Tax professionals' guide to relocating to Bermuda

Background

Bermuda is a British Overseas Territory located in the North Atlantic Ocean. The capital city is Hamilton and the economy is largely based on offshore insurance/reinsurance and tourism.

Any tax professional considering relocating to Bermuda should be aware of the hurricane season, which runs from June to November. This can be monitored via the Bermuda weather service and National Hurricane Centre websites.

Employers

The vast majority of tax jobs in Bermuda are with the Big 4 accountancy firms, all of whom have offices in Hamilton. These tax jobs tend to be for people with US tax experience only, and financial services knowledge is preferred, though not always essential. Sometimes an operational taxes job comes up, where FATCA/CRS knowledge is required.

To view current tax opportunities in Bermuda, please click here: https://www.etaxjobs.com/browse-jobs/bermuda-tax-jobs/

Working in Bermuda

If you wish to work in Bermuda, you must secure a job before coming to the island. Your employer will then apply to the Department of Immigration for a work permit, and once this is received you may enter the country to work. You may not seek employment while visiting Bermuda.

Taxation

The information below is sourced from PwC: http://taxsummaries.pwc.com/ID/Bermuda-Corporate-Other-taxes 

Individuals in Bermuda don’t pay personal income tax. Instead, the Government of Bermuda levies a Payroll Tax.

Payroll Tax is levied on all employers. However, an employer can withhold a percentage of your salary by way of a contribution towards the payroll tax.

Transport

Bermuda has an excellent public transportation system, comprising buses and ferries. It is reliable, well-maintained, clean and usually air-conditioned. It is also relatively inexpensive.

Note, there is no car rental services available in Bermuda but you can hire bikes and mopeds. Taxis are inexpensive and the drivers are friendly.

Health

Unlike other countries that are a part of the British Colonies, Bermuda does not have a national healthcare system. Employers provide a healthcare plan and pay 50% of the cost. Having healthcare is mandatory.

The healthcare insurance is no more expensive than that which an employee in the US would typically pay when obtained through their employer, and the coverage typically far exceeds that which one may have through a US employer.

The Bermuda Hospitals Board operates the King Edward VII Memorial Hospital, located in Paget Parish, and the Mid-Atlantic Wellness Institute, located in Devonshire Parish. Boston's Lahey Medical Center has an established visiting specialists program on the island which provides Bermudians and expats with access to specialists regularly on the island.

Accommodation

Here is a link to a property website in Bermuda: https://www.propertyskipper.com/rentals

A 1 bed apartment tends to start at prices from $1,250 per month. However, in all likelihood you will be looking at $2,000 per month for something of good quality and in a good location. Note: 1 Bermudan Dollar = 1 US Dollar.

The only source of fresh water in Bermuda is rainfall, which is collected on roofs and catchments (or drawn from underground lenses) and stored in tanks. Each dwelling usually has at least one of these tanks forming part of its foundation. The law requires that each household collect rainwater that is piped down from the roof of each house.

Schooling

The private school sector consists of six traditional private schools, two of which are religious schools, and the remaining four are secular with one of these being a single-gender school and another a Montessori school. Also, within the private sector there are a number of home schools, which must be registered with the government and receive minimal government regulation.

Tuition fees per year range from to $10,113 to $22,000

Bermuda Institute

Saltus Grammar School

Warwick Academy 

Mount Saint Agnes Academy

Somersfield Academy

Bermuda High School for Girls