What is minimum wage in Cayman Islands?

The standard working week in the Cayman Islands is between 40 and 45 hours per week. The Labour Act (2021 Revision) states that the minimum wage is CI$6 per hour for a 45-hour week, or nine hours per day. Anyone being asked to work over 45 hours should get paid 1.5 times the hourly rate for additional hours.

A Cayman Island in your area makes on average $23 per hour, or the same as the national average hourly salary of $23.03. California ranks number 19 out of 50 states nationwide for Cayman Island salaries.

KYD 48K. The estimated total pay for a Server/Waiter is KYD 48,005 per hour in the Cayman Islands area, with an average salary of KYD 5 per hour. These numbers represent the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users.

A family of four estimated monthly costs are 6,147.4$ (5,119.3KY$) without rent. A single person estimated monthly costs are 1,761.0$ (1,466.5KY$) without rent. Cost of living in Cayman Islands is, on average, 53.5% higher than in United States. Rent in Cayman Islands is, on average, 59.9% higher than in United States.

A 1 bedroom condo typically ranges between USD$1200-1700 per month. A 2 bedroom condo is around USD$1800-4000 per month. Beach front properties can be considerably more expensive than inland properties.

Job Hunting in the Cayman Islands

It is, however, not always easy to apply from overseas as local companies will get a deluge of foreign applicants for most positions they advertise. Websites such as CaribbeanJobs, SteppingStones and Affinity Recruitment will all regularly post jobs based in the territory.

There are no income or withholding taxes imposed on individuals in the Cayman Islands.

But the Cayman Islands also stands out as a safe, secure, modern and dynamic economy with everything in place for its residents and their businesses to flourish in the post-COVID world.

The community and top work opportunities: Caymanians – or permanent residents of the Cayman Islands – are known for being very welcoming. Newcomers often notice the strong, high-quality sense of community that exists across the island. This makes it a particularly attractive destination for expats.

CAREER OPPORTUNITIES

The Cayman Islands is a great place to live and work for those who are looking for economic opportunities. With its high-paying jobs, attractive salaries as well as generous tax incentives available from the government - it's no wonder that many UK Recruiters choose this destination!

The Cayman Islands has a well-developed healthcare system, with several public and private hospitals and clinics on the islands. The public healthcare system is not free for all residents but is funded by the government. It does, however, receive a Government output for pensioners and indigent.

Food on Grand Cayman can be slightly more expensive than in the U.S., but the prices are on par with those you will find on many other Caribbean islands and in other tourist destinations, such as Hawaii, but there are options here to fit all budgets.

By July 1st 2023, there were 176 single-family homes for sale in Grand Cayman, with an average listing price of CI$3,947,000. For homes that are part of a strata, there were 21 listed for sale for an average of CI$1,654,000, while there were 43 semi-detached homes listed for an average price of CI$1,278,000.

It is rare to be the victim of a serious crime, but pickpocketing and having items stolen is possible. In 2010, the homicide rate in the Cayman Islands was 15.88 per 100,000 people. It decreased to 8.22 per 100,000 people in 2014. The homicide rate further decreased to 7.99 per 100,000 people in 2022.

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 Cayman Islands has numerous employment opportunities in the financial services industry, making it a desirable jurisdiction to be employed in, and it attracts professionals from around the world. Jobs in other sectors (medical, education, construction, retail) exist mainly to meet the demands of the local market.

All non-Cayman Islands residents are required to have a work visa before they are allowed to live and work in the country. This applies even if your country of residence is on the list of countries with visa-free travel arrangements as this would only allow you to carry out certain non-business activities.

One of the most significant benefits of working in the Cayman Islands is the complete absence of direct taxation. Professionals retain their income without the burden of income tax or capital gains tax deductions.

The Cayman Islands government guarantees absolute ownership of each parcel of land, there are no restrictions on foreign ownership of a single property and there is zero income tax, zero capital gains and zero property tax.

The Caymans have become a popular tax haven among the American elite and large multinational corporations with zero corporate or income tax on money earned outside its territory. 1 This includes interest or dividends earned on investments, making the Caymans especially popular among hedge fund managers.

Tourist Application Requirements for a Cayman Islands Visa

No visa is required for a stay of up to 30 days. Please keep in mind that if you are staying less than 30 days, you must: Hold a passport valid for at least six months with at least one blank visa page. Hold proof of onward and return flights.

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...

Nonetheless, the FATF determined that, as the Cayman Islands is a major financial centre with higher risks, it should be held to a higher standard, stating that they expect 'commensurate measures from countries that have higher risks'.

First off, the Cayman Islands is considered one of the most stable and secure offshore financial centers in the world. Its banks are regulated by the Cayman Islands Monetary Authority (CIMA), which has a reputation for being a strong and effective regulator.

Once you submit your application, the GCCP Team will review your application for completion and accuracy, and you need to pay the Application Fee. After you pay, you'll receive an official letter as a certificate (global citizen certificate) that you're allowed to live and work remotely in the Cayman Islands.

The estimate average salary for Cayman Islands employees is around $94,365 per year, or the hourly rate of Cayman Islands rate is $45. The highest earners in the top 75th percentile are paid over $105,307.