Working in Bermuda

An overseas British territory that lies at the southeast coast of the United States, Bermuda is a popular place to move, not only because of its relation to the Bermuda Triangle, but also because it is one of the major offshore financial centers in the Caribbean.

Job Market

Bermuda takes pride in having one of the highest gross domestic products (GDP) per capita in the world – recorded at $91,477 in 2007. The work force of Bermuda is estimated at 39,179 in 2012, while unemployment rate is approximated at 8%. Two of the major sectors that drive the economic activity of Bermuda are insurance, reinsurance and tourism. Local and foreign national job seekers can find employment opportunities in the industries of financial services and insurance. The Bermudian government encourages job seekers to check out The Royal Gazette for any vacancies.

Minimum Wage/Salary

As of the moment, there is no statutory minimum wage in place in Bermuda. The income of Bermudian workers are determined by their qualifications, position in a company, and agreement between the employer and employee as set out in the individual contract of employment.

Working Conditions

The standard work week in Bermuda is eight hours a day or forty hours per week, Mondays to Fridays. Most major businesses and offices operate from 9AM to 5PM, with one hour allotted for workers’ lunch break. Regular workers who work more than 40 hours are entitled to receive overtime pay at 1.5 times their basic pay.

Under the Bermudian Employment Act 2000, all employees are entitled to two weeks’ worth of vacation after being employed for a year; eight days paid sick leave per year; and eight weeks paid and four weeks unpaid maternity leave after a year for pregnant employees. In case of unfair dismissal from work, employees have the right to take an employer to the Employment Tribunal of Bermuda.

Income Tax

Bermuda does not have a direct income tax system in place, no capital gains tax and wealth taxes, and no value-added taxes (VAT) applied to goods and services – making this British territory a perfect tax haven for companies and affluent individuals. However, all Bermudian nationals and expat workers are subject to pay a minimum of 4.75% payroll tax which is automatically deducted by the employers from their salary.