Jobs in the Cayman Islands

As a leading offshore finance centre, expat Cayman Islands jobs primarily entail opportunities in financial services and law.

Finance jobs include Financial Services Audit roles with the Big Four and Top10 firms including Deloitte, EY, KPMG and PwC, as well as Accounting positions with insurance managers, hedge funds and banks, and opportunities in Advisory, Internal Audit, and Insolvency & Restructuring.

For qualified lawyers, career options in Cayman include jobs with Offshore Magic Circle law firms (such as Walkers and Maples, as well as other firms who have moved in from other jurisdictions) in addition to in-house. Additionally, vacancies arise for professionals who are STEP-qualified and seeking employment in the Trusts sector.

Lifestyle in Cayman

As with Bermuda and the BVI, the Cayman Islands offer an ideal mix of exciting opportunities for professional development and accumulation of tax-free savings, together with an active recreational life.

There is never a shortage of things to do, especially for those who love sports, meeting new people, socialising and beautiful sunshine. There are numerous sporting clubs, fun bars and restaurants. A typical day at the weekend, for instance, could include a swim at the famous Seven Mile Beach in the morning followed by watching a match at the rugby club or playing tennis in the afternoon, winding up with dinner or drinks out or by joining a group of friends for an evening BBQ at a condo overlooking the Caribbean.

Geography

Located 180 miles south of Florida, the Cayman Islands comprise three islands: Grand Cayman, Cayman Brac and Little Cayman. These islands comprise a land area of 100 square miles with Grand Cayman being the largest and most populated.

Climate

The Cayman Islands are tempered by trade winds that maintain a consistently comfortable temperature in the 80 degrees Fahrenheit (27 degrees Centigrade) range, with May and October being the rainiest months and March and April the driest. Surrounding waters are crystal clear with visibility of at least 100 feet, which allows for excellent snorkelling and diving. Living and working in Cayman gives you the opportunity to enjoy this benign climate all year.

Financial services

Economic activity revolves around the financial services sector and tourism and therefore Cayman Islands jobs will most likely arise from these areas.

Grand Cayman is the fifth largest financial centre in the world and home to over 40% of all hedge funds. After Bermuda, it is the second largest captive insurance domicile and is a major banking centre. It is also a leading centre for structured finance and capital markets activities.

Finding a job in Cayman is therefore an increasingly popular option for qualified professionals looking to relocate offshore and gain financial services experience, often for the first time.

The local currency, the Cayman Islands dollar, is pegged to the US currency such that CI$1.00 =US$1.20. Both currencies are freely useable on the Islands. There is no income tax in Cayman.

Population

As of the last census review, the population was 58,000. Unemployment is virtually non-existent and the average salary was CI$29,000.

The local population is mostly of mixed of European or African descent with generally good race relations. Due to tremendous growth in the last few decades in financial services and tourism, the working population is now evenly split between locals and expats. A large selling point for Cayman as a destination for business is its social harmony and noticeably fewer class distinctions when compared to many other countries around the world.

History

Christopher Columbus discovered the Islands in 1503 but the Spanish never occupied them. They were originally known as Las Tortugas on account of the great abundance of marine turtles found swimming in the surrounding waters but the name never stuck.

In 1670, the Cayman (pronounced ‘Kay-Man’) Islands were ceded to the British Crown with settlement eventually following in 1703. After a colourful history involving freebooters and privateers (such as Blackbeard, Captain Morgan and the female pirate, Anne Bonney) the Islands broke away from regional control under Jamaica, which became independent from Britain back in 1962, and to this day remains a British overseas territory.

Access, infrastructure and communications

Principle airlines serving the Cayman Islands include Cayman Airways, American Airlines, Northwest, Caledonian Airways and US Air. The flight time from Miami is a convenient one hour twenty minutes; the flight time from Toronto is five hours.

The Cayman Islands boast a highly-developed infrastructure including well-kept roads, a modern international airport, dependable utilities, sea ports and state-of-the-art communications.

There are two hospitals with experienced staff from both the Cayman and expatriate populations, and most medical procedures can be safely performed locally with only unusual cases being referred to the nearby US (usually in Miami which is less than one hour away). There are also government and private schools as well as a police force made up again of Caymanians and British officers.

The telephone service is courtesy of Cable & Wireless. The company provides fully digital as well as cellular services and toll-free 800 facilities. The daily local newspaper is The Caymanian Compass. There are three local radio stations, four local TV stations and a multitude of satellite stations to choose from. Power is supplied on Grand Cayman by the Caribbean Utilities Company at 110 volts/60 cycles.

Immigration

All visitors must have a valid passport with the following exceptions: UK, US & Canadian nationals who have proof of identity and citizenship plus photo ID can be admitted. As is the case on many other Islands, all visitors are required to have a return ticket. Those seeking to be come resident in the Cayman Islands and work will need to find employment and be sponsored by a local company for a work permit.

Relocation expenses

For recruits starting a new job in Grand Cayman, most employers will pay for a return airfare plus an allowance for excess baggage, and short-term accommodation and transportation will usually be provided for the first few weeks to give you time to get settled easily. Some employers may also offer a starting loan, repayable from the first six months’ salary. The exact nature of such relocation assistance will be negotiated with the company and, as part of our recruitment service, we will be well placed to ensure that you receive all the assistance you need to start your new position.

Why you should apply now

  • 8 out of 10 candidates are successful in getting a dream job
  • 9 out of 10 candidates are still on the Island after a year
  • 10 out of 10 candidates love their new life!

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