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September 03, 2010, 03:38:49 AM

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87731 Posts in 5256 Topics by 1209 Members Latest Member: - thompson44 Most online today: 14 - most online ever: 104 (July 16, 2010, 08:57:23 PM)

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Author Topic: Actuary from the US  (Read 887 times)
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maagic123
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« on: July 25, 2010, 06:10:26 PM »

Just wanted to say hi and ask a few questions here about a move to Bermuda. I've been offered a job in Bermuda with an expected start date around October 1st (pending the work permit approval).
I'm an actuary based in Atlanta, Ga and would be moving to the island with my wife.

Currently live in a house (4 bed) and would most likely be in a 2 bed apartment/condo in Bermuda...boy, those things are expensive. Maybe someday I can actually afford to rent a house in Bermuda. Had a few questions about shipping all the stuff I had from Atlanta to Bermuda --

1) Do you guys suggest getting most everything I would need in the new place from the US? or is it cheaper/easier to just buy it there?

2) Any recommendations on good shipping companies? Any ballpark figures for the cost involved for lets say a "600 cubic feet" move? (queen bed, dining set, couch, TV, TV stand etc).


Thanks in advance for the suggestions.
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earl333
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« Reply #1 on: July 25, 2010, 07:38:13 PM »

Magic - I am currently in Atlanta as well (Buckhead) and moving to Bermuda in September. 

We seem to be in a similar situation except that I am going by myself and have no family.  Based on my correspondence with HR in Bermuda, it is extremely expensive to bring furniture to the island.  As such, I am selling most of my things (bear in mind I am 3 years out of college and do not have much furniture to begin with).  Hopefully your Company is assisting with relocation costs.

Let me know if you are a fan of college football and perhaps we can meet up to watch some games.  I understand there is a decent college football scene on the island.  Good luck with the move.

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Captain Canuck
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« Reply #2 on: July 26, 2010, 10:17:50 AM »

If you can afford it, keep the stuff you want to stay in good condition AWAY from Bermuda, and store it.  The island is one of the most corrosive places i've ever been to.  The saline environment will chew anything down to junk in record time, trust me.  If you just have furniture that you want to bring but care not as to how it fares then by all means...  

From what i hear the cost of shipping is insane, and the prospect of buying on the island is just as crazy.  Tough decision to make.  We were lucky to find a place with a pull out sofa included.  It wasn't in the best condition, but it suited our purposes.  Good luck and keep us posted.  Wink

CC
« Last Edit: July 26, 2010, 03:51:47 PM by Captain Canuck » Logged
Mike
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« Reply #3 on: July 26, 2010, 03:34:33 PM »

welcome to the forum magic123.   Smiley

Good question about shipping stuff.  You've already worked out you will be doing a big downsizing in your accommodations, think along the same lines for your stuff.  

The Captain has an excellent point about how corrosive Bermuda is - you won't believe it until you experience it, but take our word for now.  I took some art, (nothing too fancy, but a few paintings, prints and things), and some were ruined and all have mold or marks from the moisture.  Electronics and appliances and other metal will be eaten!  You think I'm kidding...

My suggestion would be to sell off all but that which you hold sentimental value with, store those things which you want to preserve for the future, pack the rest as excess baggage and start fresh on the Island.  If you are a bargain hunter, you can find furniture deals aplenty, or if you value convenience and matching suites, the stores will set you up.  Yes, it will cost you and no you won't get anywhere near your purchase price when you resell in a few years; that's why you are getting paid the big bucks.

Think carefully about what you store back home.  In three, or six years the things you haven't seen for all that time will not feel the same as when you packed them away.  Styles change and the last thing you want is to come back to a bunch of out-dated furniture you'll have to sell cheap to unload.  

And remember, you don't actually own stuff - stuff owns you.   Grin
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maagic123
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« Reply #4 on: July 26, 2010, 10:03:11 PM »

@earl -- its a coincidence-- i work in buckhead and it doesn't end there, i'll be an actuary for a big 4 acctg firm on the island. guessing you'll be with one of the acctg firms too. Not too much into college football, mostly coz GSU did not have a team until now (and also I grew up in a country where football meant "soccer"), but it would be fun to watch a few games. I'll be in touch once I get to Bermuda.

CC and Mike -- thanks for the info. I think I'll ship items that I really need and some of the quotes I've gotten are expensive but not too bad (almost equal to the relo allowance I have). and the quote abt "stuff owning you" --isn't that from Fight Club? its been a while but that was a cool movie.
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Mike
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« Reply #5 on: July 27, 2010, 06:42:08 PM »

hey magic, good memory - I'd forgotten where I'd plagiarized that one from.  Wink

Love that move; that reminds me I should watch it again... thanks! 

"I am Jack's smirking revenge"

Good luck with your move and feel free to ask any other questions the members can help you with.
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1st Baron Paget
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« Reply #6 on: July 27, 2010, 07:36:32 PM »

So I'm going to make the opposite case: bring everything you possibly can.  Why?

1. Furniture is very expensive here.  Don't even think about buying new.  Prices on eMoo.com for used stuff are as expensive as new stuff in the USA.  And then you have to get it to your place. 

2. As long as you're shipping a container, you might as well stuff it full.  A 20-ft container holds around 1100 cu ft.  It costs around $3000 to ship on the Oleander from Newark, maybe add $500 for freight forwarding from ATL.  Might as well stuff it full.  Throw in a dehumidifier, lawn furniture, a new TV, a few boxes of your favorite non-perishable foods, a couple grand of Ikea stuff, a guest bed and mattress, bicycles, maybe a nice scooter (under 150cc and 15 hp--check requirements carefully).  Your Bermuda-based forwarders should explain the duty; you'll need receipts for everything less than 6 months old and will get hit for 25-30% duty.  But that's still cheaper than buying here and your company should cover it.

