Cayman New Resident
The definitive guide to living and working in the Cayman Islands
Apr 18, 2014 

Cost of Living Scenarios

Last updated: 30th August 2013

In this section we give you an idea of how much it costs to live in the Cayman Islands. We start by giving realistic 'Cost of Living' scenarios and give examples of how much it would cost you to set up life in Cayman.



Cost of Living Breakdown
We give two examples: a) a couple (a teacher and a secretary) and b) a family with two young children (an accountant and a secretary). We then list basic cost of living tables covering a) rents b) monthly household and utility bills c) houseware costs and d) medical care costs. After reading this you should get a good idea of what your average monthly expenses would be if you lived in Cayman. The figures quoted here are good for the late 2012 into most of 2013 period. All prices are quoted in Cayman Islands dollars. To get the US dollar equivalent you need to take the CI figure and divide by 0.82.

Scenario 1: Couple
  • Teacher earning CI$3,600 pmth and Secretary earning CI$3,500 pmth
  • 1 second hand car
  • 1-bedroom apartment in George Town
  • Other expenses include dinner once a week and a movie or a cocktail once a week.
  • Note: you may need to purchase 2 cars if you each need to work and live independent lifestyles

Motor Vehicle Costs

Purchase of a vehicle

$5,000

Motor vehicle insurance

$450

Drivers licences x 2

$170

Vehicle licensing/inspection

$185

Apartment Costs

Apartment deposit

$1,400

First month's rent

$1,400

Water deposit

$100

Electricity deposit

$200

Telephone deposit

$100

Cable deposit

$90

Total setup costs

$9,095

Monthly Living Expenses

Apartment rent

$1,400

Telephone + mobile

$120

Water

$60

Electricity

$290

Cable

$75

Internet

$50

Petrol

$180

Groceries

$700

Entertainment/Other

$500

Total living expenses

$3,375

Compulsory Monthly Expenses

Pension 5%

$355

Health Insurance

$440

Total Monthly Income

$7,100

Total Monthly Expenses

$4,270



Scenario 2:
Couple with 2 children (Ages 2 & 4)

  • Accountant earning CI$6,500pmth and Secretary earning CI$3,500pmth
  • 2 second hand vehicles: SUV and car
  • 3-bedroom apartment in George Town
  • Other expenses include dinner and a movie once a week and children's activities

Motor Vehicle Costs

Purchase of 2 vehicles

$17,000

Motor vehicle insurance

$1,000

Drivers licences x 2

$170

Vehicle licensing/inspection

$370

Apartment Costs

Apartment deposit

$2,100

First month's rent

$2,100

Water deposit

$100

Electricity deposit

$300

Telephone deposit

$100

Cable deposit

$90

Total setup costs

$23,330

Monthly Living Expenses

Apartment rent

$2,100

Telephone + mobile

$120

Water

$70

Electricity

$500

Cable

$75

Internet

$50

Petrol

$300

Groceries

$1,200

Preschool fees (half-day)

$685

Prep school fees

$850

Domestic help (full time)

$1,200

Domestic help health insurance

$120

Entertainment/Other

$700

Total living expenses

$7,960

Compulsory Monthly Expenses

Pension 5%

$500

Health Insurance

$810

Total Monthly Income

$10,000

Total Monthly Expenses

$9,270



Monthly Household Expense

for a 2-Bed Apartment (*optional)

Expense

CI $

US $

Electricity (including a/c)

270

329.27

Water

60

73.17

Cable/TV (basic package plus movies)

75

91.46

Telephone + Mobile (excluding overseas)

120

146.34

Internet Connection

40

48.78

Cleaner - once per week/per month*

260

317

A/C Maintenance - per quarter*

125

152.44

Pest Control - per quarter*

95

115.85


Grocery Costs

Expense

CI $

US $

Butter (Anchor 16oz)

5.39

6.74

Baby Food (Gerber 6oz)

1.23

1.54

Baked Beans (Heinz 415g)

2.19

2.74

Batteries (Energizer pack of 4 AA)

3.59

4.49

Beer (Pack of 6)

10.99

13.74

Bread (Fresh 100% whole wheat loaf)

3.09

3.86

Cat Food (Friskies 5oz can)

0.87

1.09

Cereal (Kellogg's Corn Flakes 12oz)

3.99

4.99

Chicken (Whole roaster CI$1.89 per lb)

10.24

12.80

Cigarettes (Per pack 20)

7.99

9.99

Coca Cola (6 pack cans)

3.89

4.86

Coffee (Nescafè Instant 200g)

7.39

9.24

Disposable Diapers (Huggies 36)

