In this section we give you an idea of how much it costs to live in the Cayman Islands. We start by giving realistic 'Cost of Living' scenarios and give examples of how much it would cost you to set up life in Cayman. We give two examples: a) a couple (an accountant and a secretary) and b) a family with two young children (again an accountant and a secretary). We then list basic cost of living tables covering a) rents b) monthly household and utility bills c) houseware costs and d) medical care costs. After reading this you should get a good idea of what your average monthly expenses would be if you lived in Cayman. The figures quoted here are good for the late 2009 to mid 2010 calendar year. All prices are quoted in Cayman Islands dollars. To get the US dollar equivalent you need to divide by .82

Living in Cayman: Setup and Monthly Costs for a Family (in CI$)
Scenario 2: Couple with 2 children (ages 2 & 4) > Accountant CI$6,500pmth and Secretary CI$3,000pmth > 2 second-hand vehicles: SUV & Car > 3 bedroom apartment in George Town > Other expenses include dinner and a movie once a week and children's activites
Motor Vehicle Costs:
Purchase of motor vehicles (2)	15,000
Motor Vehicle Insurance	1000
Drivers Licenses (2)	320
Motor Vehicle Licensing and Inspection	370
Apartment Costs:
Apartment deposit	2,700
First month's rent	2,700
Water deposit	100
Electricity deposit	300
Telephone deposit	100
Cable deposit	90
Total Setup Costs	22,680
Monthly Living Expenses
Apartment Rent	2,700
Telephone	100
Water	70
Electricity	350
Cable	75
Internet	40
Petrol	150
Groceries	1050
Pre school fees (half day)	670
Prep school fees	750
Domestic help (full time)	1200
Entertainment/other	700
Total Living Expenses	7,860
Compulsory Monthly Expenses
Pension 5%	475
Health insurance	525
Total Monthly Income	9,500
Total Monthly Expenses	8,860

Typical Rents per month Mid-Range CI$
Location	1 Br	2 Br	3 Br	Commute Minutes *
West Bay	$800-1700	$1300-2500	$2000-2900	25-35
SMB	$1500-2300	$2250-3500	$4500+	15-25
Govenors or Snug Harbour	$1700-2200	$2400-2800	$3500-3600	20-25
George Town	$1000-1500	$1400-2500	$2000-3500	0
South Sound	$1500-1800	$2000-3000	$2500-4500	10-20
Prospect/Savannah	$900-1200	$1500-2000	$2400-2600	25-40
Bodden Town	$700-1100	$1300-1600	$2000-2600	40-60
* commute times based on the typical drive time to George Town during peak rush house.

Grocery Costs
Expense	CI$	US$
Baby Food (6oz)	1.07	1.34
Baked Beans - Heinz (16oz)	1.55	1.94
Batteries - pack of 4 (AA)	3.69	4.61
Beer - pack of six	9.5	11.87
Bread - fresh whole wheat loaf	3.79	4.74
Basmati Rice (36oz)	4.45	5.56
Cereal - Kellogg's (18oz)	3.45	4.31
Chicken - whole roaster	7.48	9.35
Cigarettes - per pack (20)	3.50	4.38
Coca Cola - 6 pack cans	3.39	4.24
Coffee - Nescafe (7 oz)	10.99	13.74
Disposable diapers - Huggies (28)	11.69	14.61
Eggs - imported free range (6)	4.99	6.24
Ice Cream - Haagen Daz (1 pint)	4.59	5.60
Laundry Detergent (40 loads)	12.84	16.11
Milk 2% (1/2 gallon)	3.65	4.56
Shampoo (13 fl oz)	6.30	7.87
Razor Blades (Mac 3 x 5)	10.89	13.61
NY Strip (2 steaks)	12.57	15.71
Soap bar (pack of 2)	4.35	5.44
Still water - Evian (1.5 litre)	2.59	3.24
Tampax - Super (pack of 40)	7.89	9.06
Toilet paper (pack of 4)	2.99	3.74
Tuna (5oz can)	1.25	1.56
Wine - (table 750ml)	20	24.39
Yoghurt - natural (32oz)	3.79	4.74
Sugar (2lb)	1.27	1.55
Tomato soup - Campbell's (11oz)	1.19	1.49
Dog food (17lb dry pellets)	22.99	28.74
Cat food (5oz can)	0.73	0.91
Toothpaste (6oz tube)	3.89	4.86

Monthly household Expenses for a 2 bedroom apartment (* optional)
Expenses	CI $	US $
Electricity (including a/c)	275	343.75
Water	60	73.20
Cable/TV	92	115
Telephone (excluding overseas calls)	35	43.75
Internet connection (ADSL)	45	56
Maid service - once per week*	260	325
A/C maintenance- optional - per quarter*	125	156.25
Pest control - optional - per quarter*	95	115.85

CAYMAN CURRENCY

Cayman has its own currency -  the Cayman Islands Dollar (CI$). This is tied to the US Dollar and does not fluctuate. The exchange rate is CI$1 = US$1.20

However, the cash rate is traded at CI$1 = US$1.25 which means that US$20 cash is worth CI$16 or US$5 is worth CI$4. You'll get the hang of it pretty fast. Usually you will not get US dollars back from a transaction. US Dollars are accepted everywhere as are travellers cheques. Almost all shops, restaurants and hotels accept credit cards and there are cash-dispensing ATMs throughout the Cayman Islands.  Currency denominations are CI$ 1, 5, 10, 25, 50 and 100 dollar bills.

Currency conversion

CI $	US $		CI $	US $
$1.00	$1.25		$500.00	$625.00
$5.00	$6.25		$550.00	$687.50
$10.00	$12.50		$600.00	$750.00
$20.00	$25.00		$650.00	$812.50
$30.00	$37.50		$700.00	$875.00
$40.00	$50.00		$750.00	$937.50
$50.00	$62.50		$800.00	$1,000.00
$60.00	$75.00		$850.00	$1,062.50
$70.00	$87.50		$900.00	$1,125.00
$80.00	$100.00		$950.00	$1,187.50
$90.00	$112.50		$1,000.00	$1,250.00
$100.00	$125.00		$2,000.00	$2,500.00
$150.00	$187.50		$3,000.00	$3,750.00
$200.00	$250.00		$4,000.00	$5,000.00
$300.00	$375.00		$5,000.00	$6,250.00
$400.00	$500.00		$10,000.00	$12,500.00
$450.00	$562.50		$20,000.00	$25,000.00

Weights and Measures

Cayman uses the Imperial system of miles and pounds and not the metric measuring system of kilometres and kilograms.

To move back to the chapter which explains exactly how to set up a business in the Cayman Islands click here.

To move forward to the chapter which describes what to bring and what not to bring to the Cayman Islands click here.