Re-insurance in Bermuda

[3tac]

Originally Posted by notreallyme

Great Thread.

- Does anyone know how relevant the information still is?
- Is it still a 3 to 4 month wait period for the work permit?

What do people that own homes in the states do when they go to Bermuda? (And perhaps more importantly what do they do with the stuff in their home?)
What about thier cars? (I have 2 years left on a lease)

Inquiring minds want to know.

Any other expats out there willing to chime in?

Re: the work permit, for the most part it takes 8-10 weeks total. TF's comments are also true.

Re: your home, some sell, some rent and some just hold on to it in hopes of returning when their "stint" is up. If you decide to sell, it will vary by company on whether they hook you up with a company to take it over if you can't sell it within a specific time period.

Re: your stuff, you could move it to Bermuda, sell it in the states or leave it in your place in the states and rent your place out furnished. There are plenty of furnished places to rent in Bermuda if that's what you're looking for. The majority however are unfurnished.

Re: your car lease, one option is to find a friend/relative that is looking for a new car and sign it over to them. This will cost about $450 total for the paperwork and then everything is in that person's name and you have no ties to it whatsoever. Outside of that, you should check out www.leasetrader.com where you can do the same thing, only it will be with a complete stranger, making the process a little more stressful.

Any other questions, post them here or PM me.

[tommie frazier]

on bringing your stuff, here's something to think about: the humidity can ruin anything wooden, and mold things you didn't think would mold. so some bring everything, plan on leaving it by having a "leaving the island sale", and that's that. (the company pays the duty on what you bring over in the move, usually.) so the heirloom bedroom set-leave in the states.

bringing too littl stuff, you could rent furnished, or then try to buy what you didn't bring/left behind. that will be expensive, as things generally are, and if you order new and have it shipped, the shipping cost is big and you pay the duty (not the company).

i'd say bring everything you think you will want there on the initial move. everything. perhaps overbring, as you can sell it once there for decent cash (esp if it is kind of nice). ex of this market: friend had a tv, wife had a tv. after the wedding, they sold wife's tv for same nominal amount as she paid for it in canada 3 years before. except now it was $BDA=$US>$CDN, and she got 3 years use out of it.

so buy all that stuff before you get there.

[3tac]

Originally Posted by tommie frazier

so buy all that stuff before you get there.

So true! If you decide to make the move, buy everything you think you may need BEFORE leaving the states. Even with paying the import duty it will be cheaper than buying it here. The big problem we also run into is whether a certain good you're looking for is even available. I have found it to be an issue more of availability than affordability many times.

TF's comments regarding leaving your stuff here are also spot-on. You should think of this as a 1 way move for your stuff. No matter what it is and how good your a.c. units are, salt air will take its toll over time. Any extra items you have once you get settled can be sold online via www.e-moo.com ... Bermuda's online garage sale of sorts where you can buy and/or sell almost anything.

[DW Simpson]

http://www.nysun.com/article/63491

Eyeing new sources of revenue, the [US] Senate Finance Committee is considering legislation that would close what some say are loopholes in the law that allow reinsurance companies and hedge funds to avoid taxes by setting up headquarters offshore.

More...

[Pirsig]

Lots of great information here but looks dated. Is most of it still true today? I'm considering a Bermuda offer and am curious about --

1) All the stuff that I need to get from the US to Bermuda -- are companies generally willing to pay the duty on these?

2) Is there a limit to the amount of stuff that I can transport from the US to Bermuda?

3) What does a standard relo package look like these days? I've heard things are different (companies focussed on reducing costs) on the island today compared to 2-3 years ago.

4) Are payroll taxes still paid by the employer as a general rule?

5) Any other things that I should consider in evaluating this offer?

Thanks in advance.

[CtrlAltDelete]

Originally Posted by Pirsig

Lots of great information here but looks dated. Is most of it still true today? I'm considering a Bermuda offer and am curious about --

1) All the stuff that I need to get from the US to Bermuda -- are companies generally willing to pay the duty on these?

