Cost Of Living In Cayman Islands part 1 – that will be the topic of today’s article.
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The Cayman Islands are a British Overseas Territory located in the Caribbean Sea. The population is estimated to be over 50,000 people. The islands consist of three groups of semi-submersible reefs called Little Cayman, Cayman Brac, and Grand Cayman. They enjoy a diverse mix of cultures, including those from Jamaica, Haiti, and other Caribbean islands.
The Cayman Islands are well known for their pristine beaches and breath-taking crystal clear waters; it is one of the most popular tourist destinations in the Caribbean. It has grown tremendously in popularity with holidaymakers because some local islanders feel that it neglects other important areas within its economy.
Despite the Cayman Islands becoming a popular tourist destination, it is still an expat hotspot. Other than some of the more upmarket resorts, which are frequented by guests from other Caribbean islands and the USA, most of the government positions within immigration and customs enforcement are still held by ‘locals.’
This means that for some people moving to the Cayman Islands could be seen as a step down from living in other countries. The cost of living here is also considered very low compared to nations such as the USA and the United Kingdom, making it a popular retirement destination for people from these parts of the world.
Numerous factors affect the cost of living in the Cayman Islands, so it is important to first understand them before arriving on the islands. In this article, we will walk you through those factors. Not only is that, but you’ll understand why living in the Cayman Islands is worth it in 2022. Read further!
Factors Affecting Cost of Living in the Cayman Islands
Over the past ten years, the Cayman Islands have become a popular tourist destination for visitors worldwide. With beautiful beaches and resorts, it’s no wonder why this archipelago in the Caribbean is so sought after. But what about living in the Cayman Islands? What is it like to live on these islands surrounded by the sea?
The standard of living in The Cayman Islands is high, and the expat community has been growing over the past few years. However, some factors affect the cost of living here. Let’s take a look at the cost of living in the Cayman Islands and five factors affecting it:
- Transportation and commuting
- Utilities (electricity, water, etc.)
- Shopping for food and clothes
- Education for children
- Housing costs
Transportation and Commuting In the Cayman Islands
The first factor that affects the cost of living in the Cayman Islands is a transportation and commuting. As a Caribbean island territory, the Cayman Islands have a developed road network, but many locals commute by boat.
This is because; the Cayman Islands do not produce their own food; all goods are brought in from the Mainland, which means they must be transported by boat. As a result, food tends to cost more than on the mainland, while transportation costs are higher too – gas prices are high, and there is a road tax on all cars.
Utilities (Electricity, Water Etc.)
The next factor that affects the cost of living in the Cayman Islands is utilities. Utilities are generally more expensive in the Cayman Islands than on the mainland due to the lower standard of living. Things like electricity, gas, water, etc., are very expensive, costing almost twice as much here.
But don’t worry – if you want to live comfortably in an apartment or home with all utilities included, this is still possible, but it will cost you a bit more.
Shopping For Food and Clothes
Another factor that affects the cost of living in the Cayman Islands is shopping for food and clothes. There are plenty of supermarkets on the islands with a wide range of products worldwide. If you’re looking for a bargain, you can visit the local supermarkets and buy from the weekly specials.
However – just like on the mainland – your clothes will be more expensive in the Cayman Islands due to the import costs of shipping things here from all over the world.
Education for Children
And another factor that affects the cost of living in the Cayman Islands is education for children. If you want your child to attend an international school, this will be expensive due to high tuition fees. You can send your child to a local school instead, which will be much cheaper – but this means they won’t have the opportunity to study overseas, which is an important part of their education.
The last factor that affects the cost of living in the Cayman Islands is housing costs. If you’re looking to rent a house or apartment, there are plenty available, and you’ll be able to find something suitable for your needs with ease.
Where it can be expensive, however, is owning a home on the island. As the Cayman Islands are surrounded by water, there is no space for building on the land. Instead, many homes are built on stilts in the sea or on top of hills. Because of this unique characteristic, housing is expensive here, and it can be pricey to own a home on The Islands.
