Offshore

 

Cayman Islands, British Virgin Islands and Bermuda

Having proven themselves as successful international financial centres, it comes as no surprise that the Cayman Islands, the British Virgin Islands and Bermuda have established, and are rapidly developing, their own legal markets. Between them, these financial centres are home to dozens of commercial firms employing from just a handful of lawyers up to nearly 100 in the larger organisations.

As with many former Commonwealth jurisdictions, the legal systems of these offshore territories closely follow that of the UK, making for a relatively smooth transition. Similarly, most firms recognise the relevance of experience gained in other common law jurisdictions (such as Australia, New Zealand and Canada) and frequently recruit candidates from these countries, too.

Undoubtedly, the biggest attractions of relocation to one of these island paradises are year-round sunshine, miles of pristine beaches and the promise of a much better quality of life.

Equally appealing, however, from a career perspective, are the genuine opportunities to broaden your experience, particularly within the areas of finance, corporate and commercial litigation. Lawyers generally tend to work on a number of mid-sized projects rather than working on a single, huge transaction for weeks or months on end.

As with the London market, remuneration can vary depending on location, practice area, or size of firm, but the largest practices will offer full New York rates with significant tax advantages (such as 0% income tax in the Cayman Islands) and lawyers invariably enjoy an excellent standard of living. Most commercial firms will also offer a comprehensive benefits package comparable to that of a City firm.

To discuss opportunities, or for more general advice about moving to the Cayman Islands, please contact the London office of Hughes-Castell.

 

 

Channel Islands

Jersey and Guernsey are the principal islands of the Channel Islands, which form part of the British Isles. Located off the coast of Normandy they are readily accessible from the UK mainland and Europe – London and Paris each being only about an hour away. With a population of approximately 90,000 people, Jersey is the larger island, while Guernsey has a population in the region of 60,000.

Both islands are major international offshore financial centres and offer excellent employment opportunities and high quality work, particularly in the areas of banking, corporate, employment, funds, litigation and trusts. Many of the lawyers practising here are from top London firms and enjoy equivalent standards of professionalism and remuneration.

After taking into account the beneficial tax regime, salaries in the Channel Islands are roughly commensurate with London City rates (although, perhaps, falling short of Magic Circle rates). There are no capital gains, inheritance, gift, sales or purchase taxes and income tax is fixed at 20%. The cost of living is generally less than that of the mainland UK with the exception of accommodation which is generally comparable to that in London (though also subject to certain restrictions with regard to purchase and renting).

All in all, the Channel Islands provide an ideal opportunity for lawyers seeking a high quality work/life balance, at the gateway to Europe. Billing targets are considerably less than those expected in the City and a commute to the office is likely to consist of no more than a 10 minute stroll along the waterfront. The islands have spectacular scenery with some of the best beaches in Europe, excellent schools and an extremely low crime rate. What’s not to like?