Island? See the Finding a Home chapter for
will cost at least CI$500-CI$875 per
obtain a work permit, regardless of
temporary accommodation options.
month, double that for a couple and triple
whether you have children. Your children
3) Cost of Setting Up Your Life in Cayman It
that for a family. Though the Law states
can stay if they are listed as dependants
is worth being completely aware of the
you only need the basic plan, the premium
on your work permit.
costs of setting up a home in Cayman.
plan should be considered for better
For example, you will have to buy a car
coverage. A good employer will pay at least
and a year’s worth of car insurance and
50% of a premium plan, including half of the
pay deposits on a house or apartment,
insurance cost of your family. However, this
including
your
will still leave you with a monthly deduction
electricity, water and telephone set up.
of between CI$650-CI$1,250 per month (if
deposits
on
getting
You will have to take a driving test and pay
you are on a premium family plan).
for a driver’s licence. For a couple without
7) Vacation Time How many weeks of annual
children we estimate this to be just under
holiday does your contract provide for?
CI$10,000, but for a couple with children
There is a disparity in Cayman between
we estimate it to be closer to CI$23,000,
companies which offer only the US system
or even more if you don’t want the most
of 10 working days per year and others
basic of second hand cars.
which offer 3-4 weeks. Be sure to ask! 8) Can Your Children Join You? Unless you are
depend on your standard of living but we
guaranteed to earn a minimum of CI$3,500
advise that you design a budget before
per month, you will not be allowed to have
taking the leap to Cayman. Things to take
your children join you in Cayman. See the
into consideration are your salary, minus
Immigration chapter for more information.
5% pension and your portion of health
9) Divorce If you get divorced during the
insurance. Then factor in accommodation,
tenure of your stay, the non-working
utility bills (water, electricity, phone,
spouse will have to leave the Island or
Weights, Measures & Temperature Cayman uses the US system of miles for distances, mph for speed, inches for length and pounds for measuring weight. Petrol is sold by the Imperial gallon. For temperature, Fahrenheit (°F) and not Centigrade (°C) is used.
TV, internet), running a car (gas, licence and insurance), groceries, school fees, entertainment, activities, clothes, flights off the Island, savings, etc. 5) The Currency of Your Salary What currency will your salary be paid in? If you will be paid in US dollars, is it at the going rate? For example, you might think US$60,000 is a fair salary for a qualified accountant, but it’s actually only CI$49,200 (when using the bank exchange rate of .82) and the cost of living is greater here than in the US. Be aware that you will pay for almost everything in CI dollars, so if you are paid in US dollars, you are better off taking the money you need out of the bank in CI dollars than paying for something at a store with US cash at a conversion rate of .80. On a salary of US$60,000 per year, you will save around CI$1,200 a year. 6) Health Insurance This is compulsory and it is essential that you ask whether your company will be covering more than 50% of the basic plan required by law. Premium health insurance coverage for an individual
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P R E PA R I N G T O M OV E
4) The Cost of Living This will invariably
Cayman Currency The Cayman Islands Dollar (CI$) is pegged to the US Dollar and does not fluctuate. The exchange rate is CI$1= US$1.20. The cash exchange rate is CI$1 =US$1.25, which means that US$20 cash is worth CI$16. US Dollars are accepted everywhere. Credit and debit cards are widely accepted and there are many ATMs throughout the Island. Currency denominations are as follows: CI$1, 5, 10, 25, 50 and 100 dollar bills.
