So, you are thinking of relocating to the Caribbean paradise – the Cayman Islands.
Disclaimer: Those who come here, rarely leave.
Cayman is a place that offers something for everyone, sprinkled with its British charm and barefoot elegance. The island is home to scenic beauty, gorgeous beaches, gustatory delights, and friendly people from over 135 nationalities. It offers a respite from the fast-paced life. Here are a few things to consider if you’re planning to move to Cayman.
⦁ Lifestyle of Caymanians
⦁ Education Cost
⦁ Real Estate Market
⦁ Electricity Cost
⦁ Cost of Food
⦁ Cost of Petrol and Diesel
⦁ Value-Added Benefits
- The Lifestyle of Caymanians
Can you imagine, the price of a dozen eggs in Cayman is equal to the price of a full-fledge meal in various Asian countries? According to the latest research data, Cayman is costlier than 100 major countries. People here can afford such an expensive lifestyle because their income is equally high to support it.
- Education Cost in the Cayman Islands
Despite the fact that Cayman is a group of three islets, there is a considerable scope of education in both private and public institutions from preschool to university. In fact, there are hobby classes for adults too.
-> Good Number of Schools and Teachers
There are 27 private and government schools in the islands with 731 teachers as per a survey taken in the year 2018. So, you can expect a rise in these numbers as of 2020.
If the parents in Cayman decide to send their children to government schools, then it is the government’s responsibility to educate them – (5 to 17 age group). Generally, the government’s higher education ends in year 11 that is 16 years of a child’s age, but the government mandates the education up to year 12 (17 years of candidate’s age).
-> Opportunities for Private Schools, Universities, and Overseas Education
If you wish to send your children to a private school in the Cayman Islands, they can give an attempt for various external examinations like SATs, BTECs, and APs.
For taking overseas education, they must get approval from the Director of Education Services to get “Dual Entry”. If the children lack this designation, they will not be applicable as per graduation criteria. The tuition fees start from $12500 for preschool to $26,000 for high school, depending on whether it is an international or national board of education.
- Real Estate Market in the Cayman Islands
In every country, the real estate prices differ depending on a list of factors like property type, location, and economic conditions. With the rise in the people planning to relocate to the Cayman Islands every year, there is a considerable demand for properties and comparatively low supply. Hence, the properties are sold or leased as soon as they appear in the market.
You can either avail the services of a reliable realtor or visit the website of CIREBA or CIREBA Rentals to get details on the available properties. The Cayman Islands Real Estate Broker’s Association (CIREBA) is a professional network of real estate companies and a repository of available properties in the Cayman Islands, enabling you to find the realtor or browse and compare properties.
Here’s a breakdown of the monthly average costs of renting a home in the Islands;
The average monthly costs of renting a home in the Cayman Islands;
|Monthly rent for 85m2 – (luxurious area)||CI$2,693|
|Monthly rent for 85m2- normal area||CI$1,787|
|The average rent for 4 members in Grand Cayman||CI$7000|
-> You Get Significant Tax Benefits
There are no annual property taxes in the Cayman Islands unlike other countries of the world. However, you need to pay a one-time stamp tax of 7.5% at the time of purchasing a property. In fact, the government encourages foreign ownership with no unknown land-holding licenses for up to 3 properties
- Cost Of Electricity in the Cayman Islands
Before directly knowing the cost of electricity, let us know the regulations adhering to electricity. In the Cayman Islands, there is only one authority providing and managing electricity – Caribbean Utilities Company (CUC). In order to get an electric connection, the property owner needs to submit an application, provide ownership proof with a photo ID, and pay the deposit.
Tenants are also required to finish the application procedure for the electricity supply. They would need to provide a rental agreement, lease, passport, driver’s license, and deposit to CUC. The deposits for new condos are calculated on a square footage basis.
Electricity cost breakdown;
|Heating, electricity, and Gas for 45m2 studio||CI$165|
|Average Monthly Electricity Bill||CI$1000/month|
|License and Regulatory Fees||CI$0.0125|
-> The Electricity System, Norms, Costs & More
The Grand Cayman electricity supply operates on the 120-volt electricity system. The cost fluctuates a lot depending on the size of the property and lifestyle.
