So please be honest and don’t insult our intelligence.

When did we suddenly ,and coincidentally , become so expensive that they all decided to move positions overseas ?”

Comon friend, please think for a moment. Nothing stays the same and the world is constantly changing. Businesses are always looking for was to streamline costs…always. Advances in technology have made it more feasible to collaborate between offices in difference regions. The smart tax attorneys find ways to conduct business overseas, while enjoying the tax benefits of being a Bermuda company.

Bermuda did not become ‘suddenly’ more expensive, rather changes in the world and technology have made it possible and easier to conduct business across the globe. You no longer need some your IT needs serviced by local employees, now an employee anywhere in the world, can log in remotely and complete the necessary work. You no longer need your accounting work done in Bermuda, when your team in India can do the required work and collaborate/exchange information with the Bermuda staff.

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There’s nothing “normal” about having a middle class. Having a middle class is a choice that a society has to make, and it’s a choice we need to make again in this generation, if we want to stop the destruction of the remnants of the last generation’s middle class.

Despite what you might read in the media or see on the News, capitalism is not an economic system that produces a middle class. In fact, if left to its own devices, capitalism tends towards vast levels of inequality and monopoly. The natural and most stable state of capitalism actually looks a lot like the Victorian England depicted in Charles Dickens’ novels.

http://www.alternet.org/thom-hartmann-how-america-killed-its-middle-class

My company transferred their entire accounts, finance and IT teams overseas, not because of Bermuda’s work permit policies or the PLP increase in payroll tax, but because greater efficiency and costs savings could be achieved. **

Just picking one aspect of your post.

Bermuda has always been horrendously expensive for these companies and they all do their number crunching well before they come here.

When did we suddenly ,and coincidentally , become so expensive that they all decided to move positions overseas ?

we are still, and will be for YEARS to come, suffering the fall-out from almost a decade and a half of horrendous PLP decisions – you really do not know how to connect the dots, do you??

i take it math was not your strong suit in school. or economics.

PLP are after power at any cost – even if it means the abyss for our island. Don’t fall for it.

Both international and local businesses have transferred numerous roles and sometimes entire departments overseas for a variety of reasons, with cost cutting at the top of the list.

My company transferred their entire accounts, finance and IT teams overseas, not because of Bermuda’s work permit policies or the PLP increase in payroll tax, but because greater efficiency and costs savings could be achieved.

The reality is that jobs which were once ‘needed’ to be Bermuda, can be easily moved elsewhere. The smart tax folks are also hard at work to ensure our international companies can enjoy the tax benefits of being in Bermuda, while significant work and operations are done outside of Bermuda.

We need to be honest about the real, underlying reason for the job exodus.

Quo Fata Ferunt