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Because of the very low or zero tax rates, associates and senior associates can earn more in net terms than at many major City firms, whilst having lower billable hours targets and shorter and more predictable working hours.
A move to Cayman, BVI or Bermuda offers a significantly better quality of life - you will be living in a beautiful and relaxed island setting, in close proximity to a crystal-clear ocean, enjoying a tropical/sub-tropical climate, and with a quicker commute to the office. You benefit from a healthy, more outdoor lifestyle and weekends become mini-holidays.
" When I had considered a move offshore from my role at a major US firm in London, the main pull was the thought of living in the Caribbean and earning tax-free money. The pleasant surprise, having made the move, was that these factors were not the best thing about moving to the Cayman Islands. Sure, the weather is perfect for most of the year and, whilst the cost of living is high, the absence of tax certainly means you are financially better off. But the real game changer is that, on a relatively small island, you are able to live life without the drag of multiple hours per week sitting on a train to and from work or sitting in traffic in a car at weekends. Until you actually live that quality of life, it's difficult to explain what a difference it makes being able to be (easily) present at kids' sports days or to be able to meet your wife at home for lunch, without ever negatively impacting your job. To be able to live this quality of life, whilst still working on some of the most high profile investment funds in the world, it didn't take too long before I realized I would never move back during my working career"
Simon Thomas, Partner & Head of Funds at Campbells, Cayman Islands
For transactional lawyers, you will largely be working on the offshore aspects of major transactions that are being run by major onshore firms, which means that your working hours are more predictable and working life is overall less stressful. For litigators, the quality of work on offer is on a par with that of elite firms in London.
No exams are necessary to practise in either Cayman, BVI or Bermuda, provided you satisfy the criteria for an attorney work permit (which hinges on being admitted in one of a small number of common law jurisdictions and having a minimum level of post-qualification experience).
The firm you join will handle your work permit application and will provide you with an initial period of free accommodation (typically a month), while you are finding your bearings.
Once on island, you will encounter a friendly and cosmopolitan English-speaking expat community, which makes settling into island life significantly easier.