Maintain good SEER ratings to save more: If you are aware of the electricity cost, it is imperative that you know about SEER (Seasonal Energy Efficiency Rating), the lower the SEER units, the higher the power consumption. Therefore, ensure your air conditioning units are serviced on a regular basis.
Uses under 1,000 KWh can help save more: The basic rate of electricity as of 1st September 2019 was CI$0.1087 per kWh for Cayman residents with a facility charge fee of CI$5.46 and license and a regulatory fee of CI$0.0125 per kWh. it only applies when the usage is over 1,000 KWh per month. However, if you consider fuel duty surcharges, the average cost per KWH is CI$0.2636.
- Cost of Food in the Cayman Islands
There are over 250 restaurants cluttered across the island, known for offering the best of both worlds – land- and seafood and is rightly known as the culinary capital of the Caribbean. The food choices range from Indian to Thai and more. Thus, making it a home away from home for its diverse residents.
The cost of food in the Cayman Islands is considerably high as the majority of goods are imported from outside. You can expect average prices of groceries for one month between $600 to $1,200. However, the actual cost may vary depending on the size of the family and dietary choices.
The average monthly cost of food in the Cayman Islands;
|Basic Lunch Time Menu||CS$15|
|Combo Meal in Restaurant||CI$9|
|Average Grocery Price||CI$600 to CI$1200|
- Satellite TV Services and Telecommunication in the Cayman Islands
The locals can watch International shows with the help of satellite, broadband, or cable. There are three local TV stations that are completely free for the locals.
As streaming services have a growing popularity in Cayman, it is now a new alternative to ordinary cable TV. The customers can buy a set-up box for $159 and can choose their plan, which begins with 25$ a month. There are many decent television services provided by three main companies – FLOW, Logic, and C3 Pure Fibre.
-> Rise of Telecommunication in the Cayman Islands
It is no secret that Cayman is famous because of its booming tourism and sophisticated financial industries, and thus the requirement of telecommunication is also increasing with each passing year.
There are a plethora of options available for residential and mobile services with high-speed internet connections. Even fiber-powered internet is in great demand for its fast, consistent, and reliable internet services. There are two mobile service providers who are successfully operating in the Cayman Islands, FLOW and Digicel. Both of these businesses are providing postpaid and prepaid services.
|Internet 8 Mbps (1 month)||CI$80|
|1 min of Prepaid Mobile Tariff||CI$1.57|
|Tv package for 1 month (Logic)||CI$37.99|
⦁ Cost of Petrol and Diesel in the Cayman Islands
There are 11 Esso and 11 Rubis petrol stations in the islands, it has attached convenience stores. There is a single private fuel station named Refuel which sells biodiesel blended fuels and ethanol. We have provided the prices of fuel as per July 2019. Have a look!
|Premium Fuel||Regular Fuel||Diesel Fuel|
|Price – CI$4.97||Price – CI$4.54||Price – CI$4.59|
The import duty for diesel is 85¢ and for gasoline is 75¢ per gallon. There is a law in Cayman islands where it is mandatory for fuel stations to show fuel prices in imperial gallons and CI dollars. Only in Marinas, the CI dollars are as per US gallon which is 20% less than imperial gasoline.
You might have analyzed the major expenditures of the Cayman Islands. Now let us ascertain things that are completely free on this island.
|2 Movie ticket||CI$30|
|Basic dinner out in a pub – Grand Cayman||CI$90|
|Volkswagen golf 1.4 tsi with 150 cv||CI$7,800|
|1-month gym membership||CI$60|
So what are the value-added benefits of living in the Cayman Islands?
There are no taxes levied on your capital gains, income, property, or sales. Hence, you can live a relaxed and well-planned lifestyle if you are earning an average salary. The estimated monthly costs for a single person is around CI$3,241.
The prices of parking are rising in many countries, but not in Cayman as it is totally free. In addition, the year-round tropical weather ensures you not only save on expensive winter clothes but also enjoy the balmy climate. On top of that, there are duty-free shops in Grand Cayman enabling you to shop for watches, crystal, fine jewelry, and perfumes without splurging.
To get the latest updates on what’s happening around Cayman, stay connected with us.