Is there poverty in the Cayman Islands?

The Cayman Islands enjoy a relatively high standard of living, with one of the highest GDP per capita in the region and low poverty levels.

Panton said that the Cayman Islands was “very prosperous” by any measure. But while salaries in some sectors, especially financial services, were very high, the poor wages of others in the face of the high cost of living and rising interest rates were making it harder for them to make ends meet.

Cons: Very expensive, too built up (in some areas)which can lead to crowds & traffic(but easy to avoid), flat & not very picturesque (unless you're on the beach), crappy exchange rate. agree with all the previous poster's pros... beautiful, crystal clear water, easy to deal with...

With an average income of US$71,549, Caymanians have the highest standard of living in the Caribbean.

The main industries are financial services, tourism, and real estate sales and development.

Violent crime in the Cayman Islands is very low compared to other Caribbean islands. Virgin Islands (U.S.) It is important to note that all of the homicides in the Cayman Islands are committed between locals, and not towards tourists.

Because of the territory's strong economy and it being a popular banking destination for wealthy individuals and businesses, it is often dubbed the 'financial capital' of the Caribbean.

The Cayman Islands remains a high-risk jurisdiction for money laundering. The Cayman Islands has an established anti-money laundering/combating the financing of terrorism/counter-proliferation financing (AML/CFT/CFP) regime. The government is committed to strengthening its AML/CFT/CFP framework.

People are advised to take caution in areas where crime is known to occur, such as downtown George Town and parts of West Bay. It is rare to be the victim of a serious crime, but pickpocketing and having items stolen is possible.

EU AML list. As a technical result of being placed on the grey list, the Cayman Islands was added to the European Union's (EU) list of high risk third countries for AML/CFT purposes (the EU AML list) on 13 March 2022.

Cayman Islands Salary. $63,000 is the 25th percentile. Salaries below this are outliers. $100,000 is the 75th percentile.

Overall, the Caymans have seen residential prices rise, from an average of about $942,000 in 2019 to $1.16 million in 2020, according to data from CIREBA.

Minimum wage. The national minimum hourly wage in the Cayman Islands is 6 KYD (USD 7.20) for employees who don't receive gratuities and is 4.50 KYD (USD 5.4) for those who do. The minimum wage values also vary depending on other factors like company-provided accommodation, bonuses, and more.

The chief occupations on the Cayman Islands are in clerical and service work and in the construction trades. Agriculture occupies only a small number of Caymanians, and most of the islands' food must be imported.

As a place to conduct business, Cayman's appeal is obvious. The country, a British Overseas Territory, levies no income or corporate taxes, and, since the 1960s, it has become one of the world's most sophisticated banking centers.

Housing and Real Estate

Real Estate in the Cayman Islands can be expensive, particularly in highly desirable areas such as Seven Mile Beach, Seven Mile Beach Corridor, and South Sound. These areas are located on the western side of the island, which is home to the major business districts of Camana Bay and George Town.

Avoiding local George Town bars on a Friday night would probably be a good idea, but even then, it is still pretty safe. Grand Cayman safety is something that almost all first time visitors think about. Fortunately, there aren't any areas that you need to actively avoid.

September to November is still the rainy season. October is the wettest month in Grand Cayman, with an average of 8.62 inches (219 mm). The weather begins to change in November as the storm season comes to a close, with lower rainfall and less humidity.

Yes, it is very safe for cruise ship passengers. Cruise ship passengers arrive in George Town, Grand Cayman. You can walk around George Town without having to be worried about potential danger.

Kenneth Bryan Dart (born 1955) is a Cayman Islands-based businessman and billionaire.

Moving to the Cayman Islands is, for many, a lifelong ambition fulfilled. It's an opportunity to live on a Caribbean island with fabulous beaches, balmy year-round weather, a high standard of living, a low crime rate and a community of international residents who extend a "Caymankind" welcome.

The rationale for the Cayman Islands inclusion on the grey list arose from it being a major financial centre and, as such, is considered to be confronted with inherent AML/CFT risks. The FATF expects countries presented with higher risks to have measures in place commensurate with that risk.hace 5 días

The Cayman Islands don't have a corporate tax and act as a haven for multinational corporations to shield some or all of their incomes from taxation. The Cayman Islands do not impose taxes on residents and are considered tax neutral.

The Cayman Islands are renowned for their pristine beaches. Lining Grand Cayman, the most famous is award winning, Seven Mile Beach. If you're looking to stay amongst the restaurants, shops and amenities on the island without renting a car then Seven Mile is for you.

Jamaica has more to do and see(as it is a much bigger country), but Cayman also offers alot. Hope this helps. If you want to travel around the island in safety the choice is easily the Cayman Islands. In Jamaica, you have to stay at your resort.

TAX-FREE LIVING

Apart from the beaches, the tax-free life is what makes the Cayman Islands famous all over the world. All residents can enjoy the freedom of not being taxed for their income or consumption, which means you get to keep, save or invest in yourself up to 40% more of your income.