Disclaimer: I have never been to Berumuda so my opinion of it is based on hearsay and internet research.
Here is a comparison of the two islands using google maps and the same scale.
Wikipedia
| Cayman | Bermuda | |
|---|---|---|
| Size | 264km2 102 sq mi | 52.2km2 20.6 sq mi |
| Population(2010) | 54,878 | 64,268 |
| Ethnic Groups(2010) | 40% Afro-European 20% European 20% African 20% other | 54% Black 31% European 8% Multiracial 4% Asian 2% other |
| Currency | Cayman Island Dollar (KYD) $1.20 USD pegged | Bermudian Doller (BMD) $1.00 USD pegged |
| Status (population % with status) | 61% based on avg 21 000 valid work permits | 70% - 79% |
| Income Tax | 0% | at least 4.75% |
Climate
I plotted the avg temps for Bermuda and Cayman. Bermuda is quite a bit colder. Bermuda also gets a lot more rain, the smallest amount of avg rain days in month is 14 compared to 6 in Cayman. Based on data from this site.
Cost Of Living
The general consensus is that Bermuda is more expensive then Cayman but the salaries are higher. I compared the two countries on this site and it showed some very interesting results.First thing I noticed is that the cost of renting in Bermuda seemed a lot higher then Cayman. However upon closer inspection it became clear the numbers were a bit low for Cayman. A 3 bed apartment in the city would cost more like 3000-3500 USD but that is still less then $5000 for Bermuda.
I am sure there are some other discrepancies but seeing as Bermuda is farther from any mainland then Cayman it would stand to reason they would be more expensive.
In a recent international Captive Insurance magazine article for May 2013 (Bermuda and Cayman being the two largest offshore captive domiciles internationally) about choosing a domicile for a new captive from a Canadian perspective, the cost of living was compared. Bermuda was 20-80% more expensive compared to only 20% in Cayman. This was based on the average cost of living index calculated for Canada.
Travel
Travel is never something I considered when comparing the two places but in my two years here I have traveled at least 3 times a year. The cheapest place to travel right now is Honduras at 178US round trip. Cayman airways has direct flights to the following places and here are some avg fairsMiami ($380)
Tampa ($380)
NY ($480)
Jamaica ($360)
Cuba ($325)
London ($1300)
Bermuda on the other hand has the following direct flights (according to google and kayak)
Boston($355)
Atlanta($480)
Washington(320)
London($1400) - this was most surprising as Bermuda is much closer to London then cayman yet I can find a ticket for $1300 (not direct) at the same time.
* - prices for August 2013
The places you can go from Cayman are more diverse for sure. Also most of the flights are under 2 hours whereas the shortest flight from Bermuda is 2h 4m to Boston.
Hearsay and Smack Talk
The funniest thing I have found doing research for this post is Bermuda's #1 forum for expats http://www.bermudasucks.com/forum/! Bermuda Sucks really??I have also learned that most expats do not have cars. There is a law in Bermuda that limits the number of cars to one per household. That would make sharing quite difficult but also any on island landloard would probably want two cars for him/herself and would rent the place car free. So expats resort to riding scooter. Sounds fun eh? Until you get stuck in the rain which apparently happens more often then in Cayman.
Unfortunately I have not found the source but a friend of mine mentioned reading an article that stated that congestion would be greatly decreased in Bermuda if they forbid expats from driving. That brings me to the general attitude towards expats. I have heard from others that there are tensions between expats and non expats. I have found some old articles about anti expat fliers being passed around. Also looking at the Bermuda sucks forum you can get a sense that expats do not feel very welcome there.
Disclaimer : this is from 2006 not 2013 so maybe things changed.
Cayman is not free of expat discrimination. My favorite being the possible introduction of an expat only income tax! This caused a lot of tension on the island but luckily was not accepted by the British government. Other than the discrimination at work (most expats have an impossible time getting sent for training or conferences) I personally have not been treated badly by the locals.
I have also heard that the single life for guys is not that great in Bermuda. There are few single women which is quite a contrast to Cayman.
I have also heard that the single life for guys is not that great in Bermuda. There are few single women which is quite a contrast to Cayman.
Thanks for the good read. I am a Canadian expat in Bermuda, and I can agree with most of your article, although I would say that the expat bashing flyer is a bit dated. The island is much more civil towards expats nowadays, but more to save face, in my opinion. You will still feel the tension once in a while, which usually causes most expats being prone to stick together and not mesh with locals as much. For the most part, you wont often feel un-welcome, but you will soon be tiresome of the small tight-nit community of expats, as it can turn into "high-school with money" type of lifestyle. Note that Bermuda's economic state has fallen significantly since that flyer which could explain the increase in expat acceptance, as foreign investment is all of a sudden not such a bad thing. I hope to move to Cayman next year, and trust that it is all Bermuda has to offer and more.
