Paradise Found: A Travel and Business Guide to the Cayman Islands
Welcome to the Cayman Islands, a tropical paradise located in the Caribbean Sea. You may have heard about it in Hollywood films, however there is a lot more to learn about this spectacular country. The Cayman Islands are a group of three islands, Grand Cayman, Cayman Brac and Little Cayman, and are known for their beautiful beaches, turquoise waters, and diverse marine life.
Based on the latest United Nations estimates, the population of the Cayman Islands to be around 69,732 as of 26th of March, 2024.
Data from the Cayman Islands Labour Force Survey Report Spring 2023 reveals that expatriates now make up 53.5% of the total population. Meanwhile, Caymanians account for 46.5% of the population, with only 30.6% of the total are Caymanian by birth. The locals are friendly and welcoming, known for their hospitality and Caribbean culture.
The Cayman Islands is a popular destination for professionals in the legal and finance industries, offering a unique blend of business opportunities and a laid-back Caribbean lifestyle. The islands are a paradise for those looking for a change in career or a change of scenery.
The business opportunities are vast, with the islands being a leading offshore financial centre. It's home to a large number of international companies and financial institutions, making it an ideal location for those in the legal and finance professions. The strong economy and stable political environment also make it a great place to start or grow a business considering it’s a zero tax jurisdiction.
The legal market in the Cayman Islands is primarily focused on providing legal services to the financial industry, specifically in the areas of corporate and commercial law, banking and finance, and investment funds. The demand for legal professionals in the Cayman Islands is driven by the jurisdiction's status as an international financial centre, with a large number of banks, trusts, and fund companies based on the islands.
Commonwealth qualified lawyers with experience in these areas are in high demand, and many international law firms have a presence in the Cayman Islands. Salaries for lawyers in the Cayman Islands tend to be higher than in other Caribbean jurisdictions and are comparable to those in major financial centres such as London and New York.
However, the legal market in Cayman Islands is also affected by the global economic conditions, which can affect the number of opportunities available in the financial sector.
Also, the local job market is affected by the immigration policies of the country which can make it difficult for some to secure a job.
Similarly, the audit and tax market in the Cayman Islands is closely tied to the financial industry, as the jurisdiction is a major international financial centre. Many international accounting firms and professional service providers have a presence in the Cayman Islands and there is a high demand for qualified professionals with experience in the area of audit, specialising in the financial services industry, including investment funds, captive insurance. US tax is also a large area where the supply is low and strong candidates are highly in demand.
Auditors in the Cayman Islands are typically responsible for conducting financial statement audits, reviewing internal controls, and providing assurance services to a wide range of clients in the financial sector, whist Tax professionals in the Cayman Islands often work with clients in the banking, trust, and fund industries, and may also provide services to other types of businesses and individuals. They are responsible for ensuring compliance with international tax laws, providing tax planning and advisory services, and representing clients before tax authorities.
Salaries for auditors and tax professionals in the Cayman Islands tend to be competitive with those in other major financial centres, such as London and New York. Please note that being a tax free jurisdiction, you’ll reap the benefits of paying zero tax.
With the increasing globalisation and cross-border transactions, the demand for audit and tax professionals with knowledge of international financial reporting standards is increasing. Many of the accounting firms and professional service providers in the Cayman Islands are affiliated with international networks, which allows them to provide a wide range of services to clients with global operations.
This also increases the competition for jobs in the audit and tax market and requires professionals to be highly skilled, professionally qualified with a recognised accounting degree such as an ACCA, CA, or CPA and experience within a Top 10 accounting firm.
When it comes to accommodation, the Cayman Islands offer a wide range of options to suit all budgets and preferences. From luxurious 5-star resorts to budget-friendly apartments and villas, there's something for everyone. Some of the best hotels in the area are The Ritz-Carlton, Kimpton Seafire Resort + Spa, and The Westin Grand Cayman Seven Mile Beach Resort & Spa. These hotels are known for their luxurious amenities, stunning views, and excellent service.
The Ritz-Carlton, Grand Cayman, which offers restaurants from internationally acclaimed chefs, a luxury spa sanctuary and plush accommodations you won’t want to leave.
Kimpton Seafire Resort + Spa is a 5-star resort, the first new hotel to be built on the Island of Grand Cayman in a decade, The Seafire Resort + Spa transcends the typical Caribbean resort by becoming the first boutique resort. Boundless open-air architecture features commanding views of the sea at every turn, unfolding to meandering gardens, countless unexpected sanctuaries, and convivial gathering space.
