The Cost of Living in the Cayman Islands | An Expert Guide

The Cayman Islands, a British Overseas Territory in the western Caribbean Sea, is renowned for its sophisticated financial services sector, pristine beaches, and high standard of living. With a population of approximately 65,000 people spread across three islands (Grand Cayman, Cayman Brac, and Little Cayman), this jurisdiction combines tropical luxury with world-class business infrastructure.

The Cayman Islands' economy is primarily driven by its offshore financial services industry and high-end tourism. As one of the world's leading financial centers, it hosts numerous international banks, hedge funds, and insurance companies. This economic focus has created a highly developed infrastructure and service sector catering to an affluent professional community.

The expatriate community in the Cayman Islands is substantial, making up about half the population, with most residing on Grand Cayman. Many are drawn by career opportunities in the financial sector, the absence of income tax, and the high quality of life. However, these benefits come with one of the highest costs of living in the Caribbean.

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Regional Comparison

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Housing Costs in the Cayman Islands

Housing costs in the Cayman Islands are among the highest in the Caribbean, particularly in desirable areas like Seven Mile Beach and South Sound. In these premium locations, a one-bedroom apartment typically rents for 2,500-3,500 KYD monthly, while similar accommodations in George Town or West Bay range from 1,800-2,500 KYD. Most rentals come unfurnished, and long-term leases often require substantial deposits and advance payments.

Summary:

• Rent, 1-bedroom apartment (Seven Mile Beach): 2,500-3,500 KYD/month
• Rent, 1-bedroom apartment (George Town): 1,800-2,500 KYD/month
• Rent, 1-bedroom apartment (other areas): 1,500-2,000 KYD/month

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Food Costs in the Cayman Islands

Food costs in the Cayman Islands reflect the need to import most products. A meal at a casual restaurant typically costs 20-30 KYD, while dinner at an upscale restaurant might run 50-80 KYD per person. Monthly grocery shopping at stores like Foster's or Kirk Market typically costs 600-800 KYD for one person, with imported items carrying significant premiums. Local seafood can offer better value, though prices remain high by international standards.

Summary:

• Casual restaurant meal: 20-30 KYD
• Upscale dinner: 50-80 KYD
• Monthly groceries (1 person): 600-800 KYD

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Transportation Costs in the Cayman Islands

Transportation in the Cayman Islands primarily relies on private vehicles, as public transportation is limited. Bus services exist but are mainly used by workers in the service industry. Taxis are expensive, with a 5-mile journey costing around 25-35 KYD. Many residents purchase or lease vehicles, though this comes with high insurance costs (typically 100-200 KYD monthly) and fuel prices averaging 5-6 KYD per gallon.

Summary:

• Bus fare: 2-3 KYD
• Taxi (5-mile journey): 25-35 KYD
• Monthly car insurance: 100-200 KYD

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Healthcare Costs in the Cayman Islands

Healthcare in the Cayman Islands is privatized, with high standards but corresponding costs. Health insurance is mandatory and typically costs 200-400 KYD monthly per person, often partially covered by employers. A doctor's visit without insurance can cost 100-150 KYD, while specialist consultations range from 150-300 KYD. The main hospital, Health City Cayman Islands, provides world-class care but at premium prices.

Summary:

• Health insurance: 200-400 KYD/month
• Doctor's visit: 100-150 KYD
• Specialist consultation: 150-300 KYD

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Utility Costs in the Cayman Islands

Utility costs in the Cayman Islands are substantial, particularly due to the need for constant air conditioning and the high cost of electricity generation. Monthly utilities including electricity, water, and basic internet for a typical apartment range from 300-500 KYD, depending on usage. Internet and cable packages typically cost 100-150 KYD monthly, while mobile phone plans with data start from 50 KYD monthly.

Summary:

• Basic utilities: 300-500 KYD/month
• Internet/cable package: 100-150 KYD/month
• Mobile phone plan: 50+ KYD/month

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Example Monthly Expenses in the Cayman Islands

Average monthly expenses for a single professional:

• Rent (1-bedroom, decent area): 2,500 KYD
• Utilities: 400 KYD
• Food: 700 KYD
• Transportation: 300 KYD
• Healthcare (insurance): 300 KYD
• Internet/Phone: 150 KYD
• Entertainment: 400 KYD
• Total: 4,750 KYD

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If you want to know more about the Cayman Islands and the cost of living there you can also check out the Cayman Islands page.