The Cayman Islands are not only a popular tourist destination, but also an ideal place for those who plan to enjoy retirement in a paradise. Thanks to the warm climate and high standard of living, these islands are becoming increasingly attractive to expats. Learn more about the peculiarities of moving to the Cayman Islands for retirees

Located in the heart of the Caribbean, the Cayman Islands have become a true oasis of tranquility and luxury, offering the perfect setting for retirement. 

For many, retirement is an opportunity to discover new horizons, enjoy the beauty of nature, and have a well-deserved rest after years of hard work. The Cayman Islands in the Caribbean have become a popular destination for retirees seeking to combine unspoiled nature with a high standard of living. 

Retirees are attracted to the Cayman Islands not only by their natural beauty but also by political and economic stability and a favorable tax environment. The absence of taxes on capital gains, income, and inheritance makes this place financially beneficial for many. Although the cost of living here is higher than in some other places, it is offset by a high level of security, quality of life, and numerous opportunities for outdoor activities.

The largest number of retirees move to the Cayman Islands from Canada, the United States, Australia, and the United Kingdom.

In the previous article, we talked about the TOP-10 countries for a comfortable retirement with a budget of up to $3,000 per month.

Cost of living in the Cayman Islands in 2024

The Cayman Islands attract many retirees with their picturesque landscapes and the absence of direct taxes, such as income, capital gains, or property taxes. However, it is important to understand that the cost of living in the Cayman Islands can be quite high, as most goods are imported and subject to import duties of at least 22%.

One of the main expenses for retirees is housing. Prices are significantly higher than in other regions, reflecting the popularity of the islands. Renting a home, especially in areas near the beach, is not a cheap pleasure. Buying real estate on the islands can be a profitable investment, as its value tends to increase.

Food and dining out in the Caymans also takes up a significant portion of the monthly budget and is often more expensive than in the United States or Canada. However, some costs can be reduced by shopping at local farmers' markets: the market in Camana Bay or the Cayman Farmers' Market near the airport.

The islands have a wide range of housing options, and new construction is constantly expanding the real estate market. For example, you can find an old one-bedroom apartment outside of Georgetown for about $1200 per month. A brand new apartment in the South Sound can cost around $3000. For those who want to save money, there is an option to rent a room in a shared apartment or house. Prices vary depending on the conditions, and bills can be either included in the rent or paid separately.

Visit World provides a detailed list of general costs for goods and services in the Cayman Islands. Please note that prices are quoted in Cayman dollars. To convert to US dollars, add approximately 20%.

Average rental prices per month:

- Studio apartment - $1350

- Apartment with 1 bedroom - $1950

- Apartment with 2 bedrooms - $2400

- 3-room apartment - $3500

- House with 3 or 4 bedrooms and a garden - $4500

Monthly household expenses (2-room apartment):

- Electricity (including air conditioning) - $370

- Water - $80

- Cable/TV - $80

- Telephone + mobile communication (except for international) - $11

- Internet connection (for 200 mbps) - $90

- Groceries (for a couple per month) - $1600

- Entertainment and additional expenses - $500

Medical care:

- Advil (24 tablets) - $5.69

- Dentist consultation - $276

- Cleaning by a dental hygienist - $275

- Consultation with a general practitioner - $150

- Hospital daily rate (private room) - $495

- Hospital daily rate (semi-private room) - $330

Expenses for food:

