COST OF LIVING

Cayman Islands Visitor Information

The cost of living in the Cayman Islands will often vary depending on a number of factors, including choice of accommodation, entertainment and lifestyle. The summary below highlights the average range of costs. All items are in Cayman Islands dollars which is equivalent to US$1.25.

The Graph below is in US Dollars. All other figures are in Cayman Islands (CI) Dollars.

Restaurants

Median
Meal, Inexpensive Restaurant 12.50 $
Meal for 2, Mid-range Restaurant, Three-course 100.00 $
Combo Meal at McDonalds or Similar 10.00 $
Domestic Beer (0.5 liter draught) 5.00 $
Imported Beer (0.33 liter bottle) 5.00 $
Cappuccino (regular) 5.00 $
Coke/Pepsi (0.33 liter bottle) 2.00 $
Water (0.33 liter bottle) 1.50 $

Markets

Median
Milk (regular), 1 liter 2.86 $
Loaf of Fresh White Bread (500g) 3.00 $
Rice (1kg) 6.61 $
Eggs (12) 3.75 $
Local Cheese (1kg) 6.50 $
Chicken Breasts (Boneless, Skinless), (1kg) 8.00 $
Apples (1kg) 8.00 $
Oranges (1kg) 6.00 $
Tomato (1kg) 3.31 $
Potato (1kg) 5.00 $
Lettuce (1 head) 3.05 $
Water (1.5 liter bottle) 2.50 $
Bottle of Wine (Mid-Range) 25.00 $
Domestic Beer (0.5 liter bottle) 4.00 $
Imported Beer (0.33 liter bottle) 4.00 $
Pack of Cigarettes (Marlboro) 8.50 $

Transportation

Median
One-way Ticket (Local Transport) 2.50 $
Monthly Pass (Regular Price) ?
Taxi Start (Normal Tariff) 15.00 $
Taxi 1km (Normal Tariff) ?
Taxi 1hour Waiting (Normal Tariff) ?
Gasoline (1 liter) 2.93 $
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) 23,500.00 $

Utilities (Monthly)

Median
Basic (Electricity, Heating, Water, Garbage) for 85m2 Apartment 538.12 $
1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans) 0.40 $
Internet (6 Mbps, Unlimited Data, Cable/ADSL) 110.00 $

Sports And Leisure

Median
Fitness Club, Monthly Fee for 1 Adult 58.00 $
Tennis Court Rent (1 Hour on Weekend) 25.00 $
Cinema, International Release, 1 Seat 15.00 $

Clothing And Shoes

Median
1 Pair of Jeans (Levis 501 Or Similar) 85.00 $
1 Summer Dress in a Chain Store (Zara, H&M, ...) 125.00 $
1 Pair of Nike Shoes 166.00 $
1 Pair of Men Leather Shoes 145.00 $

Rent Per Month

Median
Apartment (1 bedroom) in City Centre 900.00 $
Apartment (1 bedroom) Outside of Centre 950.00 $
Apartment (3 bedrooms) in City Centre 2,100.00 $
Apartment (3 bedrooms) Outside of Centre 2,000.00 $

Buy Apartment Price

Median
Price per Square Meter to Buy Apartment in City Centre ?
Price per Square Meter to Buy Apartment Outside of Centre ?

Salaries And Financing

Median
Median Monthly Disposable Salary (After Tax) 4,000.00 $
Mortgage Interest Rate in Percentages (%), Yearly 7.00
  Courtesy of Numbeo.com

 

Accommodation costs in the Cayman Islands

A large selection of apartments and condos are available for long term rental. Accommodation cost vary dramatically with location (proximity to George Town, Seven Mile beachfront, canal, waterfront), condition of the premises and facilities (pool, dock, tennis court).

It is possible to find cheaper units that may not be in such a desirable area. Click on the link here  to take you to the Ecay Trade free classified section of this site where hundreds of properties are listed. Alternatively go to the Ecay Cayman Islands Business Directory and check under Cayman Islands Real Estate and Developers for local agents who offer rentals and Property Management

Utilities (Electricity and Water) Costs in the Cayman Islands

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Average monthly electricity charge (including air conditioning) for 1 to 2 bedrooms ranges from $250 to $350. However, some may be more if they do not have good insulation. We would recommend monitoring your consumption for the first month so you do not get any nasty surprises when your bill comes in. Average monthly water charge range from $50 to $100. If you are renting a house with a pool, you should expect far higher water bills than stated above.

Cable Costs in the Cayman Islands

Generally the cost of cable (approximately $75 per month for a basic package) is included in monthly rental charge.

Telecommunication Costs in the Cayman Islands

Basic monthly connection with voicemail is approximately $15. Long distance charges range from $0.50 to $0.90 per minute within the Caribbean, $0.60 to $1.20 per minute to the US & Canada and $0.80 to $1.60 per minute for the rest of the world. Security deposit for new phone service ranges from $100 to $350, dependent upon payment method.

Please note that these amounts quoted are rough. Check out the Ecay Cayman Islands Business Directory to get information on Cayman Islands Telecommunication Companies. Since the advent of telecoms competition rates have plummeted and some good deals are now available from: Digicel and Logic. 

Vehicle Costs in the Cayman Islands

The cost of a basic mid-size used car can range from $3,500 to $10,000 depending on size and age. Insurance premiums generally range from $500 to $1,500 per year. Some discounts are available and it is worthwhile to arrange a reference letter from a previous insurer. Check out the Ecay Business Directory for a full list of Insurance Providers in the Cayman Islands.

A three year driver’s license cost $100. Vehicle registration can be purchased for either a six-month period or a full year. The annual inspection and registration fees are approximately $200 - $500.

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Food Costs in the Cayman Islands

There are number of large grocery stores on the Island which offer a wide selection of fresh and packaged goods. Food costs are relatively expensive as the majority of items are imported. The average cost for groceries for one month can range from $600 to $1,200 depending on the size of your family and your dietary preferences.

Health Insurance Costs in the Cayman Islands

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Health insurance is mandatory. Your company will arrange basic group health cover with a local recognized insurer and will contribute half of the monthly health insurance premium for employees and their families. Employee contributions are made by way of salary deduction. Some pre-existing conditions are specifically excluded from coverage by local insurers.

Exchange Rates in the Cayman Islands

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The currency in the Cayman Islands is the Cayman Island Dollar (denoted CI$). The CI$ is exchanged to the US dollar at the following rates:
US$1.00=CI$.80 (cash), US$1.00 = CI$.82 (check)

Housing Costs in the Cayman Islands

Rented accommodation is relatively easy to find, and generally annual leases are available, although less so between November and February (the tourist season). Monthly rental costs can vary considerably depending upon the nature (furnished or unfurnished), location, and size of the accommodation. The following is a general guide:

Household Goods Costs in the Cayman Islands

All household goods can be purchased locally. Many landlords provide a full range of crockery, cutlery, cooking utensils, and linen in furnished accommodations although quality can vary considerably. The electric current is 110 volts AC.