3. We've not yet experienced the mold/moisture problems people talk about.  The leather couch is fine, and nothing's rusting.  Maybe we need to go through the winter first.  Wiith the dehumidifier running 24/7 it never gets above 60% humidity in the house. 

4. It's extremely convenient to have the movers come and drop off all your stuff here and be moved-in within 24 hours.  Why sell all your stuff just to buy it again? 

Best of luck.
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earl333
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« Reply #7 on: July 27, 2010, 08:27:07 PM »

Magic - good luck with the move and we should be in touch once we both reach Bermuda.  Perhaps I will see you in the office.
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Mike
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« Reply #8 on: July 28, 2010, 02:39:04 PM »

... nothing's rusting.  Maybe we need to go through the winter first. 

I love newbies!   Cool

Very good case though, 1st BP. 

When you say, "and your company should cover it" after talking about thousands of dollars worth of shipping alone, I realize you're at the top end of the spectrum, where things are different.  I had a $600.00 moving allowance for my goods, and back in the day I was able to ship a fairly large crate door to door for that money. 

As an FYI, the prices on eMoo are the 'dreaming' prices; the actual price most things will sell for is significantly less.  Feel free to haggle in Bermuda, but remember to always start with a round of protracted pleasantries.

Out of interest, does your company also provide you with a comparable moving-back allowance?
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« Reply #9 on: July 28, 2010, 08:05:55 PM »

Yes, I will admit to being a newbie:)

As for the transfer allowance, the author indicated that the costs of the move were probably about what his transfer allowance is.  Thus if he gets hit for a few hundred bucks of duty because he buys some stuff, I would think the company wouldn't go crazy about it.  And, actually, if he's a US citizen it would be tax deductible as a moving expense even if he had to pay it himself.  I deliberately bought a bunch of lightly used (but still scratched) stuff so that it was legitimately older than 6 months and only got hit for about $500 of duty.  That was certainly cheaper than a storage unit in the states.  It also helps for tax purposes to be able to say I have no personal belongings in the USA when I claim the bona fide foreign resident exemption.

I've not yet actually bought anything off eMoo (waiting to get the car situation sorted out before buying anything that won't fit on a bike), so it's good to hear you can haggle.  The prices do seem quite outrageous.
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maagic123
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« Reply #10 on: July 29, 2010, 09:22:43 PM »

1stBP,

Thanks for the detailed information. kinda like the 20ft container option and had a few questions for you--

1) The $3000 figure from port to port (fernandina beach, FL to Hamilton) is pretty close to what I got as an initial estimate. But, the cost of inland freight from Atlanta to Florida is about $1200...am I being overcharged here? Also, what would the costs be for a local move from Hamilton port to my aprtment in Bermuda?

 My allowance is 5K for all of these (including any customs duties), so an ideal scenario for me would be:
$1000 from Atlanta to FLorida port
$3000 for the Ocean freight
$1000 for the local bermuda move.
$0 customs duty.

Everything that I plan to ship is more than 2-3 years old --does this basically mean I will not owe any customs duties?


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Mike
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« Reply #11 on: July 30, 2010, 05:53:58 PM »


Everything that I plan to ship is more than 2-3 years old --does this basically mean I will not owe any customs duties?


Short answer: it depends on which officer you get when you arrive.

I know about the supposed exemption, but I also know that many people have been required to pay.  If you have your old receipts, bring them, they may be invaluable in determining fair value.
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« Reply #12 on: July 30, 2010, 08:03:44 PM »

Hmm, on $5K it'll be tough.  Ask your company who they use who makes a move like that on $5K.  Mine was over $10K and I lived 20 minutes from the outbound port in the US.  Or do they expect you just to FedEx essentials and get a furnished place here?

In your move make sure you account for these costs:

Packing your stuff in ATL (labor + materials + truck + tips)
Transport to the port
Rental of the container
Lining the container (to prevent water leaking in)
Packing the container

The company I used wouldn't let me pack anything myself because they needed to certify that there wasn't anything hazardous, explosive, etc., going into the containers.  They also produced a bill of lading that made my customs declaration a lot easier.  They should send a guy to your house to add-up all your stuff and give you an estimate, else you could be really surprised at what the final bill comes to.

In Bermuda you'll need a freight forwarder to pick up the container at the port.  If you have your materials together (receipts, detailed declarations, etc.) and faxed or scanned/emailed to the forwarder before the ship leaves the US, the forwarder should be able to get it cleared in about 3-4 working days.  The volume of stuff coming into that little port--a few hundred containers a week--means they are limited in the number of containers they can "red seal".  Easiest way to avoid a red seal is to have your paperwork in order with receipts for the new stuff and don't import alcohol. 

The forwarder takes the container to their yard near the port, loads your stuff onto a series of small trucks, and delivers to your house.  Since the roads here are how they are, it's unlikely that they can just bring the container straight to your place.  They also make sure your empty container is returned to wherever it's going.   
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« Reply #13 on: August 01, 2010, 08:08:57 AM »

Magic, hopefully you haven't signed too long a contract since you will soon learn that unlike in the US, the consulting firms here pay a fair amount lower than industry does.
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maagic123
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« Reply #14 on: August 02, 2010, 09:32:48 PM »

@BP-- thanks again for the detailed response. If a 20ft full container turns out to be too expensive, I think I'll go with an LCL option and make sure the costs are in the 5-6K range. I just want to have some of the stuff we're used to (bed, flat screeen tv, desktop etc) in a new place...makes the transition a lilttle bit easier.

@gso-earth -- ya, i know consulting pays less than reinsurance firms but it sounded like a great learning opportunity and the team seems great. contract is 2 years long...hope thaz not too long by bermuda standards.
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