The Westin Grand Cayman Seven Mile Beach Resort & Spa has a private beach, beachfront dining and beach cabanas, this resort is the perfect place to soak up some sun. Treat yourself to a body scrub, a deep-tissue massage or a manicure/pedicure at the on-site spa. Be sure to enjoy a meal at any of the 6 on-site restaurants, which feature seafood and ocean views. Enjoy the 24-hour gym, as well as activities, such as sailing, snorkelling and beach yoga.
Kimpton Seafire & Resort,
Grand Cayman
In terms of dining, the island offers a wide variety of dining options, from traditional Caribbean restaurants to fine-dining establishments. Some of the best restaurants in the area are Blue by Eric Ripert, Taikun, Luca and Coccoloba. These restaurants are known for their delicious seafood, Caribbean cuisine and excellent service.
For a fine dining experience unlike anywhere else on the island, make a reservation at Blue by Eric Ripert. As the Caribbean’s only AAA Five Diamond restaurant, this eatery is held to the highest standard. Guests can enjoy six or seven courses of a prix fixe tasting menu that features local seafood or opt for a-la-carte dining. Each course can be expertly paired with one of the 700 fine wines the restaurant offers from around the world.
Taikun is a Japanese restaurant located in The Ritz-Carlton. Taikun is Cayman's gourmet sushi lounge that fuses the finest grade of sushi with authentic ingredients, sophisticated presentation and legendary Ritz-Carlton service. It also has one of the largest saké selections on Island as well as an extensive Omakase menu.
Luca Restaurant is a Contemporary Italian Restaurant. Seaside Fine dining with breathtaking views of Seven Mile Beach. Located at the Caribbean Club, Luca is known for its delicious seafood, traditional Mediterranean dishes, and excellent service. The menu features a variety of dishes such as fresh local seafood, Mediterranean favourites, and a raw bar.
Coccoloba is a Caribbean restaurant located on the beach at the Kimpton Seafire Resort + Spa. This restaurant is known for its delicious delicious cocktails and on the beach dining. The menu features a variety of dishes such as traditional Caribbean seafood dishes, grilled meats, and fresh salads. The restaurant offers a casual and relaxed atmosphere, with beautiful decor and a laid-back ambiance.
There are a number of fining dining options from diverse cuisines across the world at your disposal
Real estate in the Cayman Islands is another factor to consider when thinking about moving to the islands. The real estate market is relatively expensive, but there are still a variety of properties available to suit different budgets. You can find luxury waterfront homes, apartments, and condos for rent or sale. It's important to do your research and work with a local real estate agent to find the right property for you.
The cost of living in the Cayman Islands is known to be high, particularly when it comes to real estate. The islands attract many wealthy individuals and this is reflected in the prices of homes and apartments. However, the cost of living can vary depending on your lifestyle and the area you choose to live in. For a more in depth analysis, please visit https://caymanresident.com/move/cost-of-living-in-cayman to enjoy a detailed breakdown.
Luxury Villas, South Sound
Grand Cayman
When it comes to lifestyle and activities, the Cayman Islands have plenty to offer. Some of the most popular activities include snorkelling and diving in the crystal-clear waters, which are home to an abundance of marine life including colourful fishes, dolphins, and sea turtles. You can also explore the beautiful beaches, go on a boat tour to visit the nearby islands, or take a guided tour to Stingray City where you can swim and interact with friendly stingrays.
For those who are interested in history and culture, the Cayman Islands offer many opportunities to learn about the island's rich history, including visiting the National Museum, which displays the history and culture. There are also many art galleries and craft markets to explore and purchase unique souvenirs.
Rum Point, North Side
Grand Cayman
The Cayman Islands is a great place to consider for those in the legal and accounting professions, offering a unique blend of business opportunities and a laid-back Caribbean lifestyle. The cost of living and real estate can be high, but it's important to keep in mind that the cost of living will vary depending on your lifestyle. If you're looking for a change in career or a change of scenery, the Cayman Islands is definitely worth considering.
Overall, the Cayman Islands are a beautiful and diverse destination that offers something for everyone. Whether you're looking for a relaxing vacation, an adventure, or a chance to explore the marine life, the Cayman Islands are the perfect destination. So pack your bags and get ready for an unforgettable experience in this tropical paradise.
If you're considering a move and would like more information about the job market, cost of living, or real estate, don't hesitate to contact us. We are here to help you navigate this exciting opportunity and make your move to the Cayman Islands a seamless and successful one. So, don't wait any longer, take the first step and contact us today!
