How much is a comfortable life in Bermuda?

Published on June 15, 2022 by Omar James

Transcript:

So you probably clicked on this article because you’re considering a move to Bermuda. You have an offer so you’ve started doing your research and the one piece of information you keep coming across is that: BERMUDA. IS EXPENSIVE. 

And the more you read about it the more you begin to wonder if that great salary offer is so great after all. If that description fits you, then sit back, grab a snack, hit the subscribe button and let’s have a discussion about the minimum salary you should consider before accepting a position that requires a relocation to Bermuda

This is a great question because in Bermuda a dollar doesn’t go nearly as far as most other places. Bermuda is consistently ranked as one of the most expensive countries in the world so if you have an offer on the table it’s important to know if that dollar amount is enough to at least maintain your current standard of living. 

That minimum number is gonna be different for everybody because everyone has different expectations and requirements. There are so many factors to consider. Do you have a family? What type of house do you plan to stay in? Are you being offered a housing or relocation allowance? Do you have a wife? Kids? Those questions are just skimming the surface of the things you need to consider when deciding what your minimum salary is. 

But I know you are not watching this video for any vague recommendations. You want answers and I’ll give ‘em to you. First let’s look at some statistics. 


According to the Bermuda Department of Statistics, the median gross annual income in 2019 was just over $62,000. If we break that down by immigration status, the median income for non-Bermudians is roughly $73,000. So that’s what we’re gonna use as our starting point. If we line up all non-Bermudian workers from lowest to highest annual income, the person in the middle would be making somewhere between $72,000 and $73,000.

From there if we look at the commentator from earlier, he’s bringing his wife who won’t be working so they’re bringing home one paycheck. I’m going to assume that they are looking for modern living arrangements to rent with at least two bedrooms which, on the low end, can run you about $2000 per bedroom per month in the current housing climate. Maybe they wanna go out to eat and socialise a couple nights each week and what I tell people is that it costs you $100 per person just to walk out your front door. All the day-to-day necessities like groceries and other bills which, unsurprisingly, are expensive. I have plenty of videos on the channel about that. Maybe they wanna get a small car. Maybe they plan on having kids in the future so they’d like to squirrel a bit of money away each month. 

All that considered, I wouldn’t entertain a move to Bermuda for less than $100k……net. I asked my followers on Instagram the same question and got over 80 responses. The majority have similar thoughts to myself. The absolute minimum salary they’d accept for a move to Bermuda is somewhere between 100 and 150k. But there are quite a few people that would require more than 150k or even 200k. And you know what? Every answer is valid because it all depends on how you want to live and what you plan to achieve while on the island.

Case Study

Tell you what, if you made it this far into the video I got a treat for you. I’m giving you another example but this time I’ll use myself as the subject and you can learn a little more about me at the same time!

I work in information technology, with a focus on financial systems and data migrations. My salary is a little hard to explain at the moment because my current employment situation is a bit….. Complicated. But last year with salary, bonus, some consulting on the side but not counting investment returns, I pulled north of $200k. That put me significantly above the average Bermudian worker but how did it really affect my life? Not a whole lot because I try to live well below my means. Whenever I get paid, half goes into a savings vehicle. I don’t have any kids, I ride a rusty old moped because I don’t want a car. And even though I’ve been able to buy my own condo, it’s not a big place and my mortgage payments are lower than I’ve been paying for rent in recent years.    

I live like this because I value my flexibility. I enjoy having the ability to randomly disappear overseas for a month or take a job that might not pay as well as others I've been offered but is less stressful. So for me, even though I'm Bermudian and have the benefit of familiarity and family support on the island, I’d be cool with a salary as low as 100k. But I wouldn’t go any lower than that, because I do enjoy a certain level of comfort that you just can’t get in Bermuda for less than that. Even when you’re a childless hobo like me.

Anyway, I hope this video was useful. Don’t be afraid to leave any questions or feedback in the comment section. And if you want more information on the subject or want to discuss these topics with other people in similar situations, let me recommend the Bermuda subreddit. It’s been revived in recent years and the new moderator is amazing. Lots of great conversation over there about topics just like this so go check it out. 

As usual, thank you for watching! I very much appreciate all the support. All the positive comments, the people sharing my videos, and everyone who’s stopped me on the street to tell me how much they enjoy these videos. I really really appreciate it. So stay tuned, and don’t be afraid to reach out. I don’t bite! 

See you in the next video!