1. Butter (Anchor 8 oz.) - $3.49

2. Baked beans (28 oz.) - $4.19

3. Batteries (Duracell pack of 4 AAA) - $4.39

4. Beer (6-pack of cans) - $13.99

5. Bread (100% whole wheat) - $2.99

6. Cat food (5.5 oz. can of Friskies) - $1.29

7. Cereal (Special K Original 9.6 oz.) - $6.69

8. Chicken (breast per pound) - $5.99

9. Cigarettes (Camel for a pack of 20) - $10

10. Coca-Cola (6 cans) - $5.49

11. Coffee (Maxwell House 4 oz) - $5.69

12. Dog food (Purina dry food 4 lbs) - $15.49

13. Eggs (12 Organic Valley eggs) - $7.99

14. Ice cream (Ben & Jerry's 1 pint) - $7.89

15. Washing powder (Tide 46 ounces) - $8.59

16. Milk (IGA Whole) - $5.69

17. Milk (organic whole, 64 oz.) - $6.49

18. Shampoo (TRESemmé, 28 oz.) - $9.39

19. Shower gel (Dove 12 oz.) - $6.79

20. Sirloin steak - $7.29

21. Water without gas (1 gallon) - $1.49

22. Razor blades (pack of 4) - $10.99

23. Red wine (Pinot Noir 750 ml) - $22.99

24. Toilet paper (Charmin package) - $13.39

25. Toothpaste (Colgate 6 oz tube) - $3.19

26. Tuna (Bumble Bee 5 oz. can) - $2.19

27. White wine (Pinot Grigio 750 ml) - $18.99

28. Whole grain rice (Uncle Ben's) - $3.19

29. Yogurt (Dannon Activia 4 packs) - $5.39

Lifestyle and climate in the Cayman Islands

Retirement in the Cayman Islands offers you the opportunity to enjoy a safe and relaxed lifestyle. This paradise is made up of three islands - Grand Cayman, Cayman Brac and Little Cayman - each with its own special charm and offering unique recreational opportunities. Grand Cayman, the largest and most developed island, is especially popular among those seeking luxury and comfort.

The climate in the Cayman Islands is tropical, with warm, rainy summers lasting from May to October and cool, dry winters from November to April. Temperatures typically range between 70°F and 90°F, providing year-round warmth and sunny weather. This is ideal for those who enjoy a warm climate similar to Toronto or Miami in the summer, but without the extreme temperature fluctuations.

Life in the Cayman Islands is associated with outdoor activities. Retirees can enjoy world-class beaches such as the famous Seven Mile Beach, go diving at the best sites in the Caribbean, or explore the rich underwater world. In addition, the islands offer a variety of cultural events, from traditional festivals to international music concerts and sporting events. To maintain an active lifestyle and social involvement, there are many clubs and volunteer organizations to join.

Despite its small size, the Cayman Islands are famous for their luxurious amenities: fine dining, luxury shopping and high-end spas. 

Legal aspects of retirement in the Cayman Islands

When planning a retirement in the Cayman Islands, it is important to familiarize yourself with the legislation governing the stay of foreign residents. The Caymans do not levy direct taxes, which makes them attractive to retirees from all over the world. However, this tax advantage is accompanied by certain immigration requirements that must be met for long-term residence on the islands.

One of the main ways for retirees to obtain the right to reside in the Cayman Islands is to obtain a Certificate of Residence for persons with independent income. To do this, you need to demonstrate the ability to financially support yourself without the need for employment on the islands. This includes meeting minimum annual income requirements and, in some cases, investing in local real estate.

If you are a dependent or spouse of a permanent resident and he or she dies before you, your right to reside in the islands may be reviewed by the Director of Workforce Opportunities & Residency Cayman (WORC). In this case, you have three months to apply for a residence permit for persons with independent income if you meet the necessary requirements.

---

For safe relocation to any country in the world, obtaining citizenship and employment, use the advice of an international lawyer. We help to solve complex and simple issues for your comfort and safety in any part of the world. 

---

Residence and visas to the Cayman Islands for foreign retirees

To enter the Cayman Islands, you will need a passport or other valid identity document, as well as a return ticket. In some cases, proof of financial solvency may be required. You can stay on the islands for up to 6 months with the possibility of further extension. This makes it easy to spend part of the year in the Caymans.

