The Cayman Islands is a British Overseas Territory located in the western Caribbean Sea. Comprising of three islands; Grand Cayman, Cayman Brac, and Little Cayman, the Caymans is known for its picturesque beaches, crystal-clear waters, and a thriving financial industry. The cost of living in the Caymans can be relatively high, but it can vary depending on the individual’s lifestyle and location.
Local Currency in the Caymans
The local currency in the Caymans is the Cayman Islands dollar (KYD). However, the US dollar is widely accepted and can be used interchangeably with the Cayman Islands dollar. ATMs are widely available on the islands, and most businesses accept credit and debit cards, including major international brands.
Cost of Living in the Caymans
Compared to the UK and the USA, the cost of living in the Caymans is generally higher due to its island location and the high cost of imported goods. However, the absence of income tax can help offset the higher costs, especially for expats.
Housing costs in the Caymans can be relatively high, especially in the capital city of George Town. Rent for a one-bedroom apartment can range from KYD 800 to KYD 1,800 per month, depending on the location and amenities. A two-bedroom apartment can range from KYD 1,500 to KYD 3,000 per month. Houses with three or more bedrooms can cost over KYD 3,000 per month.
Food prices in the Caymans can be higher than in the US or the UK due to the high cost of imported goods. The cost of a meal at a mid-range restaurant can range from KYD 15 to KYD 35 per person. However, groceries can be relatively affordable, and a single person can expect to spend around KYD 200 per month on groceries.
The cost of utilities in the Caymans can vary depending on usage and location. The average cost of electricity for a one-bedroom apartment is KYD 100 per month, while water and sewage bills can range from KYD 50 to KYD 100 per month. Internet and cable TV services can cost KYD 100 to KYD 200 per month.
Leisure activities in the Caymans can be relatively expensive, especially when it comes to water sports and other outdoor activities. A one-hour scuba diving lesson can cost around KYD 50, while a day of snorkeling can cost around KYD 30. Other activities, such as golfing, can cost over KYD 100 per person.
The cost of transport in the Caymans can be relatively high due to the high cost of gasoline and vehicle importation. Taxis can be expensive, with a one-way trip from George Town to Seven Mile Beach costing around KYD 25. Renting a car can be a more affordable option, with daily rates ranging from KYD 50 to KYD 100.
Clothing prices in the Caymans can be higher than in the US or the UK, but it can depend on the location and brand. Basic items such as T-shirts and shorts can range from KYD 10 to KYD 50, while high-end fashion items can cost much more.
Household goods in the Caymans can be relatively expensive due to the high cost of imported goods. Basic items such as cleaning supplies can cost more than in the US or the UK, and other household items such as furniture and appliances can cost much more.
Forms of Payment in the Caymans
The most common forms of payment in the Caymans are cash, credit and debit cards , and checks. Most businesses and shops in the Caymans accept major credit cards such as Visa, Mastercard, and American Express. ATMs are widely available, and visitors can withdraw Cayman Islands dollars or US dollars. Some businesses may also accept other international currencies such as the Euro or the British Pound, but it is always best to check beforehand.
Checks are not as widely used in the Caymans compared to cash and card payments. However, they are accepted by some businesses and can be used to pay bills or rent. It is essential to have a local bank account to issue a check.
In conclusion, the cost of living in the Caymans can be relatively high due to the high cost of imported goods and the island’s location. However, the absence of income tax can help offset the costs, especially for expats. Visitors and residents alike can use a combination of cash, credit and debit cards, and checks to make purchases and payments on the island.