16.09

20.11

Dog Food (Pedigree dry food 7 lb)

12.99

16.24

Eggs (6 Organic Valley)

4.19

5.24

Filet Mignon (2 steaks/CI$24.99lb)

20.24

25.30

Ice Cream (Häagen Daz 1 pint)

5.85

7.31

Laundry Detergent (Tide 32 loads)

9.49

11.86

Milk (2% ½ gallon)

3.79

4.74

Shampoo (Pantene 12.6fl oz)

4.79

5.99

Shower Gel (Radox 250ml)

4.19

5.24

Still Water (Evian 1.5 litre)

2.99

3.74

Razor Blades (Gillette, pack of 5)

3.19

3.99

Tampax (Super pack of 20)

4.19

5.24

Toilet Paper (Charmin Basic pack of 4)

2.79

3.49

Tomato Soup (Campbell's 305g)

1.35

1.69

Toothpaste (Colgate 6oz tube)

3.99

4.99

Tuna (Bumble Bee Albacore 5oz can)

2.69

3.36

Whole Grain Rice (Uncle Ben's 907g)

3.33

4.16

Wine (Table 750ml)

21.50

26.88

Yoghurt (Dannon All Natural 32oz)

3.77

4.71


Housewares

Expense

CI $

US $

Bath Towel

11.75

14.69

Broom

8.55

10.69

China Set (16 piece)

29.00

36.25

Coffee Maker (Black & Decker 5 cup)

30.95

38.69

Cutting Board (wood 13" x 13")

13.50

16.88

Dishwasher

1,110.00

1,387.50

DVD Player (Toshiba)

49.95

62.43

Electric Alarm Clock with Radio & iPod

34.00

42.50

Flatware Set (20 piece)

36.00

45.00

Glasses Set (16 piece)

21.55

26.94

King Comforter Set

199-347

249-434

King Sheets

44.00

55.00

Lawnmower

449.00

561.25

Light Bulbs (4 pack 100w)

2.00

2.50

Microwave

179.00

223.75

Paint (Flat emulsion interior 1 gal)

21.65

27.06

Pan Set (11 piece Cuisine Select)

141.00

176.25

Rubbermaid Ice Chest (20 quarts)

37.50

46.88

Refrigerator/Freezer (25 cubic ft)

2,185.00

2,731.25

Screwdriver Set (15 piece)

35.00

43.75

Stove (Whirlpool glass top)

850.00

1,062.50

Tall Kitchen Bin (40 quarts)

8.95

11.19

Television (LG 47" flat screen)

1,199.00

1,498.75

Toaster (Sunbeam 4 slice)

40.00

50.00

Washer/Dryer (Two-in-one, full size)

2,150.00

2,687.50


Cayman Currency
Cayman has its own currency -  the Cayman Islands Dollar (CI$). This is tied to the US Dollar and does not fluctuate. The exchange rate is CI$1 = US$1.20 However, the cash rate is traded at CI$1 = US$1.25 which means that US$20 cash is worth CI$16 or US$5 is worth CI$4. You'll get the hang of it pretty fast. Usually you will not get US dollars back from a transaction. US Dollars are accepted everywhere as are travellers cheques. Almost all shops, restaurants and hotels accept credit cards and there are cash-dispensing ATMs throughout the Cayman Islands.   Currency denominations are CI$ 1, 5, 10, 25, 50 and 100 dollar bills.

Currency conversion

CI $

US $

 

CI $

US $

$1.00

$1.25

 

$500.00

$625.00

$5.00

$6.25

 

$550.00

$687.50

$10.00

$12.50

 

$600.00

$750.00

$20.00

$25.00

 

$650.00

$812.50

$30.00

$37.50

 

$700.00

$875.00

$40.00

$50.00

 

$750.00

$937.50

$50.00

$62.50

 

$800.00

$1,000.00

$60.00

$75.00

 

$850.00

$1,062.50

$70.00

$87.50

 

$900.00

$1,125.00

$80.00

$100.00

 

$950.00

$1,187.50

$90.00

$112.50

 

$1,000.00

$1,250.00

$100.00

$125.00

 

$2,000.00

$2,500.00

$150.00

$187.50

 

$3,000.00

$3,750.00

$200.00

$250.00

 

$4,000.00

$5,000.00

$300.00

$375.00

 

$5,000.00

$6,250.00

$400.00

$500.00

 

$10,000.00

$12,500.00

$450.00

$562.50

 

$20,000.00

$25,000.00


Weights and Measures
Cayman uses the Imperial system of miles and pounds and not the metric measuring system of kilometres and kilograms.
Copyright 2014 The Resident Magazine 2014. All rights reserved.
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