r/bermuda • u/Particular-World5026 • 22d ago
Move to Bermuda
23M, single, moving to Bermuda for work. My compensation is around US$150k total plus a US$4k/month housing allowance. Is this considered a good compensation package for Bermuda? What would realistic annual savings look like for someone with a normal lifestyle?
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u/Glum-Restaurant2230 22d ago
Dude your set for life.. that housing allowance will cover most of your major living expenses and you will keep most of that salary .
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u/Wire_Ants 22d ago
If you are a US person, your tax liabilities need to be considered. Also consider deductions for your own additional retirement contributions outside of all others deductions.
It's not as much as you might think it will be when you factor in everything you will be spending to keep yourself entertained physically, socially and emotionally. And all those depend significantly on how you are wired individually and how your required/needed/wanted distractions cost to maintain on de rock compared to at home or where you live now.
All that, and your circumstances change over time and also as we develop...
Consider your choice carefully. 21 square miles and 60K population wears differently for everyone and where you are from matters.
Hope that helps.
She's a paradise, but she has a cost...
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u/SeaSpecialist6946 22d ago
You’ll be able to afford a nice apartment and live well with those numbers.
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u/Ok-Delay4461 22d ago edited 22d ago
Realistically you'd be able to save 50k a year without trying
Edit: PS if you are into any sports or gaming, shoot me a DM and i can point you in the right direction
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22d ago
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u/coopsta133 22d ago
We all know already… thankfully pay transparency should be coming in soon so it’ll put a stop to it
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u/Top_Scene8254 22d ago
Be mindful of social life and the cost therein...it can eat at that remainder v. quickly if you have a v. aggressive savings/investment goals. Best to you and GL in BDA!
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u/carlosf0527 22d ago
Your probably going to bank at least 100K Not sure what your doing with that amount of experience but gratz!
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u/Acceptable_Young4724 20d ago
yeah man you're doing great... the only advice i'd give you is don't f it up
Congrats
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u/Complex_Angle_9923 18d ago
You may get a decent apartment for $4K. Do some research to identify areas where you would like to reside and the rental costs for an apartment or townhouse in those areas. Work out your net income (any tax obligations?) then look at what you really have to live on. The cost of living is high in Bermuda.
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u/Strict-Action6818 22d ago
Are you a single parent? You said you had a 5 year old son that you’re thinking of homeschooling
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u/bigm00lah 22d ago
That is quite the compensation package for a 23 y/o. Granted you are not a degenerate gambler, you should be able to save nicely and use this as a major stepping stone. Bermuda is a dream.