Here at CML Recruitment, our teams recruit in multiple offshore jurisdictions but primarily service the Cayman Islands (where we are located), Bermuda and the British Virgin Islands. One of the main questions from our candidates looking to move offshore is which jurisdiction is best for them?
- The Cayman Islands – for those looking for a luxurious beach lifestyle in a tax-free international, cosmopolitan jurisdiction.
- The British Virgin Islands (BVI) – these islands are ideal for those dreaming of island hopping in search of the perfect secluded island cove and living the stereotypical slow, pared-back island life.
- Bermuda – the best of both worlds, with its laid-back, old-fashioned charm, Bermuda is waiting for you to explore its hidden trails and enjoy the cool island breeze, whilst still having high-end comforts from home.
Keep reading for some of the main points to consider with each jurisdiction so that you can make a decision that suits your unique lifestyle and career goals best.
The Cayman Islands
Grand Cayman is where we proudly have our headquarters for the CML team. It is an incredible location for individuals looking to further their careers with a luxurious beach lifestyle and most of the perks from back home, wherever that may be. Cayman is home to multiple high-end restaurants and bars and has a lively recreational/sports community and breathtaking beaches to kick back and relax on.
Most of the jobs in Cayman tend to be in the district of George Town, a more developed area due to the capital of the same name and the famed Seven Mile Beach. As this is the case, most newcomers to the island find themselves living in and around this area, but if you are looking for laid-back, slow-paced island life, you can still find this in some of the other districts. In general, you should expect Cayman to be a little more developed and luxurious than the other offshore jurisdictions in this article.
Financial Services Careers in Cayman
The Cayman Islands are a perfect location to enhance a career in Financial Services due to its world-class reputation as a leading international financial centre. The islands are a leading jurisdiction for professionals looking to further their careers in audit, international hedge funds, captive insurance, banking & trusts, insolvency & restructuring, capital markets and fiduciary services.
Legal Careers in Cayman
Legal careers in Cayman can take many forms, but most positions revolve around funds and regulatory work due to the proportionally high number of regulated funds in the region and compliance changes brought forth in recent years. Dispute reolustion, SPAC work, crypto, global insurance/reinsurance, and high-profile M&A deals are also key practice areas for many of the jurisdictions’ firms.
IT Careers in Cayman
Over the last decade, there has been extensive growth in the IT industry in the Cayman Islands. As the financial and legal sectors on island grow, so do in-house IT teams and consultancies. The primary industries that IT professionals in Grand Cayman specialise in are banking, legal, audit and consultancy.
Roles generally in demand in Grand Cayman range from mid-level opportunities to executive-level roles within software development/testing (specifically .NET), cyber security, IT project management/BA and network consultants.
To learn more about life in the Cayman Islands, feel free to check out our guides here:
The British Virgin Islands (BVI)
The BVI are a relaxed chain of islands that truly embody what you think of when you picture living on an island in the Caribbean; beautiful bays fringed with white sand beaches that stretch up to meet dramatic mountain vistas and island hopping via boat on the weekends to find the perfect sundowner spot. Life in the BVI is a little more rustic and laid back than in Cayman, so it may be more suited for those looking for more of an adventure and who aren’t afraid to get their feet wet along the way.
Financial Services Careers in BVI
Similar to Cayman, many positions within the financial services industry in BVI include roles with leading audit and accountancy practices, insurance managers, hedge funds, banks, and specialty insolvency & restructuring firms. Due to its size, the BVI’s offers financial services professionals the opportunity to work in smaller teams and become integral to the business.
Legal Careers in BVI
As a leading offshore financial centre, legal careers in the BVI primarily deal with insolvency, trust, company, banking, and insurance laws. In the past few years, many firms in the jurisdiction have seen an uptick in Insolvency proceedings, M&A deals, Crypto/digital asset work as well as closed-end and incubator funds.
IT Careers in BVI
Technology is a lesser-known industry in the BVI; however, it is indeed experiencing some growth. The local market can cover most support-level positions, so more senior-level roles are likely to be available in IT within this jurisdiction. Like the Cayman Islands, you will also find teams in the BVI smaller, allowing your role to be even more all-encompassing.
To learn more about life in the British Virgin Islands, feel free to check out our guides here:
Bermuda is another incredible island nation that offers a low-tax lifestyle of dramatic coastlines, fantastic diving, and a warm, welcome island culture. A low-tax jurisdiction, Bermuda offers laid-back island charm, but with adventure abound, this is an island meant for those who want to explore and discover hidden trails/parks and then spend the afternoon with their feet up as they take in the cool island breeze.
Financial Services Careers in Bermuda
A jurisdiction of choice for funds and asset finance, Bermuda is also recognized as one of the world leaders in Insurance, Reinsurance, and Captive Insurance, with this sector being one of the largest in the world.
Legal Careers in Bermuda
With a significant focus on the insurance market, much of the legal work surrounds this industry, including reinsurer captives, insurance-linked funds, and funds investing in insurtech products and blockchain technologies.
The regulatory environment in Bermuda is changing, with compliance taking centre stage, so it is expected that there will be growth in regulatory roles. Also expected is development within the fintech space due to recent acts that allow for the possibility of digital asset businesses to set up and be regulated in Bermuda.
IT Careers in Bermuda
The Bermuda market is predominantly focused on the insurance and reinsurance industries mentioned above, so it is no surprise that the vast majority of IT opportunities come up within those sectors. In the past few years, there has been movement in the digital asset space with regulations providing potential for growth in this area and an expected staffing need to back this growing industry.
To learn more about life in Bermuda, feel free to check out our guides here:
If you are looking to take your career offshore in the FS, IT or Legal space, then you are in the right place. Reach out to our team today at firstname.lastname@example.org for a confidential conversation, and we can advise you on opportunities that would best suit your career goals.