Overview of Bermuda

Bermuda has one of the highest per capita incomes globally and is the 155th economy according to the nominal GDP (Gross Domestic Product) in the year 2019. The service sector rules the economy, and the percentage of the agricultural sector is very low due to the lack of suitable land. Offshore financial services and insurance has been the backbone of the country’s revenue.

Total Population - 63,935 people (2024)

GDP – US $7.55B billion (2024 estimate)

Economic Overview

The GDP of Bermuda is very high as it has one of the highest per capita incomes in the world. The GDP growth rate has been increased by 0.5% in 2019 and has reached a valuation of US $7.484 billion. It is expected to grow by 1-2% in the coming years. It has the fourth-highest GDP per capita in the world.

Market Size

Bermuda has a mixed economic system and there is no income tax imposed on the citizens. Bermuda is a territory where international financial services and insurance stood as the pillar of the economy. Tourism is also a very important sector that contributes to the revenue. Light manufacturing and importing goods are other important sectors in the territory as it has no natural resources.

A brief glimpse of the other industries

• International business is among the top two industries that fuel the economy of Bermuda. The international business includes insurance, reinsurance, fund and trust management and captive insurance. This sector has provided a wide range of opportunities for job seekers. The territory is known as the offshore financial center and is the third-largest reinsurance center globally.
• The tourism industry is another major sector and has remained the second most important industry in Bermuda. Even though there have been rough patches in the tourism industry, it is doing better in recent years and provides around 50,000 job openings in this field.
• Other small industries include manufacturing and imports of goods as there are no natural resources in the territory. There have been exports of financial services as well.

Cost of living in Bermuda

The cost of living in Bermuda is very high. It is one of the most expensive places to live in. The cost of living in this place can be three times more expensive than in the United States.

The following table depicts the average cost of living in Bermuda in 2024.

Cost of Renting

The cost of renting in Bermuda is pretty expensive compared to the other places. The cost may vary depending upon factors like the size of the house and the location of the house. A one-bedroom apartment in Bermuda may cost around US $2,892, and a three-bedroom apartment may cost around US $6,020. The price will increase as the facilities and lifestyle increase.

The top sectors that are expected to hire in 2024 in Bermuda are:

Top skills in Bermuda

Bermuda has a mixed economic system, and it is ruled by the international business sector and tourism sector. There are opportunities for job seekers with required hard skills and soft skills with expertise in their fields. From a teaching job to a construction job, there are many opportunities available in the territory for job seekers. With the right skills, you will be hired in Bermuda.

Major skills and areas which have witnessed a recent growth rate

• Accounting
• Financial services
• Construction
• Hospitality
• Information Technology
• Teaching
• Banking

Top skill-wise occupation wise

• Hamilton: - Hamilton city is the territorial capital of Bermuda, a British Overseas Territory. It is one of the famous tourist attractions and a major port of the territory. It is also the financial center of Bermuda. International business and financial services are two sectors that contribute to the economy of Bermuda. The city has the highest developed international business economy. There are job possibilities for enthusiastic job seekers in the city. It is the heart of the island.
• St. George’s: - It is a town located in Bermuda and one of the oldest towns. The population is comparatively low. It is a preserved historic town and UNESCO World Heritage site. The main industries here are finance and tourism. It is a classic example of British colonial architecture and culture. It is one of the oldest English settlements.

Hiring Cost

The recruitment prices can be cumbersome. The cost of hiring can be expensive, depending upon different factors. The employer should be able to bear all the expenses of the recruitment process. Some of the factors can include:

• Onboarding and Training expense
• Hiring procedure
• Time invested
• Interview process

Salary structure for various roles

The table below depicts the average salaries that are offered to employees in Bermuda according to different sectors:

Employment Laws in Bermuda

The employment system is regulated by the government and provides basic rights and benefits to the employees. The governing employment legislation in Bermuda is the Employment Act 2000 and it regulates the following aspects:

• Minimum wage
• No Income tax
• Paid and Unpaid leaves; bonuses
• Employee Protection
• Anti-discrimination
• Security Laws

How Can Skuad Help You with Hiring in Bermuda?

There are various legislations and rules that must be followed when hiring new employees, making the hiring process in Bermuda tends to be a bit prolonged and expensive. But with Skuad consultants you can acquire the best talent in Bermuda effortlessly. Connect with Skuad Experts to know more.