Are you thinking of moving to the Cayman Islands? Here is some useful information about Cayman.
There are actually three Islands that make up the Cayman Islands.
- Grand Cayman
- Cayman Brac
- Little Cayman
Grand Cayman is the biggest of all three islands. It is 76sq miles; length: 22 miles; average width: 4 miles, but 8 miles at its widest; highest point: about 60ft above sea level
Grand Cayman is made up of 5 Districts:
- Bodden Town
- George Town
- North Side
- East End
- West Bay
Cayman Brac is the second largest of what is referred to as the Sister Islands. It is 15sq miles; length: 12 miles; average width: 1.5 miles; highest point: The Bluff – 140ft above sea
Little Cayman is by far the smallest but no less attractive. 10sq miles; length: 10 miles; average width: just over 1 mile; highest point: 40ft above sea level
Total population of all three islands is approximately 64,420 (2018). 95% of that population is based on Grand Cayman.
The population is made up of a mixture of ex-pats and locals with the majority being Caymanian. Other countries represented are Jamaica, Canada, US, Philippines, UK, India and many more – you name it – we have it. It makes for a very diverse culture.
Located in the Western Caribbean about 150 miles south of Cuba, 480 miles south west of Miami and 180 miles northwest of Jamaica.
Getting to the Cayman Islands
The following airlines currently offer services to/from Owen Roberts International Airport, Grand Cayman. Some operate on a seasonal basis, discontinuing service in the slower summer months:
- Air Canada (Toronto)
- American Airlines (Miami)
- British Airways (London / Nassau)
- Cayman Airways (Chicago / Dallas / Havana, Cuba / La Ceiba, Honduras / Kingston, Jamaica / Miami / Montego Bay, Jamaica / New York / Tampa / Washington, DC / Cayman Brac, Little Cayman)
- Cayman Airways Express (Cayman Brac / Little Cayman)
- Delta Airlines (Atlanta / Detroit / Minneapolis)
- JetBlue Airways (New York / Boston)
- Southwest (Fort Lauderdale, Baltimore)
- United Airlines (Houston / Newark / Washington/Chicago)
- WestJet (Toronto)
As you can see – there are plenty of routes in and out of the Cayman Islands. The local airline is Cayman Airways (they even offer free rum punch on some flights). New routes are being added each year and Grand Cayman airport is currently going through an expansion.
Currently there is no income tax, capital gains tax, or corporation tax but there is an import duty of 22% on many goods. There is also Stamp Duty on most property purchases. If you are Caymanian and a first time buyer, you are exempt from this stamp duty which is currently 7.5%.
Weather in Cayman
We don’t really have seasons similar to those in colder climates, but we do still have changes to conditions. The average temperature all year round is approximately 80-85 degrees with very little rain. The cooler months are between December to April which is our Winter. The hottest time of year is the summer and especially between July and August with temperatures hitting over 100 degrees with 100% humidity. The only thing to do is splash around in your pool or the ocean. Hurricane Season officially runs from 1st June to 31st November, this is also considered rainy season. The last big hurricane to hit the Cayman Islands was Hurricane Ivan in 2004 which was a Category 5 storm. If you live in Cayman, during that time you maintain a level of hurricane preparedness and you watch the weather forecast all the time. The lesson learned from Hurricane Ivan is that any new built property is up to a much higher hurricane rated code.
Work In Cayman
The main industries in Cayman are Tourism, Financial Services and Construction.
In order to work in the Cayman Islands there are a number of different options.
If you are Caymanian, have Status, Permanent Residency or a spouse of a Caymanian then you have the right to work without a work permit.
If you do not have any of those things then you are required to get a work permit. Once a job has been secured it is up to that particular employer to submit your work permit application. This can take anything between 6 weeks to 6 months to be approved depending on the circumstances.
In order to gain Permanent Residency you have to have been a resident of the Cayman Islands for at least 8 years and no longer than 9 years. There is a points system and a number of criteria you need to meet. To find out more about Permanent Residency visit Immigration.gov
There are other ways to achieve residency in the Cayman Islands:
Residency Certificate for Persons of Independent Means
An individual who is able to demonstrate that he has a continuous source of annual income of CI$120,000 (US$146,341.46) without the need to work in the Islands or that he has an account with a Cayman Islands Monetary Authority-regulated and locally licensed institution and maintains a minimum deposit in the account of at least CI$400,000 in assets and that he has invested at least CI$1,000,000 (US$1,200,000) in Grand Cayman of which at least CI$500,000 (US$610,000) must be in developed real estate, may apply to the Chief Immigration Officer for a Residency Certificate for Persons of Independent Means.
Certificate of Direct Investment
A person who makes, or proposes to make, an investment of at least one million dollars in an employment generating business – either existing or a new venture – and in which he plans to exercise substantial management control, may apply for a Certificate of Direct Investment. The words ‘employment generating business’ mean a business in which at least thirty per cent of the total number of employees are Caymanian unless it can be shown that overriding circumstances dictate a lower percentage.
Certificate of Permanent Residence for Persons of Independent Means
To qualify for a Certificate of Permanent Residence for Persons of Independent Means a person must be able to demonstrate that he has invested CI$2,000,000(US$2,400,000) in developed real estate in the Cayman Islands. The applicant must also show that his financial resources are sufficient to maintain himself and his dependents adequately.
Perhaps buying real estate is the way to go. We have properties for sale in those price categories, which if purchased could get you the right to live in the Cayman islands. Check out all of our current property listings and get in touch. Your new life in Cayman could happen sooner than you think. If you have any other questions, please let us know.