The main gateway to Cayman is Miami but you can also catch a flight from Atlanta, Bahamas, Charlotte, Chicago, Havana, Honduras, Houston, Jamaica, London, Newark, New York, Orlando, Panama, Tampa 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 and Air Canada. Cayman Brac and Little Cayman are serviced by Cayman Airways Express. Please note that some airlines and destinations only operate in high season, which is generally from December to April.
Cost of Flights
The average cost of a return ticket from Miami is US$430, from New York US$560 and from London US$1,560. Also please note that these are average prices and will vary according to high or low season.
Flying Time to Cayman
Flying time from Miami to Cayman is 1 hour 5 minutes. Flying time from London (with 45 minutes in Nassau) is 10 hours. Flying time from Toronto is 4 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 (see the Cost of Living Tables). 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 probably will 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:
Will the company contribute towards getting your personal items to Cayman?
Will the company provide you with these for your first month on the Island? A list of temporary accommodation options can be found in the Finding a Home chapter and many places will offer a local rate to relocating employees.
What currency will your salary be paid in? If in US dollars, is it at 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 dollars and the cost of living is greater than in the US. You will also pay for almost everything in CI dollars.
This is compulsory. Ask if your company will be covering more than 50 percent of the basic plan required by law. Premium health insurance coverage for a family can be at least CI$725 per month. Also, is the health insurance basic or premium coverage and will it cover dental, optical and maternity care?
How many weeks of annual holiday does your contract provide for? There is a disparity in Cayman between companies which offer only the US system of 10 working days per year and others which offer 3-4 weeks. Make sure to ask!
Cayman Currency
The Cayman Islands Dollar (CI$) 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. US Dollars are accepted everywhere as are travellers cheques. Credit and debit cards are widely accepted and there are ATMs throughout Grand Cayman. Currency denominations are CI$1, 5, 10, 25, 50 and 100 dollar bills.
Weights, Measures & Temperature
Cayman uses the Imperial (UK) system of miles for distances and mph for speed, inches for length (although for buying fabric, yards are used), gallons for petrol or water and pounds for measuring weight. In terms of body temperature, the medical community will use Fahrenheit (°F), rather than Centigrade (°C). See table below.
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$87,600 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.
