Print |

Living in Cayman

The standard of living in the Cayman Islands is generally regarded as the highest in the Caribbean region. Apart from some local meat, turtle, fish, and limited fruits and vegetables, almost all foodstuffs and supplies are imported.

Exchange Rate

The currency in the Cayman Islands is the Cayman Island Dollar (denoted CI$). The CI$ is exchanged to the US dollar at the following rates:

US$1.00=CI$.80 (cash), US$1.00 = CI$.82 (check)

Housing

Rented accommodation is relatively easy to find, and generally annual leases are available, although less so between November and February (the tourist season). Monthly rental costs can vary considerably depending upon the nature (furnished or unfurnished), location, and size of the accommodation. The following is a general guide:

Modern fully furnished one-bedroom apartment:

• On the beach CI$1,500-2,500
• Off the beach CI$750-1,200

Modern fully furnished two-bedroom apartment:

• On the beach CI$2,500-4,000+
• Off the beach CI$1,800-2,400+

Two- or three-bedroom fully furnished houses:

• Off the beach CI$2,500-4,000+

Generally deposits of one month’s rent are required for apartments. Also, telephone, water, and electricity deposits are approximately CI$1,000 in total.

Most rented accommodation is provided with air conditioning which, in turn, increases utilities cost. For example, the typical cost of electricity for an apartment would be CI$75-100 per month without using air conditioning, from $200-350 with air conditioning. These amounts vary based on square footage, the quality of construction, and insulation.

Household Goods

All household goods can be purchased locally. Many landlords provide a full range of crockery, cutlery, cooking utensils, and linen in furnished accommodations although quality can vary considerably. The electric current is 110 volts AC.

Cost of Living

The most significant expense for residents is accommodation rental. The cost of other goods and services is approximately 20% higher than most cities in the U.S. and Canada, and typical prices for some selected items follow:

Gas.....CI$3.50 per gallon

Coca Cola.....CI$2.29 per 6 pack

Chicken Breast.....CI$8.91 per whole roaster

Milk.....CI$3.49 per half gallon

Ice Cream.....CI$5.09 per pint

Beer.....CI$35 per case

Lunch in local restaurant/bar.....CI$10-20

Many fine restaurants are available in Grand Cayman, offering every conceivable cuisine, from Continental to Chinese to Mexican to Italian. Of course, traditional Caymanian and West Indian food are widely available. Dining out in better restaurants costs approximately CI$50 per person for an average meal with a modest wine. Various fast food outlets such as Burger King, Kentucky Fried Chicken, Wendy’s, Domino’s Pizza, and Pizza Hut, of course, offer meals at lower rates.

Local Transportation

A car is considered essential.

There is usually a reasonable choice of late model second-hand vehicles in good condition with prices in the range of CI$5,000-CI$10,000. Again, the choice may be more limited during the tourist season, November to February. New small vehicles range in price and start at CI$14,000.

Driving is on the left-hand side of the road

New residents are allowed to drive using their current foreign licenses for a maximum of three months from date of arrival. Within that period, a local driving license must be obtained. Vehicles must also be licensed, and proof of insurance is required along with a vehicle inspection certificate for licensing. A no-claims certificate must be produced to obtain appropriate insurance discounts, and it is recommended that you obtain this from your current insurance company prior to arriving in Cayman. A no-claims discount of 50 percent is available.

Medical Care

A local Government hospital and private hospital provide modern medical facilities and are staffed with doctors and nursing staff. Government and private dental facilities are also available as are several private medical clinics and opticians. Employers are mandated by law to provide health insurance and share the expense with their employees. While the quality of medical care is high on the island, air ambulance service to Miami is available when necessary.

Education

There is a wide choice of primary and secondary school education offered by Government and private institutions, including Baptist, Cayman International School, Church of God, Catholic, and Presbyterian schools. Secondary education in Government schools is run on the British examination system with the private schools varying between British and U.S. education. Caymanian children are entitled to free primary and secondary education, and expatriate students can be enrolled at Government schools on a space-available basis (which is quite limited). The Government-owned University College of the Cayman Islands, the International College of the Cayman Islands (ICCI), and the Cayman Islands Law School offer tertiary courses of study.

Religion

There are Anglican, Congregational, Presbyterian, Baptist, Adventist, Mormon, Roman Catholic, and other churches on the Island.

Employment

In order to gain employment in the Cayman Islands, non-Caymanians are required to hold a work permit which is usually granted for one to three years. The fee is paid by the firm. All applications are considered by the Immigration Board and must be approved prior to arrival on the Islands.

In practice, expatriate spouses are generally able to obtain work permits if they are qualified in areas where opportunities are most common. These are administrative or secretarial, positions in banking, insurance management, legal and accounting firms, and the offshore financial industry generally; working for the Government (no work permit required); teaching and nursing; and working in the hospitality industry (restaurants, bars, hotels, and water sports).

It should be noted that in granting all work permits, preference is given to Caymanians; therefore, appropriate qualifications and experience are important.

Taxation and Exchange Controls

There are no taxation or currency exchange controls in the Cayman Islands. However, import duties are levied on virtually all imported goods at a rate of 20-25 percent; motor vehicles are subject to duty ranging from 27.5 to 40 percent, depending on their value.

Banking

Local full service banks include FirstCaribbean International Bank, Scotia Bank, Royal Bank of Canada, Butterfield Bank, Cayman National Bank, and others. Most offer both U.S. and CI checking and savings accounts, CDs in a variety of currencies, ATM services, and some issue local credit cards. All banks operate on a "know your customer" basis and require references before opening an account. Large amounts of cash are not accepted for deposit at any local banks.

Clothing

A limited variety of clothing for both men and women can be purchased locally. Standard office wear for men is medium or light weight trousers, long sleeve shirts with tie. Jackets or suits are not normally required except for special functions.

Sporting and Other Activities

The water and beaches provide unparalleled opportunities for all water sports, especially diving, snorkeling, swimming, sailing, and fishing. Second-hand equipment is usually available at reasonable prices. During the off-season, a full set of dive equipment may be obtained for approximately $500.

The following sporting clubs are well established on the Island: Cayman Squash Racquets Association, Cayman Islands Rugby Club, British Sub Aqua Branch, Grand Cayman Yacht Club, a Football League Association, Cricket Association, Tennis Club, Badminton Club, Ball Hockey Association, and Darts League. The Island has three golf courses.

Most internationally known service clubs are represented on the island as well as many societies and associations such as a Drama Society, National Choir, and Chamber of Commerce.

Entertainment

Some hotels provide evening entertainment such as live bands, comedians, and karaoke shows. There are also nightclubs on the Island that cater to both the resident and tourist population.

The islands have radio stations which broadcast a mixed variety of music and programs of local and international interest. Local wireless cable television service is available at a rate of CI$99 per month plus installation charge. Most condos provide either satellite TV or subscribe to the local cable service which provides a wide choice of channels. An internet connection (ADSL) begins depending on speed, at CI $59. Video rentals are available from Blockbuster Video in the U.S. VHS and DVD formats.