Working from PARADISE
To save cash for a house (and get a tan), more of us are opting for life in the sun
AS THE cost of living soars, many have made the ultimate move to save as much as they can – to Barbados.
With rents rising, house prices climbing and food price hikes dominating the news at home, Honorata Ochowiak’s day in Barbados kicked off devoid of such gloom.
After a turbulent few years with the pandemic disrupting lives, she is just one of many who decided to pack up their lives in Ireland and leave for a sun-soaked, tax-free location, offering a laid-back lifestyle and eye-watering financial saving opportunities.
From the Bahamas and Dubai, to Barbados and the Cayman Islands, more and more Irish people see the salaries in these nations – which offer up to an 80% jump in income – as their best prospect to save for their futures.
Honorata made the move to Barbados to work in recruitment more than a month ago.
In June 2020, the Barbados government announced a 12-month welcome stamp visa, allowing people to work remotely in Barbados for a maximum of one year.
The visa is available to any individuals and families who meet the requirements and
‘The plan is to start surfing’
whose work is location independent. Workers can reapply for the visa if they want to stay beyond the 12-month period.
The 27-year-old, who is originally from Poland but spent much of her life in Limerick before moving to Dublin, told the Irish Daily Mail the move has been a culture shock.
‘I’ve probably met more people here over the last four weeks than I have in Ireland over the last two years. There’s so many interesting people. I was doing beach yoga this morning... the plan is to get new hobbies, start surfing,’ she said.
‘The lifestyle here is different… there’s no rush on anything. I’m still getting used to it because you go to a restaurant and the service can be slower because of it.’
Darragh Everard, 36, moved to Holetown in Barbados eight months ago.
Managing Director of his recruitment company Cantillon Search, he works to take people from Ireland and the UK – working mainly in the legal and financial sector – and place them into tax-free nations like the Cayman Islands, Barbados, Bahamas, Dubai, Abu Dhabi, Monaco and Gibraltar.
‘The idea is that people will live abroad for a couple of years, pay no tax, live in the sun and come back with a house deposit,’ he said.
‘Say you’re a recently qualified accountant in Dublin, you’re probably making €3,000 after tax, whereas if you live on the Cayman islands, you’re going to be making €5,000 a month after tax.
‘Living in an offshore financial centre with a lower tax rate means that not only do you have more options to enjoy life but you also have more disposable income to take advantage of this. Many of our candidates have been able to save a house deposit in two years and return home.’
The native of Julianstown, Co. Meath, he said: ‘I came here to live this life so I can better explain it to other people. I tend to start work early after my swim, about 6am and finish about 3pm. Then I head off for a bit of golf, surfing or boxing – there is always something happening.
‘The weather is fantastic. Since I’ve been here, it has stayed between 28C and 32C each day.’
Since moving, he and Honorata have seen their income rise by around 80%.
‘If you look at the tax rate in Ireland, it’s absolutely insane. Houses are becoming more expensive, taxes are going up, lifestyle is becoming more expensive,’ Darragh said.
‘We don’t pay any tax here, but also you can live quite cheaply in a developing country.
‘Newly qualified accountants in the Cayman can earn $70,000 and although the cost of living is high you are taking home every cent of that $70,000,’ he added.
‘Most people who have obtained similar contracts have returned home after three years with a deposit for a house, a tan and career advancement.
‘I pay about $1,100 a month for my own apartment, which is in a private complex with its own swimming pool but again, rent fluctuates depending on the property and location.
‘A friend of mine here pays $6,000 a month so it really depends on what you want.’
Darragh – who also co-founded recruitment company Eirkoo in Ireland – sees himself having the best of both worlds, living in both Barbados and home.
‘I plan to split my time between here and there.
‘I plan to live in Ireland for summer and Christmas, and the rest of the year out here.’
Ireland’s numerous pandemic lockdowns and the disruption to our work and lifestyles, allowed many to reassess their lives.
And it was this halting of ‘normal’ life that made Honorata realise that life was for living.
‘It makes you realise you don’t want to be stuck in the same place for the rest of your life and I may not get this opportunity again so I may as well take it up and do it, and so far so good. No regrets.’
‘We don’t pay any tax here’