About - Cost of living in Cayman

Currency

The local currency is the Cayman Islands dollar (CI$), divided into 100 cents. The Cayman Islands dollar is pegged to the US dollar at KYD 1= USD 1.227, by arrangement with the World Bank. However, it is typically traded at USD 1.25 in retail outlets around the islands. Local banks buy U.S. dollars at CI$0.82 and sell U.S. dollars at CI$0.84.

The following are some other illustrative exchange rates (accurate on September 20th 2007):

CI$1 =  EUR 0.85

            GBP 0.60

            CA$ 1.19

            AUS$ 1.38

The cost of living in the Cayman Islands is high, but should of course, be considered in the context of a tax-free salary. Examples of the cost of living are as follows:

Accommodation

Although there is a great variation largely based on location and access to the beach you can expect to pay between CI$800 and CI$1,500 per month for a typical one-bedroom apartment. Two bedroom apartments are available in the range between CI$1,400 and CI$2,500. Most accommodations will ask for first and last months' rent as a security deposit.

The most expensive areas to live in are George Town, Seven Mile Beach, and parts of South Sound.

More reasonable accommodation can be found in West Bay, Prospect, Red Bay, and Savannah. Parts of George Town can also be very reasonable.

The overall standard of accommodation is high, and nearly all rentals will come furnished. Complexes will often include additional facilities such as pool, tennis courts, gyms, and barbecue areas.

Electricity and water are not usually included in your rent, and will depend largely on how much air conditioning etc that you use. A typical mid-range electricity bill would be about CI$150 per month, for two people sharing a two bedroom.  A typical mid-range water bill would be about CI$80 per month for two people.

Transportation

Despite being a relatively small island, car ownership is relatively high in Cayman.  There is no public bus system.  Instead, there are a number of private operators who run services on the major residential routes.  You can purchase a push- bike or scooter at a very reasonable rate, but most people choose the four wheel option!

The overwhelming majority of people here in Cayman drive second hand cars imported from Japan, often between 8 and 10 years old.

A “run-around” four door car will cost anything from CI$2,000.  A good condition 4x4 Honda or Toyota will cost between CI$5,000 and CI$7,500. Bank loans are available from a variety of local institutions, and re-sale values are very good. Vehicle registration will cost about CI$150 and insurance about CI$400 per vehicle.

If you are looking to buy a new car, expect to pay slightly in excess of 20% on US retail prices, plus import costs.

Taxis are fairly reasonable.  A typical short journey will cost between CI$6 and CI$12, and there are a large number of firms operating on the island.

Telecommunications

The Cayman Islands telecommunication market has been deregulated.  Cable & Wireless are the incumbent telecoms provider, offering a variety of fixed line, mobile, and broadband services.  Digicel are the fastest growing telecoms provider on the island, now offering mobile, fixed line, and corporate internet services.  Weststar TV offer wireless internet and cable TV services.  The market is becoming increasingly competitive and prices are constantly falling, yet they will most likely always remain slightly higher than US or European prices due to our island status and our relatively small size.

A typical Bill or “Pay as you go” phone will cost you CI$29.

International rates vary from 19 cent a minute.

Internet Services will cost you in the region of CI$49 per month, depending on the speeds you require.

Cable TV from the US, including all of the majors stations such as ABC, CBS, NBC, HBO, etc will cost approx CI$39 per month.

Food and Groceries

There are three main supermarkets in Grand Cayman; Fosters, Hurleys, and Kirks.  Fosters also run a warehouse discount store called “Priced Right”.  In general, commodity goods such as rice, pasta, soft drinks, cereal, etc are 25% more expensive than US corner-store prices.  Fresh food can be considerably more expensive, but competition ensures that you can still find good value.  There are an even larger number of licqour stores with beer, wine, and spirits from all over the world.  A reasonable bottle of white wine will cost you CI$12.

Eating/ Drinking Out

There is a very wide range of restaurants and bars to choose from in Cayman, catering for all tastes and budgets. A beer will cost between CI$3 and CI$4, but some of the very upmarket hotel bars can charge CI$7/8.  Beer specials are available in most bars every night of the week offering further discounts.

Bar food is of a very high standard, and you can purchase a good meal in most bars for between CI$6 and CI$10.  Restaurant prices vary from CI$14 for a main course to CI$30, depending on where you eat.

Sports & Entertainment

Locals, and those ex-pats here on work permits will find that most Dive Shops, Water Sports companies, and Boat Trip Operators will offer them significant discounts on the standard “tourist” rates, often up to 50%.  Therefore the cost of taking a trip at the weekend, or learning how to dive can be very competitive.  You can obtain your PADI Open Water Dive licence with a very reputable dive-shop for CI$200.  Most sports clubs and gyms charge an annual membership of between CI$300 and CI$500.

Despite the high cost of living, our overseas recruits find that their salaries still allow them the opportunity to build substantial savings during their employment contract. Others prefer to enjoy an enhanced standard of living and use the discretionary element of salary to travel, to buy or share a boat or enjoy some other hobby.

When considering the cost of living, it is important to consider the fact that although most things in Cayman are more expensive than you are probably used to, there are less things to spend money on.  Most people shop for clothes and luxury items only once or twice a year, when visiting the US or their native country.  You will also find that your weekends are spent outdoors, on the beach, playing sports, or visiting different parts of the island, all of which can be done at no cost.

Top