Cost of Living in the Cayman Islands

If you’re considering a move to the Cayman Islands, it’s essential to understand the cost of living in the Cayman Islands. While the allure of tax-free salaries is a significant draw, you’ll find that the overall expenses are equally substantial.

High import taxes and the islands’ popularity as tourist hotspots drive up the prices of goods, travel, and especially accommodation. The silver lining is that salaries tend to match the high cost of living, so you’ll likely be well-positioned to manage these expenses.

Cost of accommodation in the Cayman Islands

The cost of accommodation in the Cayman Islands is likely to be your biggest expense, with prices varying dramatically depending on location and property type. In the heart of George Town, rental prices are at a premium due to its proximity to business hubs and amenities. Thanks to its stunning coastline and popularity among tourists, the sought-after Seven-Mile Beach area commands even higher prices.

If you’re looking for more affordable options, the island's eastern side offers lower rental costs, but remember that longer commute times might offset the savings.

Utilities can also significantly increase accommodation expenses. In the tropical climate, air conditioning is a necessity, which can drive up electricity bills.

Have a look at our in-depth guide to Accommodation in the Cayman Islands.

Cost of transport in the Cayman Islands

The cost of transport in the Cayman Islands can impact your daily budget more than you’d expect. Although the islands are relatively small, travel expenses can increase if you regularly commute across Grand Cayman. Petrol prices are higher than in the US, reflecting import costs, but might be similar to prices in parts of Western Europe. Owning a car, especially an imported one, can be pricey due to import duties.

On the upside, public transport is becoming more reliable, with ongoing improvements to the bus network to make it more accessible and convenient. Cycling is a great way to keep fit and save money, but be aware that cycling infrastructure is still developing, and safety can be a concern in some areas.

Taxis are readily available but can be expensive, particularly during peak tourist seasons or special events.

Looking to get around the islands like a local? Read our guide on Getting Around in the Cayman Islands.

Cost of groceries in the Cayman Islands

The cost of groceries in the Cayman Islands is another factor that might catch you off guard. When stocking your pantry, you may find everyday items have a hefty price tag. Since most products are imported, the cost of basics like bread and milk can be significantly higher than what you’re accustomed to back home. Fresh produce, particularly items not locally grown, often carries a premium due to import duties and shipping costs.

On the bright side, new supermarkets are entering the market, striving to offer more competitive pricing on essential items. Local markets are also a treasure trove for fresh, locally sourced produce, which can be easier on the wallet and introduce you to the unique flavours of the Caribbean.

Cost of entertainment and eating out in the Cayman Islands

When it comes to the cost of entertainment and eating out in the Cayman Islands, you’ll find that while the experiences are delightful, they can also be quite pricey.

Dining out, especially in tourist hotspots or upscale restaurants, can feel like treating yourself in central London or Paris. Even a simple meal might set you back as much as a lavish dinner elsewhere in the world. Drinks, particularly imported ones, typically carry a hefty price tag.

On the entertainment front, activities like diving, cinema visits, or attending special events are fantastic experiences but can be comparable in cost to similar outings in cities like Sydney, Australia or New York, USA. The islands also offer plenty of free or low-cost outdoor activities. Beach days, hiking, and simply watching the sunset are easy on the wallet and a feast for the eyes.

Cost of education in the Cayman Islands

The cost of education in the Cayman Islands varies significantly based on the type of school your child attends. Although there might be additional costs for uniforms and supplies, public schools are generally free for residents.

Public schools may charge fees for non-resident expat children, but these are still typically lower than those of private or international institutions. Private and international schools offer high educational standards but come with substantial tuition fees.

These schools often follow curricula such as the British or American curricula or the International Baccalaureate (IB). Some schools provide scholarships or financial aid, and sibling discounts may be available. Despite the higher costs, many parents feel that the quality of teaching and facilities makes it a worthwhile investment.

Discover more in our guides on Education in the Cayman Islands and International Schools in the Cayman Islands.

Cost of healthcare in the Cayman Islands

Considering the cost of healthcare in the Cayman Islands, you’ll find that while the quality is exceptional, the expenses can be significant. The islands boast state-of-the-art medical facilities comparable to those in major Western countries.

If you’re from the US, the costs might be similar to what you’re accustomed to, but for those from countries with public healthcare systems like the UK or much of Western Europe, the prices can seem steep. Prescription medicines, primarily imported, can also be pricier than expected.

Most residents opt for health insurance to help offset these costs, and employers are legally required to provide at least a basic health insurance plan. This typically covers essential medical expenses, but you might consider additional coverage for more comprehensive care. Employees often contribute to premiums through payroll deductions.

Read our extensive guide on Healthcare in the Cayman Islands.