If you want to live in the Cayman Islands throughout the year, there are several options for obtaining a residence permit. In particular, there are three main ways that are best suited for retirees seeking to settle in this Caribbean paradise.

Residence permit for persons with independent means

Valid for 25 years. To obtain it, applicants must invest $500,000 in real estate and have a continuous annual income to live in Grand Cayman. For applicants wishing to live in Cayman Brac or Little Cayman, the requirements are lower.

Permanent residence (PR) for persons with independent income

Valid for life. Provides a person with permission to work legally in the Cayman Islands. The requirements include investing $1.6 million in developed real estate and having sufficient financial means for living.

Direct investment certificate

Suitable for high net worth business investors. Valid for 25 years. The owner can work in the business in which the funds were invested. To obtain the certificate, applicants must invest $1 million in a job-creating business or an existing business.

In the previous article, we talked about Caribbean Citizenship by Investment, which Caribbean countries offer citizenship by investment in 2024 and what are their advantages.

Medical care in the Cayman Islands

When planning for retirement in the Cayman Islands, it is important to pay attention to healthcare and safety, which are critical aspects for retirees. The Caymans offer high quality medical care with modern equipment and professional medical staff.

There are several well-known clinics and hospitals on the islands, including Health City Cayman Islands, accredited by JCI, which provides a wide range of medical services and specialized procedures. It is recommended that foreigners, including retirees, have comprehensive health insurance. Some retirees also choose medical evacuation insurance, which allows them to receive treatment in the United States or Canada if necessary.

Security in the Cayman Islands is also a significant plus for retirees. The islands are considered one of the safest in the Caribbean with a low crime rate. However, as elsewhere, general safety precautions should be followed, such as protecting personal belongings, avoiding isolated places after dark, and locking doors.

Emergency services on the islands are reliable, with easy access to police, fire, and medical facilities. Although the Cayman Islands are located in a hurricane zone, catastrophic storms are rare, and strict building codes and disaster preparedness measures provide additional protection for residents.

---

Planning a trip or move abroad? An important part of a successful trip is an insurance policy, as it guarantees high-quality medical care anywhere in the world and can protect you from unnecessary expenses while travelling.  You can buy insurance from trusted agents on the Visit World portal. 

---

Health insurance for retirees in the Caymans

Health insurance from an approved insurance company in the Cayman Islands is mandatory for all residents in accordance with local law. However, there are not many insurance options available to retirees moving to the Caymans. All insurance companies on the islands offer the Standard Health Insurance Contract (SHIC plan). Some of them set fixed monthly premiums, regardless of age or health status, but most take these factors into account when concluding a contract and renewing annually.

SHIC plans have fairly stable rates that have remained unchanged for the past ten years. However, insurers can charge up to double the standard rates for high-risk individuals, and in some cases even apply to the Health Insurance Commission to allow even higher rates.

The cost of insurance for a single person is approximately $167 per month, for a couple it is between $300 and $400, and for a family it is between $465 and $650. Additional coverage, such as dental or vision insurance, can cost between $30 and $75 per month per person, although not all companies offer such services as part of the SHIC plan.

Retirees should check to see if they can continue the insurance they had at their previous jobs or choose an individual plan in Cayman. Some retirees also retain their international insurance, such as Medicare or BUPA, in combination with the basic plan in Cayman. 

We remind you! The trend of moving to other countries among people of retirement age is gaining popularity in the world. New Zealand is one of these places. Read more about the features and requirements for obtaining a New Zealand retirement visa.

---

Igor Usyk - Head of Migration department at VisitWorld

To ensure a safe move to a new country, I advise you to consult a specialist. My colleagues, qualified specialists with a legal education, will help you avoid unpleasant situations during migration.

---

Products from Visit World for a comfortable trip:

Travel guide for 200 countries;

Legal advice from a local specialist on visa and migration issues;

Travel insurance around the world (please select the country of interest and citizenship to receive services);

Medical insurance all over the world.

---