Expatriates: a market ‘worth having’
Relocation firm boss Sylvia Jones was staggered when she calculated how much her expatriate clients were contributing to the local economy.
In the past 15 years, Corporate Concierge’s clients contributed more than $235 million in rent and earned in excess of $417 million annually.
They also pumped $2.5 million into the new car market.
“They are a market worth having access to,” Ms Jones said.
When she started out in 2008, the global markets were crashing, so she felt lucky to have had 11 inbound relocations.
She said at that time the average rental payment was $7,000 per month, and still is, despite fluctuations in the market.
“In 2008, 11 clients paying $7,000 per month, meant $924,000 into the rental market that year,” she said.
Since then, she has been tracking how long those people stay on the island and the rent they have been paying.
“It adds up to $235,872,000 to be exact, since inception,” she said. “This year’s new inbound clients have contributed $8,736,000 into the rental market. If we add together the past clients we have worked with who are still on island in 2023, and include the rent they are paying, it amounts to $36,708,000 that CCB clients have contributed to the 2023 rental market economy.”
However, moving to Bermuda can be stressful and time-consuming for people unfamiliar with the island.
To help smooth the way, Corporate Concierge is launching a subscription-based portal on its website, bermudarelocation.com, to empower newcomers with knowledge, tools and resources.
Ms Jones said: “Everyone who moves to Bermuda, across all sectors, deserves to have access to information around the key elements of relocation and so we created BermudaRelocation.com to serve this need.”
Corporate Concierge relocation consultant Tara Burgess said the firm took the 2020 Covid-19 lockdown as an opportunity to get all their relocation information on to what is now a bespoke web platform.
“We knew we had to evolve and could use technology to better showcase not just what we do, but all of Bermuda,” she said.
“Our existing relocation clients have been using the portal as part of their all-inclusive relocation package, with really positive feedback.”
The platform targets small companies seeking to on-board overseas hires efficiently and seamlessly. It provides lifestyle information as well as virtual relocation specialist assistance.
BermudaRelocation.com wants to partner with local businesses and service providers in areas such as real estate, healthcare, education and lifestyle to share their offerings.
“By doing so, these service providers will have the opportunity to showcase their expertise and offerings to a highly targeted audience seeking quality solutions for their new Bermuda lifestyle needs,” relocation consultant Emily Sheere.
Corporate Concierge’s aim is to create a robust network of local service providers on the relocation platform, ensuring that their subscribers had access to the best resources available on the island.
In a bid to offer a first-hand experience of its innovative platform, BermudaRelocation.com is hosting two exclusive webinars on Monday and Tuesday. Registration is limited and required.
These sessions provide a sneak peek inside the portal, showcasing its user-friendly interface and the wealth of valuable content it offers prospective expatriates planning a move to Bermuda.
“These webinars serve as an excellent opportunity for human resource personnel, service providers, and anyone interested in accessing this sector of our resident population to explore the functionality and benefits of the relocation portal,” Ms Jones said.
“Participants will witness how easily navigable our portal is and how it serves as a comprehensive guide for a seamless transition to Bermuda.”