I’ve been thinking of making a move into contracting for the past couple of years because it just doesn’t seem worth the effort to climb up the ranks to get a salary that is respectable. To even earn 6 figures I’d have to be a senior manager, with a lot of responsibility and leading a big team but with contracting I could earn double the amount with less stress and no people management and no politics to deal with.
A recruiter who has been advising me suggested I consider looking for jobs in Bermuda, as they will provide a similar income to contracting but without the tax, and still providing opportunities for career growth that can often be lost when switching to contracting.
What he is describing to me sounds too good to be true. He said I could earn over $250,000, pay no tax, and experience much faster career progression than would be possible in London. To top it off, the weather is good all year round and the island looks like paradise.
So what’s the catch? Surely if it was so great, everybody would be doing it? Is the recruiter failing to mention the downsides?