other country, there are some downsides of working in Bermuda as well. But in my view, you can not get best of all the worlds. The positives of working in Bermuda easily outweigh the negatives.

While the earning is high in Bermuda, so is the spending. Bermuda's Cost of living is easily one of the highest in the world. That's because almost everything is imported here including food.

There are hardly any direct taxes in Bermuda like income tax. If you are employed, you just pay a small payroll tax. The island is known as a tax haven for all. No wonder so many international businesses have set up their operations here and are making major contribution to Bermuda's Economy.

The main two industries that provide the job opportunities in Bermuda are the International Business and Tourism. International Business is mainly financial centers like Insurance and re-insurance companies that are some of the top employers in Bermuda. However there are many other options. Check Bermuda Employment Opportunities to know about the different types of job opportunities in Bermuda.

So how do you make an application for a job in Bermuda? One thing for sure, do not try to apply for a job while you are in Bermuda as a tourist. This will be a futile exercise and no employer is likely to entertain that. The policy requires that you should apply while you are outside Bermuda and preferably in your own home country.

You can make direct application to the company that would have advertised in Bermuda's local news paper, an also in a newspaper in US, UK or Canada. Bermuda's only daily is The Royal Gazette where generally the job advertisements are made. Another popular news paper of Bermuda is Bermuda Sun. You should scan the electronic versions of these newspapers for the latest jobs in Bermuda.

Alternatively, there are specialist Recruitment Agencies in Bermuda. Sometimes such a recruitment agency is a better option if you can not find a job advertisement that matches your profile. Other than the job itself, there are many other factors that have a lot of bearing with cost like the travel costs, housing, medical insurance and such. You should negotiate the Job terms and conditions with your employer to address these properly.

Having secured a job in Bermuda and the work permit, your next step would be to plan for relocating to Bermuda. You will find that people of Bermuda are specially very warm and hospitable. Even the employer will welcome you and make you feel at home.

But there are some strict curbs and restrictions imposed from government of Bermuda for non-Bermudian employees. You will be much better off if you know what to expect and prepare for while Living in Bermuda.

Check out Bermuda Economy to know about overall economic conditions of Bermuda.

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