ReplyDeletecheers
The car thing - I don't agree that it's because greedy landlords are soaking up the car allocation. I'm not saying it doesn't go on but I don't think it's the norm by any stretch. Plenty of expats have cars, many choose not to because of the prevalence and convenience of scooters. Cars, gas and maintenance are also damn expensive also, parking in town can be a bind so many just do without. Bus and ferry service (yes, I live west) is pretty good for the commuter too.
ReplyDeleteI'm a Brit who has lived in Bermuda almost 20 years and travelled the islands many times. What I learnt early on was not to try compare them. Each has their merits and weaknesses.
Two comments: The proposed expat tax in Cayman was rejected by the local populace (Caymanians and Expats United Against Taxation) rather than not being accepted by the British government whom it never reached. There is plenty of expat representation at conferences. As regards training, expats are usually hired on the basis that they have the necessary experience over the locals.
ReplyDeleteThanks for you comments! It is good to know there is a group called Caymanians and Expats United Against Taxation. As for the training I am not talking about training to do the actual job but just to do the job better. As an IT professional we are always learning and training of all kinds is key.
DeleteAnother Canadian in BDA.
ReplyDeleteThe Bermudians I've met have all been great, but I'm not so naive to think the feelings expressed in the leaflet don't exist. They do, though in a small, but sometimes vocal minority.
I view www.bermudasucks.com as a not so subtle reference to a place you love much of the time, but in the next breath hate. Bermy can be that way, as can a lot of other places.
Things can be expensive here vis-a-vis North America, but I think Americans get a little bigger sticker shock than Canadians. All those years of paying more than Americans do for stuff is finally paying off, lol.
Price of accommodations have decreased significantly in recent years. We pay $3,000/month for a 3 bedroom, 2.5 bath, ocean-view on the Hamilton side of Flatts Village (5 or 6 km's from Hamilton). $5,000/month will get you a really nice place with a pool and more. My understanding is the Cayman offers more furnished accommodations, than Bermuda.
Lots of expats have cars, we have a scooter as we always knew that BDA would be temporary and didn't want all the trappings which we'd then need to dispose of when leaving. As an example our friends bought a used Suzuki SUV for $7,500, put $3,000 in repairs into it, then sold it for $6,000 - six months later when leaving the island. I'm no financial whiz, but...
I've been to Cayman and Bermuda is a much prettier island. But, I'm also a scuba diver and Cayman diving trumps Bermuda hands down.
A couple of big Cayman advantages (as I see it):
1. Cayman offer Permanent Residency, though have made it harder recently. Bermuda does not.
2. You can buy property in Cayman. Bermuda for all intents and purposes you can not.
3. Cayman is more centrally located. Bermuda is in the middle of the Atlantic ocean.
Bermuda has it's advantages too and I'm glad I came here, at least for a few years. I'll likely be moving to Cayman in 2014, and coming to BDA first was probably better because a) I got to live here and b) I get to take my BDA salary to Cayman :).
im a Canadian construction foreman in highrises,hospitals,schools,and my wife is a nurse,is there any positions for this type of skilled labor there? and who could I contact,ive had buddies of mine go to the Bahamas and Bermuda working for the winter,welders and steel stud guys.any info would be great.karl.
ReplyDeleteI lived in Bermuda from 1990 to 1996, have visited Cayman several times, and I have reported on both Bermuda and Cayman for several years. In my opinion, Cayman is hands down a better place to live and visit. It's friendlier, more relaxed, more interesting and has considerably less racial tension than Bermuda.
ReplyDeleteBERMUDA IS THE BEST
ReplyDeleteJamaica is about to embark on the construction of a Logistic hub in partnership with the Chinese Government, and there are talks about the creation of an Offshore Financial services sector. We were the first in the Caribbean to enter this sector but we did not take it seriously and so other countries such as Bermuda and Cayman benefited from it instead of us. A site has been declared and economic zone and companies will be given tax incentives to operate there. There are also Suburban style homes being built to accommodate working class people. The cost of living is even lower than that of Bermuda and Cayman. btw Cayman was once apart of Jamaica so the culture of both islands are very similar. do you think people will be interested in Jamaica as an Offshore financial center ?
ReplyDeleteJamaica needs to sort out its crime issues - many expats who have been working around Caribbean don;t even volunteer to go on work trips there as it is not safe, and you get stuck in the resorts. I can't think of anyone I know in the financial sector that would want to live there, unless the rewards were huge
ReplyDeleteHi there, I really enjoy reading your blog and would like your advice on a few things. I'm pursuing my professional accounting qualification and plan on moving to the Caribbean to work. My decision boils down to the Cayman Islands and Bermuda. Now I know pay in Bermuda is higher, while cost of living in Cayman Islands is lower. So my questions are:
ReplyDelete1. In the accounting field, which island would allow me to have a higher disposable income?
2. which island would allow me to have a higher discretionary income?
3. Which island do you think is better for some one in my position?
Thanks.
I lived in Bermuda for a few years and now Cayman, and Cayman is way better. May not be as pretty but the locals are friendlier and the way of life is more relaxed. Being able to have 2 cars, able to buy property and have no real winter makes a difference!
ReplyDelete