Cost of Living In Cayman Islands
November 12th 2008 22:58
The cost of living in the Cayman Islands is very high, there is no doubt about that. If you are relocating to Cayman Islands, it is best that you bring your own effects such as laptop/computer, stereo system, cameras, golf clubs, clothing etc because if you want to buy these things here in Cayman Islands, you will pay an arm and a leg and then some. As an example, I paid CI$ 850 (which is US$ 1,050) for a Compaq laptop from a local computer shop. The exact same model in Circuit City was US $ 550 (CI$ 440), so even with duty of 27% and freight of say 20%, I would have saved about US $ 200 (which is at least a month’s groceries for me. My advice is to buy what you can before you land on the island, you do not have to worry about household utilities such as stoves, fridges etc because almost all rented accommodation on the islands come furnished with such utilities. In fact I have yet to come across an apartment for rent that is completely bare when you move in. If you have a favorite hobby or pastime such as golf, photography, cycling etc make sure bring your own equipment to islands.
There are a number of supermarkets on Grand Cayman that stock practically everything that you need to make your stay a comfortable one on the island. The supermarkets are basically designed like the ones you see in the US and Canada, in fact most of the products on the shelves are imported from the US and Canada. The main supermarket chains on the islands are Foster’s, Kirks and Hurley’s supermarkets. They are all basically the same in terms of price and at any given time one chain may have a special on certain products, but it really is nothing to get excited about in terms of cost savings. As an indicator of costs a loaf of bread costs about CI $2,15 (US$ 2,68) and regular beer costs about CI $36 (US$ 45) per case, but prices of all goods are subject to change due to the cost of transportation to the islands.
Nearly all the food consumed on the island is imported and as the only real form of tax on the islands, import duties really add significantly to the cost of groceries on the islands. So, in my simple mind, even though there may be no personal or corporate tax in the Cayman Islands, the import duties and freight charges that are attached to products sold on the islands basically eat away at your “no income tax” advantage. Inflation seems to average at about 2.7 per cent per annum. At the end of the day when you throw all these pros and cons into a pot, living in the Cayman Islands can be expensive, but, like anywhere else in the world, you need to know you way around and live within your means.
There are a number of supermarkets on Grand Cayman that stock practically everything that you need to make your stay a comfortable one on the island. The supermarkets are basically designed like the ones you see in the US and Canada, in fact most of the products on the shelves are imported from the US and Canada. The main supermarket chains on the islands are Foster’s, Kirks and Hurley’s supermarkets. They are all basically the same in terms of price and at any given time one chain may have a special on certain products, but it really is nothing to get excited about in terms of cost savings. As an indicator of costs a loaf of bread costs about CI $2,15 (US$ 2,68) and regular beer costs about CI $36 (US$ 45) per case, but prices of all goods are subject to change due to the cost of transportation to the islands.
Nearly all the food consumed on the island is imported and as the only real form of tax on the islands, import duties really add significantly to the cost of groceries on the islands. So, in my simple mind, even though there may be no personal or corporate tax in the Cayman Islands, the import duties and freight charges that are attached to products sold on the islands basically eat away at your “no income tax” advantage. Inflation seems to average at about 2.7 per cent per annum. At the end of the day when you throw all these pros and cons into a pot, living in the Cayman Islands can be expensive, but, like anywhere else in the world, you need to know you way around and live within your means.
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