Cost of Living Charts in the Cayman Islands
Depending on the product or service provider, costs may vary. The following is a list of January 2022 average prices in the Cayman Islands.
|Goods and Services||Prices|
|Accommodation (Monthly Rent)|
|Three-bedroom apartment (city center)||KYD 4,000|
|Three-bedroom apartment (outside city)||KYD 3,700|
|One-bedroom apartment (city center)||KYD 2,200|
|One-bedroom apartment (outside city)||KYD 3,500|
|Shopping (Cayman Islands)|
|Eggs (1 dozen)||KYD5.2|
|Milk (1 liter) Rice (1kg)||KYD7.8|
|White bread (loaf)||KYD4.20|
|Chicken Breast (1kg) Cigarette (pack)||KYD25|
|Eating Out (Cayman Islands)|
|1 bottle of local beer||KYD7|
|Three-course meal (mid-range restaurant)||KYD90|
|Big Mac meal & Coca Cola (330ml)||KYD12.85|
|Utilities (Cayman Islands)|
|Mobile-to-mobile call rate (per min.)||KYD 0.85|
|Internet (average per month, ADSL, Cable)||KYD130|
|Basic Utilities (small apartment)||KYD320|
|Transportation (Cayman Islands)|
|Taxi rate (per kilometer in Cayman)||KYD1.50|
|Bus/Train fare (city center)||KYD3.5|
|Petrol/Gas per liter||KYD2.35|
Cost of Education in the Cayman Islands
The cost of education in the Cayman Islands is pretty high. Therefore, many students opt to study abroad. The international schools are good schools that offer excellent teaching and sports programs. However, they can be expensive with tuition rates that rise each year by $2,000 to $5,000 depending on the programme offered.
The most popular school in the Cayman Islands is JC School. It is a private, college preparatory, coeducational day school. This school has an advanced curriculum and high quality of education that will prepare any student for university admittance. The academic year at JC School begins in September and ends in July with five terms consisting of three months each.
The international school is a private school in Grand Cayman, the Cayman Islands, offering a different educational experience to their students. It offers a curriculum that follows the International Baccalaureate Organization’s PYP and MYP scholastic programmes.
Cost of Healthcare System in the Cayman Islands
The cost of the healthcare system in the Cayman Islands is very good, but not the best. The private health care services can be compared with Europe. The quality of service is high, and there are no long lines to wait for the doctor.
Insurance companies provide good coverage for children to adults under 35 years old, while older people have to pay more, so it is better to have private insurance. The Healthcare System in the Cayman Islands has a few weak points: the number of specialists and doctors is not so big considering the population.
This can sometimes cause problems waiting for a doctor’s appointment or surgery. Also, it could be difficult to find a doctor to accept insurance for foreigners. So, although the healthcare system in the Cayman Islands is not bad, but it may be difficult to find a good doctor.
Also, it’s challenging to schedule time for treatment, especially if you do not have private health insurance. In general, the healthcare system’s cost in the Cayman Islands is average. Not too expensive but also not cheap.
Cost of Utility Bills and Payment
So you’ve moved to a new home in the Cayman Islands, and things aren’t going well. You’re constantly disappointed with how cold your house gets in the winter and how hot it is in the summer. And then there’s all this rain! What is going on?
The good news is that while Cayman’s climate might not be to your liking, the cost of utility bills is on the low side. And it’s so low that you might be able to get by without turning on your heating or air conditioning at all.
The Cayman Islands do not have an especially abundant amount of natural resources. One major resource they lack is oil. That means no petroleum-powered vehicles in the Cayman Islands, making gasoline costs low.
These low gasoline costs are passed on to residents of the Cayman Islands. And because there aren’t many people living here either, garbage disposal costs are kept quite affordable as well. Moreover, Caribbean Utilities Company, Ltd. (CUC) is the sole electricity provider to Grand Cayman.