You’ve spent the day working and learning on some of the most interesting and challenging assignments you’ve had exposure to. The sun is shining as you walk across the beach on your short commute home. Checking your payslip, you see that you have had zero tax deducted and start planning your weekend break in the states…sounds like a dream doesn’t it!
The reality is, that there are opportunities that will offer you all the above and much much more.
In the Caribbean and Bermuda, the Insolvency and Restructuring job market is as buoyant as it has ever been. There is a range of Restructuring Boutiques and Accountancy Practices across the islands actively seeking experienced Insolvency and Restructuring professionals to join their growing teams.
Key Locations
The main locations include;
- Cayman Islands
- British Virgin Islands
- Bahamas
- Bermuda
The islands are proud of their beautiful white sandy beaches, crystal clear oceans and diverse marine life. There is something for everyone; be it surfing, scuba diving, sailing snorkelling, sunbathing, sipping cocktails in stunning locations or sampling the unique and mouth-watering cuisine. The islands have rich multicultural populations with people relocating from all over the world to live and work in the Caribbean. With companies having to hire certain expertise from overseas, the islands have established expat communities always looking to welcome newcomers.
The islands boast an extremely buoyant tourist industry which adds further diversity and vibrancy. The tourism industry attracts considerable government investment in the islands’ infrastructure making the quality of life extremely high.
Companies actively organise and promote internal and external social events to ensure that their people integrate and settle well into island life.
The islands are well situated to allow easy travel to the US, Central and South America and the wider Caribbean region for short or long breaks.
For those with families, the islands have very low crime rates and offer a diverse and safe environment for children to grow and learn. There are a number of international schools providing a first-class education and an enriched environment to enhance and nurture personal development.
The islands offer something for everyone, whether relocating on your own or with a family.
What are the opportunities?
Companies looking to hire Insolvency and Restructuring professionals from overseas are well-known Big 4 / Top 10 International Accountancy Practices as well as Restructuring Boutiques and offshore specialists. Each offers a different infrastructure, culture and professional development to its employees. With the recent growth in the Insolvency/Restructuring markets offshore, roles are available across all levels;
- Senior Administrator
- Manager
- Senior Manager
- Director
Job opportunities are offered on a permanent basis as opposed to a fixed-term contract. There is an expectation that those that relocate will eventually look to return to their home country or elsewhere, companies will typically look to retain someone for a minimum of 2 years.
Although many relocators may initially approach these moves with a 2-year timeframe, a significant number have remained for many years longer. A high number of Insolvency Partners and Directors across the firms in the Caribbean initially made the moves as Seniors or Managers, which demonstrates how you can achieve a high level of career progression coupled with a great quality of life.
The variety of work
Due to the nature of most offshore locations, a large percentage of the insolvency work comes from the financial services industry. The source of work can come from a range of companies that operate in multiple jurisdictions and include; Hedge Funds, Captive Insurance and Reinsurance companies as well as International Business companies.
There is a mix of formal insolvency, advisory, investigations and forensic work being undertaken, and you can expect your caseload to include a mix of;
- Voluntary Liquidations
- Compulsory Liquidations
- Contentious cases
- Cross-border insolvency
- Receiverships and administrative receiverships
- Business and Liquidity Reviews
- Multi-faceted litigations,
- Investigations, Forensic and advisory engagements of all types.
The scale of the work can range from the millions to the billions. The assignments will include a lot of litigation work based on the size of the projects and are at the cutting edge of cross-border insolvency.
Requirements
Due to the nature of the work, these projects will take you all over the world. It is not unusual to have assignments that have assets in the UK, US, Russia, South Africa, Australia, France and many other locations.
Based on work permit requirements and typical local insolvency/restructuring experience in the country someone is relocating from, companies are typically seeking insolvency professionals from the United Kingdom, Ireland, Australia, New Zealand, Canada and the US.
Alongside several years working in an insolvency/restructuring position, a formal accountancy or insolvency qualification is required. These include; ACA/ACCA/CA/CPA or JIEB. In some instances, the CPI qualification may be considered.
The process
The interview process is relatively straight forward with most companies carrying out 2-3 interviews before making an offer. Interviews are mainly conducted by phone or video conference. In some instances, there may be face-to-face interviews.
The process from the first interview to starting the role could be between 2 and 4 months. Notice periods play a big factor, and we would always advise you not to hand your notice in until your work permit is confirmed.
Salaries are very competitive and depending on location will be tax-free with excellent benefits. To assist you with your relocation, companies will provide you with work permit sponsorship, flights, temporary accommodation upon arrival and in some instances; 2-4 weeks’ car/moped hire and an interest-free loan to help you settle in.
As with anything, there are always negatives that may not be for everyone.
The cost of living can be considered high due to many items being imported, however, the level of salary and the fact they are tax-free (or low tax) more than compensate for this.
Another thing to consider is that due to the tropical nature of the islands, they do have their fair share of hurricanes and tropical storms, though the islands are well prepared and equipped for these.
In conclusion
A career move to the Caribbean/Bermuda can provide you with an excellent platform to develop your professional and personal development with a stable work/life balance in a tropical environment.
An offshore job market is an exciting place for insolvency and restructuring professionals at present. It offers the opportunity to work on complex, multi-faceted insolvency cases and provides those who relocate the chance to travel, experience new cultures and build new friendships in some of the most beautiful locations in the world.
*The Channel Islands are also another location to consider if you are looking to take your career offshore.
If you would like to discuss insolvency/restructuring opportunities in the Caribbean, please do not hesitate to contact me – slowes@levitaterecruitment.com
