Relocating to The Cayman Islands
- Getting There
- Finding a Home
- Costs
- Work Permits
- Currency & Banking
- Tax
- Healthcare
- Before You Leave Home
The Caribbean was once a destination solely for the rich and famous, with expensive flights and accommodation costs. But now, improved air travel has opened up the region and brought down costs. Grand Cayman is a one-hour flight from Miami and also has direct flights from key cities such as Toronto, New York and London. There are a number of shipping companies who can help with your relocation including Seaboard. But a shipping company in your own country should be able to help. Otherwise try www.getoutofhere.co.uk.
Most expats who arrive on the island decide to rent initially to get a feel for the country. Renting a two-bedroom apartment in the popular Seven Mile Beach area is likely to cost in the region of US$2,700-$3,500 (£1,350-£1,750) per month A one bedroom would be a few hundred dollars less. The landlord will require a deposit of one-months rent and a contract of six or 12 months.
Anyone thinking of buying should factor in the high level of stamp duty. This currently stands at 9% in Seven Mile Beach and 7.5% elsewhere. There is an additional stamp duty of 1% on mortgages up to CI$300,000 and 1.5% payable on mortgages greater than that.
There are a number of rental and estate agents on the island including ReMax, Century 21 and ERA.
The cost of living on Grand Cayman is higher than the UK and significantly higher than the US. Almost everything is imported and subject to a 20% government import duty.
The cost of food and consumables is the most noticeable cost and is generally at least 50% more expensive than the UK.
Most people moving to the Cayman Islands to work will be required to have a work permit in place before they arrive. You will not be allowed to stay on island during the application process.
The majority of expats are professionals who work in financial services and they generally experience few problems in gaining a permit. This will usually be taken care of by a recruitment agent, such as CML Offshore Recruitment (www.cmlor.com), or the employer. It can take a couple of months to have your permit processed.
For all positions a permit will generally be granted if there is not a local Caymanian suited and interested in the position. With a population of over 60,000, of which only 20,000 are Caymanian, there is every chance that your permit will be granted.
The islands recently introduced a rollover policy to prevent expats from gaining citizenship. In general this means that you can live on the islands, on a work permit, for up to seven years, at which point – unless you are designated a key worker – you will have to leave for at least a year.
The Cayman Islands has its own currency, the Cayman Islands dollar, whist is pegged to the US dollar at CI1$=US$1.25.
Despite the fact that hundreds of banks have a presence on the island there are only a handful who offer retail services. The largest are Butterfield Bank and Cayman National. To open a bank account you might need a reference from your bank at home.
Whilst many Western countries impose increasing tax burdens on their residents, The Cayman Islands has just one rate – 0%! There is no income tax, no social security contributions, no capital gains taxes and no annual property taxes.
The government derives most of its revenue from corporate fees and import duties.
It is a condition of employment on the Cayman Islands that you must have health insurance – and it must come through a Caymanian company. So, for example, if you are a member of BUPA, you will be able to use it, but you will also need to take out a policy with a local company.
There are two hospitals on the island who can offer a reasonable standard of care. For more specialist treatment many expats choose to travel to Miami.
You should contact your tax office to inform them that you will be becoming a resident in The Cayman Islands (and thus liable for Cayman tax) and arrange for your mail to be redirected. There is no doorstep postal delivery on Grand Cayman. Instead you will need to rent a PO Box, although there can be a six-month wait for these. In the interim mail can be redirected to General Delivery at the local post office of your choice.
Once you’ve ticked all the boxes and are ready to go, get ready to kick back and enjoy Caribbean living!!
