Category Archives: caribbean

BVI – British Virgin Islands

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The British Virgin Islands (BVI), is a British overseas territory located in the Caribbean to the east of Puerto Rico.The British Virgin Islands consist of the main islands of Tortola, Virgin Gorda, Anegada, and Jost Van Dyke, along with over fifty other smaller islands and cays. About 15 of the islands are inhabited. The capital, Road Town, is situated on Tortola, the largest island, which is approximately 20 km long and 5 km wide. The islands have a population of about 27,800, of whom approximately 23,000 live on Tortola.

The British Virgin Islands (BVI) very much cater for those who enjoy outdoor activities or water sports. The Islands represent one of the most relaxed and stunningly beautiful and unspoilt destinations in the world, with genuinely friendly people, the best sailing waters in the Caribbean (it has the largest crewed yacht fleet), horseback riding, mountain trails, and outstanding wreck diving on pristine coral reefs.

The islands are half an hour’s flight from Puerto Rico, the regional hub, and adjacent to the US Virgin Islands.

The “twin pillars” of the economy are tourism and financial services. As an offshore financial centre, the British Virgin Islands enjoys one of the more prosperous economies of the Caribbean region. The British Virgin Islands (BVI) offer an outstanding quality of life as well as excellent job opportunities in international finance. There is usually high demand for qualified professionals to work in the Big Four firms or in commerce (in particular, in insolvency or for trust account management firms or funds).

As with the other offshore islands featured, immigration rules are quite strict, and prospective recruits will need to obtain a work permit. But for accountants this is not usually a big issue as your skills are in high demand on the island. The fact is the BVI is a very small country and foreign nationals make up most of the (professional) workforce. Employers would generally offer relocation packages, but in most cases would require you to commit for e.g. 18 month contracts to recoup their investment in you – something that you need to be considered before committing to such a big move.

There is no tax on offshore income and capital, no tax on mutual funds, no inheritance tax, no capital gains tax, no VAT/sales tax, no currency controls, and no double taxation agreements in the British Virgin Islands.

For more info on the island, refer to the websites below, which give all the required info:

Find below links to recruitment firms on the island:

Have you been to the BVI or have friends that live there? Share your experience with us!

Cayman Islands

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The Cayman Islands is a British Overseas Territory located in the western Caribbean. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica.

As with Bermuda and the BVI, the Cayman Islands offer an ideal mix of exciting opportunities for professional development and accumulation of tax-free savings, together with an active recreational life.  There is never a shortage of things to do, especially for those who love sports, meeting new people, socialising and sunshine.

As with the other offshore islands, the Cayman Islands are a major international financial centre. It’s the fifth-largest banking centre in the world and the biggest sectors are banking, hedge fund formation and investment, structured finance and securitization, captive insurance, and general corporate activities. You will find all the big global financial institutions including HSBC, Deutsche Bank, UBS, and Goldman Sachs; over 80 administrators, plus the leading accountancy practices (incl. the Big Four auditors).

Like Bermuda it is a very popular offshore destination for chartered accountants, with most roles available in practice with the Big 4 on the island. There are however also opportunities outside practice with the financial institutions on the island, although slightly more challenging to secure.

Given its proximity to North America, there are also many opportunities to explore the continent – flight time to Miami is a convenient one hour twenty minutes; the flight time to Toronto is five hours.

As with the other offshore islands featured, immigration rules are quite strict, and prospective recruits will need to obtain a work permit. But for accountants this is not usually a big issue as your skills are in high demand on the island. Employers would generally offer relocation packages, but in most cases would require you to commit for e.g. 18 month contracts to recoup their investment in you – something that you need to be considered before committing to such a big move. I know of colleagues who moved to Cayman and Bermuda and after 6 months wanted to leave due to unhappiness with their roles. They were then held liable for the relocation costs as their contract was not yet completed. This is a challenge for South African citizens that can usually only relocate overseas with a work permit and visa tied to a specific company. This makes it difficult to change jobs once you have moved should you be unhappy. I also have personal experience of this dilemma during my time in Guernsey. If you hold a foreign passport then your situation might be slightly easier, although the offshore centres still have housing regulations and essential license regulations in most cases which will still provide a challenge. It is therefore best to do thorough research on all aspect of immigration, relocation, housing etc as part of your decision.

As with the other offshore islands, the cost of living in Cayman is quite high and customs duties are levied on most imports (typically in the range of 22 -25 %), but the salaries compensate for this so you should be able to travel and safe a fair bit.

For more info on the island, refer to the websites below, which give all the required info:

Find below links to recruitment firms on the island:

Have you been to the Cayman islands or have friends that live there? Share your experience with us!

 

Bermuda

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Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about 1,030 kilometres to the west-northwest.

When it comes to offering diverse job opportunities accompanied by tax-free saving and the enjoyment of an active social life, Bermuda is second to none.

Claiming the highest GDP per capita in the world, and as an offshore financial centre it boasts a large array of offshore financial services companies and so affords a wide choice of employment and career prospects. The Island also offers countless sporting activities you can get involved in (such as diving or playing golf, tennis, beach volleyball, baseball, field hockey, football, cricket or rugby) as well as the chance to meet many other young professionals with a similar positive attitude to life. Bermuda jobs therefore come with highly desirable additional benefits beyond the working office, and over 20% of Bermuda jobs are filled by expatriates.

Being an offshore financial centre, it has low direct taxation on personal or corporate income. The local tax system is based upon import duties, payroll taxes and consumption taxes.  As the offshore domicile of many foreign companies, Bermuda has a highly developed international business economy; it is a financial exporter of financial services, primarily insurance, reinsurance, investment funds, hedge funds and special purpose vehicles (SPV).

It is a very popular offshore destination for chartered accountants, with most roles available in practice with the Big 4 on the island. There are however also opportunities outside practice with the financial institutions on the island, although slightly more challenging to secure.

Given its proximity to North America, there are also many opportunities to explore the continent with frequent direct flights to both Canada and the US proving an attractive option.

Immigration rules are quite strict, and prospective recruits will need to obtain a work permit. To protect Bermudians from unfair overseas competition, you will only be granted a work permit for a Bermuda job if you hold a professional designation (e.g. a chartered accountant) and there is not a suitably qualified Bermudian candidate available for the role at the time of application.

The cost of living in Bermuda is quite high and customs duties are levied on most imports, but the salaries compensate for this so you should be able to travel and safe a fair bit.

Employers would generally offer relocation packages, but in most cases would require you to commit for e.g. 18 month contracts to recoup their investment in you.

For more info on the island, refer to the websites below, which give all the required info:

Find below links to recruitment firms on the island:

Have you been to Bermuda or have friends that live there? Share your experience with us!