Cost Of Living In Cayman Islands part 2 – Part one is here.
Cost of Accommodation in the Cayman Islands
Many people visit the Cayman Islands for various reasons, but many do so to enjoy a much-needed vacation. With an average monthly rent price of about $1,200 Cayman currency per month and a yearly rental fee averaging around $15,000 Cayman currency, it is not a cheap place to stay.
The prices result from a combination of factors, including scarce land and an influx of expat retirees. As a result, many have to rent privately through Airbnb or similar services while visiting the island. There are also guesthouses available that can be found at prices starting around $25Cayman currency per night.
If you are looking for a single bedroom in an apartment, expect to pay anywhere from $650 Cayman currency up to over $3,500 Cayman currency. For example, renting a room at Blue Horizon Apartments starts at about $760Cayman currency per month – not including utilities. The price goes up to $2,000Cayman currency for a room with two people.
Nevertheless, it is possible to find an apartment on the island that’s affordably priced by looking beyond the luxury options. The Cayman Islands are home to countless expat retirees who may be willing to rent out an extra bedroom in their homes or apartments at very reasonable rates.
Transportation Cost in the Cayman Islands
There are many options for transportation in Cayman, but they can be expensive. A car is the most popular mode of transportation because it allows you to have more freedom to come and go when you wish, but it can become costly if you lose your job or choose to stay at home. An alternative option is taking public transport or taxis if you plan to stay in one location.
Taxis are readily available throughout the island and can be called or hailed at any time of day or night. However, they are not cheap. A 10-minute ride to town will usually cost between $14-$20 Cayman dollars. While there is a government-regulated flat rate for certain locations, many drivers will offer a lower price than the regulated fare to tourists.
If you want to save money on transportation, taking the bus may be the best option. The government-regulated fares are relatively cheap and can take you all over the island. Children under five years old travel free, while up until they are 11 years old only pay half the price.
Why Living in the Cayman Islands in 2022
As more countries turn to cryptocurrencies, the Cayman Islands – an island country in the Caribbean Sea – is also looking at digital currency as a viable option for their future. This section will examine five reasons you should consider moving to the Cayman Islands in 2022 if they implement cryptocurrency into their economy.
The Government Has Embraced Blockchain Technology
The Cayman Islands government has been enthusiastic about blockchain technology ever since they first introduced it in 2013. This enthusiasm has seen the creation of their Blockchain Task Force, which aims to encourage innovation in this space by engaging with local businesses and entrepreneurs.
A Small Island with a Lot of Potential
With more than 60,000 residents in the country, which accounts for 1/400th of the population of London, the Cayman Islands is still an attractive destination to live and work in. The government has also encouraged foreigners to start businesses and contribute to the local economy.
This process is to ease some regulations on foreign companies. This means that there are a lot of opportunities for skilled foreigners to work with smaller companies in the country and build something from the ground up.
A 2-Hour Flight Away From New York City
Having strong ties with the United States, the Cayman Islands is an easy destination for US citizens to emigrate due to its short distance from New York City. It is also a short flight away from other Caribbean destinations such as Jamaica and Cuba, allowing for weekend getaways to nearby islands without traveling via plane.
There Are No Capital Gains Taxes in the Cayman Islands
As a country that thrives on tourism and finance, there are currently no capital gains or income taxes levied in the Cayman Islands for local and foreign residents. This means; you will get to keep more of your money than if you lived in countries such as the US, UK, Japan, or Singapore.
A Country That Encourages Entrepreneurship
The Cayman Islands has also been actively advocating for their residents to be entrepreneurs, with the Small Business Development agency providing free consulting services for new businesses and entrepreneurs in the country. This seems like an ideal destination to live and work in if you are serious about growing your own business without having to worry too much about regulatory issues.
Ways to Live Comfortably in the Cayman Islands
The good thing about living in the Cayman Islands is that you are guaranteed to have something to do. There are many ways to make money, spend quality time with friends and family, or simply contribute to your community.
However, it can be hard for newcomers to know what’s available when they don’t know the history. Why did the Cayman Islands become a tax haven? What were the key points in the independence of the islands from England? Who were some prominent figures throughout modern history, and what did they do?
Well, living in the Cayman Islands is very different than living in many other parts of the world, but there are ways to make your life here more comfortable. Here are five tips to make your transition easier.
Housing options vary widely depending on how long you plan to live in the Caymans. If you’re moving for just a short time, it may be best to look for an apartment or condo in one of the larger towns on Grand Cayman, such as George Town.
Condos tend to run a bit more expensive than a house with a yard, but both options provide some privacy and comfort. Of course, prices will depend on the size of your family.
It’s easy to forget how much you can save by buying groceries in the US and bringing them over with you in your luggage. Many apartments are close to a grocery store, but there are usually shops where people who live on their boats will sell you what you need at very reasonable prices.
3) Medical care
If you plan to live in the Caymans for several years, or if you have a medical condition that requires ongoing treatment, it’s important to research what options are available to you here. In many cases, it will be much more affordable here than in the US because of government subsidies and other factors. The Cayman Islands recently opened a new hospital and has plans for further expansion into the future.
4) Schools and Education
Education in the Cayman Islands is free and compulsory from age 5 to 16 and highly regarded in many circles around the world (and in most cases, even better than schools in the US). The majority of schools are in Grand Cayman, so you probably won’t have much choice but to send your children there.
Car rentals are affordable here, especially if you’re coming from the US. However, they can be quite costly during the high season (December-April). It’s also worth noting that traffic tends to be very busy around George Town and Seven Mile Beach due to all the tourists, so you might consider moving somewhere a little more secluded.
What Is The Cost Of Living In the Cayman Islands?
The cost of living (how much things like groceries, gas, etc.) in the Cayman Islands is quite high for people used to prices in Canada. Some low-income jobs are available for locals and expats alike, but these do not pay much. The best way to live on a budget is to live with a roommate or two, share rent, and split utilities.
What Are The Employment Opportunities?
There are few employment opportunities available for locals seeking high-paying jobs in the Cayman Islands. Most of the better-paying jobs go to foreigners who have relocated there, either on their own or through their company. Jobs available to expats include general labor, construction, and tourism. The tourism industry is the best-paying job available, with positions paying up to CI$30/hour.
Are There Business Opportunities In the Cayman Islands?
The best job opportunities for people looking to start a business in the Cayman Islands are the tourism and construction industries. Both of these industries have work year-round, though there is more work in construction during the summer months. Vacation rentals are also a good source of income.
Cayman Island is one of those places where you can leave the world behind and relax after a hard work week. It’s also a perfect place to move with your family or just for vacation. Nonetheless, we’ve highlighted the cost of living. So, the follow-up is to know what it takes to live in the Cayman Islands.