2) Is there a limit to the amount of stuff that I can transport from the US to Bermuda?

3) What does a standard relo package look like these days? I've heard things are different (companies focussed on reducing costs) on the island today compared to 2-3 years ago.

4) Are payroll taxes still paid by the employer as a general rule?

5) Any other things that I should consider in evaluating this offer?

Thanks in advance.

1) Yes

2) Depends on your offer and position.

3) They should also pay your repatriation costs (cost to go back to your home country when you leave the island). They will also likely pay for a couple of roundtrip airfares in case you miss home.

4) You pay half, employer pays half. Payroll tax went up 1 percent few months ago.

5) Relocation is not as important as the living expenses they provide you. Rent and utilities in Bermuda are very high even in a recession. You don't want to be short-changed here. emoo.com is a popular website where people look for rentals. You can look at it to get an idea of the costs.

[Abnormal]

Another source of info for rentals is

http://www.my-bermuda-house.com/

http://www.regorealtors.bm/

Between the two it should give you some idea what is available and at what price range. Note that a lot of the rents aren't set in stone and the landlords will be open to counteroffers.

[Dr. John Zoidberg]

Are the internet/TV problems still an issue? Is there anything on the first page that is out-of-date?

[CtrlAltDelete]

Originally Posted by snafu

Concerning Bermuda specifically, here are a couple of tidbits that I have found through my research.

• Expatriation with more than two children requires special permission.
  

• Still true.
  

  There is no income tax. You will still be subject to US tax but with a huge (+70K) income exemption.

  There's still payroll tax you have to pay. The exemption is now about 80K.
  

  There are tons of hidden (sales, fees, etc) taxes.

  Not necessarily taxes but a lot of tips. You have to tip basically everybody. The strangest is tipping grocery baggers. Restaurant typically adds a 17% service charge on top of your tab.
  

  Plenty of private schools but they are expensive. Good public schools. Current movement to limit expatriate usage of public schools but no such limit yet

  Private schools have a long waiting list and costs about $17 grand a year.
  

  Housing is outrageous. Housing allowance is crucial. But on the plus side, every house I looked at on line could see the ocean. Although the cheapest was 2 bedroom for 4K plus a month.

  This is no longer entirely true given the recession. A 2 bedroom right now near the beach (not in the city) costs about $3000 a month and that's the cheapest.
  

  Expats cannot purchase real estate with a sales price of under $1M, so renting is pretty much a must. But on the plus side, with the large income exemption you don't need the home interest deduction as much.

  I think that's still true.
  

  Can't speak for the life side, but apparently credentials are almost a must on the P&C side.

Not really. There are more P&C students than Life from what I've seen. But maybe it's because demand for Life actuaries is smaller.

[paultoti]

Originally Posted by Anonymous

I am an actuary working in Bermuda in reinsurance.

I meant to keep this short but I obviously failed. If you want more info, leave an email and I will be happy to contact you by email or phone. Or just post more questions here - I'll get to them eventually.

Hi,
Would you think $150k base salary + free housing a good offer in Bermuda? Would I be able to save money? Based on what I found

• Cost of living: based on this website (http://www.bermuda-online.org/costoflivingguide.htm), the estimated cost of living not including rent is about $7-8k per month. Is that true? It just seems unbelievably high to me.

• Utilities: could you share how much it costs typically in the Summer and not Summer months? I heard in the Summer it can go up to $1000 a month. It probably depends on the size of the house a well.

• Water tank: How often do we need to clean it? How much would it cost to clean?

• Ants and cockroaches: I read that they are everywhere. Is it true that they would invade your house? Did you have difficulties dealing or keeping them away from the house? Any chance to keep them away from the house?

I am considering moving there and would like to make sure that I will be happy and save money there. I would really appreciate your responses.