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Offshore Jurisdictions

The offshore islands of Cayman, Bermuda, the British Virgin Islands (BVI) and the Channel Islands of Jersey and Guernsey have always been of interest to lawyers who are looking for international experience in more relaxed working and living environments. The Caymans (there are three: Cayman Bac, Little Cayman & Grand Cayman) are recognized as a major international financial centre, the world’s leading domicile for offshore hedge funds and a world leader in structured finance. Jersey is a leading player in the European securitization and real estate investment trust markets while Guernsey is highly regarded for private equity funds work.

Offshore Firms

A number of off-shore specialist firms are headquartered in the Caymans and the Channel Islands. Lawyers from all areas of the Commonwealth can be found in all of the Off-Shore Islands and opportunities abound to develop expertise in numerous banking, finance or funds areas.

Salaries – The Caymans

Firms in The Caymans pay very well and are just short of New York rates. The following table represents average USD salaries as of May 2008.

1 PQE	2 PQE	3 PQE	4 PQE	5 PQE	6 PQE
$140,000	$160,000	$180,000	200,000	$225,000	$250,000

Salaries – The Channel Islands

Firms in The Channel Islands pay very well and are just short of New York rates. The following table represents average Pound Sterling salaries as of May 2008.

1 PQE	2 PQE	3 PQE	4 PQE	5 PQE	6 PQE
£49,000	£55,000	£72,500	£87,500	£95,000	£105,000

Taxes

Tax rates in all of the Offshore Jurisdictions are highly favourable, in the Caymans the tax rate is capped at 8% and in the Channel Islands it’s capped at 20%.

Relocation Expenses

Flights (including immediate family), the costs of shipping and temporary accommodation are standard with most packages.

Visa Requirements

Channel Islands. For non-EU citizens, firms need to sponsor individuals to obtain a working permit and, importantly, housing must be arranged in advance of a job offer.

Cayman Islands. Lawyers MUST HAVE a minimum of three years experience before they can obtain work permits in the Caymans. A job offer is a pre-requisite for applying for a work permit.