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Date: 2015-10-5 16:53:40

Bermuda’s cost of living overall

The World Bank rates Bermuda as the most affluent countries in the world. But also be aware Bermuda's cost of living is one of the highest in the world. This is not in any way intended to deter you from coming, simply to alert you in advance to the fact that Bermuda is far more expensive a place to live and work than you'll be told by many head-hunters and recruiters based in other countries who have not actually lived and worked in Bermuda themselves recently or at all. 

 

Overall, Bermuda costs of living are more than three times those of the USA, 280% more than in Canada and 200% more than in UK. Unfortunately, organizations such as Hogg Robinson and Mercer Human Resource Consulting, completely exclude Bermuda - and similar, competitive offshore business jurisdictions - from their lists of costs of living by place.

 

Being forewarned about cost of living prices below will enable you to negotiate more accurately with a prospective Bermuda employer for a realistic starting salary and benefits package to enable you to balance your monthly budget and match it to what you can afford. It's far better to know upfront what to expect so you are not surprised but can plan accordingly than to be dismayed by revelations after you arrive that were omitted. Bermuda's charms can be very attractive to those who can command high salaries to help offset the extremely high costs of living. But for those not earning those high salaries, say under US$88,000 a year where they are now employed, they might be far better off overall staying where they are than in moving to Bermuda on a Work Permit. Why? Simply because most people expecting upward mobility go abroad to places like Bermuda and rightly expect better accommodation and conditions than they have now.

 

There is no official Cost of Living Index provided by the Bermuda Government (nor is there one in the USA). In Bermuda, the Consumer Price Index (CPI) program is the closest thing. It measures changes over time in what urban consumers pay for a basket of goods and services. According to the US Bureau of Labor Statistics (BLS), the CPI is the most widely used measure of inflation. The CPI frequently is called a cost-of-living index, but it differs in important ways from a complete cost-of-living measure. BLS has for some time used a cost-of-living framework in making practical decisions about questions that arise in constructing the CPI. A cost-of-living index is a conceptual measurement goal, not a straightforward alternative to the CPI. A cost-of-living index would measure changes over time in the amount that consumers need to spend to reach a certain utility level or standard of living. Both the CPI and a cost-of-living index would reflect changes in the prices of goods and services, such as food and clothing that are directly purchased in the marketplace; but a complete cost-of-living index would go beyond this to also take into account changes in other governmental or environmental factors that affect consumers' well-being. It is very difficult to determine the proper treatment of public goods, such as safety and education, and other broad concerns, such as health, water quality, and crime that would constitute a complete cost-of-living framework.