The main gateway to Cayman is Miami but you can also catch a flight from London, New York, Boston, Houston, Atlanta, Tampa, Orlando, Ft. Lauderdale, Chicago, Charlotte, Jamaica, and Toronto. The national carrier is Cayman Airways and the Country is very proud of the service it provides.
Other airlines that service Cayman are American Airlines, US Airways, Northwest, Delta, Continental, British Airways, Air Jamaica, Air Canada and Spirit Airlines. Cayman Brac and Little Cayman are serviced by Cayman Airways.
COST OF FLIGHTS
The average cost of a return ticket from Miami is US$350, from New York US$500 and from London US$1000.
FLYING TIME TO CAYMAN
Flying time from Miami to Cayman is 1 hour 5 minutes. Flying time from London (direct) is 10 hours.
BEFORE SIGNING YOUR CONTRACT
When planning to move to the Cayman Islands you will need to know what to expect in terms of both the cost and the standard of living.
Since the process of moving will incur costs, find out to what extent your employer will absorb or subsidise these costs. Bear in mind that the cost of living is very high in Cayman. Unless you are moving from an expensive city such as London or New York, everything from rents, to electricity bills, running a car and schooling your children will probably be more than you were used to at home.
Below are some of the questions that you might want to ask your company before you accept an assignment:
Cost of Shipping - Will the company contribute towards getting your personal items to Cayman?
Accommodation and Renting a Car - Will the company provide you with these for your first month on the Island?
Returning Home - Will the company cover the cost of you returning home once you have completed your contract?
The Currency of Your Salary - What currency will your salary be paid in? If in US dollars is it the going rate? For example you might think US$70,000 is a fair salary for a qualified accountant, but it’s actually only CI$56,000 in Cayman currency and the cost of living is greater than in the US. (See Living Costs table in this section.)
Health Insurance - This is compulsory. Ask if your company will be covering more than the 50% required by law. Premium health insurance coverage for a family can be at least CI$675 per month and all insurance plans have a deductible. Also, is the health insurance basic coverage or will it cover dental, optical and maternity care?
Vacation Time - How many weeks of annual holiday does your contract provide for? There is a real disparity in Cayman between companies which offer only the US system of 10 working days per year and others which offer 3-4 weeks. Make sure to ask!
CAYMAN CURRENCY
Cayman has its own currency – the Cayman Islands Dollar (CI$). This is tied to the US Dollar and does not fluctuate. The exchange rate is CI$1 = US$1.20. The cash exchange rate is CI$1 = US$1.25 which means that US$20 cash is worth CI$16 or US$5 is worth CI$4. You’ll get the hang of it pretty fast. US Dollars are accepted everywhere as are travellers cheques but you will usually not get US Dollars back from a transaction. Almost all shops, restaurants and hotels accept credit cards and there are cash-dispensing ATMs throughout the Cayman Islands. Currency denominations are CI$ 1, 5, 10, 25, 50 and 100 dollar bills.
WEIGHTS AND MEASURES
Cayman uses the Imperial system of miles, pounds and 20oz pints.
TAXES
In Cayman, there is no tax on income, corporation, inheritance, capital gains, sales, withholding or gifts. Moreover, there are no annual taxes on property and no restrictions on foreign ownership of property, but there is a one-time tax on the transfer of property or land. Government finances are raised through customs duty and licence fees.
As an expatriate you may be liable for taxes in your native country. For example, an American citizen can earn about US$82,000 without owing taxes to the US government, but you still must file a return with the IRS. It is always best to check with a tax professional to confirm the rules for your native country.
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