Living and working in the Cayman Islands
Lifestyle
As with Bermuda and Tortola, 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. For those fortunate enough to have a Cayman job, there is never a shortage of things to do, especially for those who love sports, socialising and sunshine. There are numerous sporting clubs and 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 Sea.
Geography
Located 180 miles south of Florida, the Cayman Islands comprise three islands: Grand Cayman itself, Cayman Brac and Little Cayman. These islands comprise a total 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. 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 will give you the opportunity to enjoy this climate all year.
Financial services
Economic activity revolves around the financial services sector and tourism and therefore most jobs in Cayman arise from these areas. Grand Cayman is the 5th largest financial centre in the world and home to over 40% of all hedge funds. After Bermuda, it is the 2nd 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 Cayman job is therefore a popular option for suitably-qualified accountants looking to relocate offshore and gain financial services experience, perhaps 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. Note that there is no income tax in Cayman.
Population
As of the last census review (2006), the population was approximately 52,000. 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 population is now approximately 50% local, 50% overseas workers. 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 Islands (pronounced "Kay-Man" Islands, derived from the Caribbean word for crocodiles, which once used to inhabit the area) were ceded to the British Crown with settlement eventually following in 1703.
After a colourful history involving freebooters and privateers (such as the Blackbeard, Captain Morgan and the female pirate, Anne Bonney) the Islands broke away from regional control under Jamaica (which became independent from Britain in 1962) and to this day remains a British overseas territory.
Access, infrastructure and communications
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.
Principle airlines serving the 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 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.
Visa requirements
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.
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 job.
Do you want to know more?
Click here to jump to Canucks in the Caymans, an archive article from the Canadian CA magazine about accountants working in Grand Cayman. (You will need Adobe Acrobat to view).
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Cost of living in Cayman
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Finding a Cayman job
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