Offshore jurisdictions set their own rates of taxation, both corporate and personal, and the relatively low levels of taxation can significantly boost your earnings power. Many of the Caribbean Islands and Bermuda operate consumption-based tax regimes, where personal taxation rates are as low as zero (Cayman Islands). The Isle of Man and the Channel Islands offer progressive tax rates that are capped at 18% and 20% respectively.
Tax rates vary across all of the other jurisdictions but, in general, relocating offshore tends to be a lucrative decision.
Salaries are very competitive and, once the cost of living is factored in, compare very well with the major onshore financial services markets. In addition, where demand for certain skill sets remains high (e.g. funds lawyers, newly qualified accountants and fund accountants), salaries are still rising fast.