Have you ever considered looking at restructuring and insolvency jobs in the Caribbean?
Working overseas for some is a life long ambition. For others, it is a pipedream that could never truly be viable due to home and family ties. There are also those that fall somewhere in the middle in which the move is possible but is the lifestyle change worth it?
Within the insolvency and restructuring industry, there has always been a fair amount of globally mobility but none more so than to the Caribbean and Bermuda. Resulting in many restructuring and insolvency jobs opporutnities in the Caribbean.
Many of the largest global consultancies and accountancy practices have financial advisory teams located in these offshore financial hubs that will work on big ticket, cross-border formal insolvencies.
These businesses tend to have a strong presence in both Cayman and the British Virgin Islands and they are often appointed as liquidators on multi-million to multi-billion size appointments which will include a lot of litigation work and international asset tracing.
Aside from the work quality, there are of course many obvious benefits. Lifestyle and culture. The islands offer escapism and beauty in equal measure as well as a feeling of belonging and community.
There are a lot of expats on island and so you will get the opportunity to socialise and work with people from all around the world. There are great bars and restaurants to enjoy, spectacular beaches, an abundance of water sports and activities to get involved in plus numerous social clubs for adults and children.
The Caribbean is also a gateway for relatively short-haul travelling to South America and North America, especially for those arriving from further afield such as the UK and Australia.
Much of the above you may have already known about and so let’s get into the essential detail of actually living and earning on island.
Monthly rental and household expenses:
Rental prices vary depending on the location you select on island. Nearer to the business district of George Town in Cayman, the more you will spend on rent.
A one bedroom apartment to rent in Cayman will cost in the region of $1,650 local Cayman Island (CI) dollar which is circa $2,000 USD / £1,600 GBP. You will roughly pay $800 – $1200 (CI) extra per additional bedroom in outer towns and $1000 – $2000 (CI) extra per additional bedroom in low commuting towns.
Household expenses can fluctuate highly depending on whether you choose to pay for extras such as paying for cleaning services, cable TV packages, general entertainment etc. However, for essential costs such as electricity, water, groceries, internet, maintenance, you are looking at paying circa $1,500 (CI) to run a two bedroom apartment.
Earning potential:
As you can see, the cost of living is high based on the cost of importing goods onto the island and so you need to earn well to ensure a good standard of living.
Salary bands in the Caribbean and Bermuda are often 10-15% higher than in London and with low tax to no tax, overall take home will often be stronger.
For instance, a newly qualified accountant with 3-4 years restructuring / insolvency experience operating as a Senior Associate / Senior Administrator, can expect to earn circa $56,000 – $60,000 (CI) / $68,000 – $74,000 USD / £55,000 – £60,000 GBP. This is just base salary and excludes wider benefits and annual bonuses.
Relocation:
Employers will often support with the cost of an economy flight, shipping costs, temporary two to four week accommodation upon arrival and the rental of a vehicle for two weeks to help you initial get around on island.
Work permits:
These are taken care of by the employer and can take several weeks to process. If you receive a job offer then it is strongly advised that you wait until your work permit has been granted before resigning from your current job.
To qualify for a work permit, a formal qualification (ACA, ACCA, CA, CPA, JIEB) is required. Those holding the CPI will be considered in certain cases.
If you’re sold or at least half way there and want to learn more about live restructuring and insolvency jobs in the Caribbean then drop us a note and we can help you make that dream move a reality.
For more information about living in Cayman, The British Virgin Islands and Bermuda, do visit the following sites:
