LOCATION: The Cayman Islands are a British overseas territory located in the western Caribbean Sea, comprising the islands of Grand Cayman, Cayman Brac, and Little Cayman.
CAPITAL CITY: George Town
LARGEST CITY: George Town
CURRENCY: Cayman Islands Dollar (KYD)
ECONOMY: The Cayman Islands are a major financial centre in the Caribbean. Tourism and financial services are the economic mainstays. The government’s primary source of income is indirect taxation – there is no income tax or capital gains tax or corporation tax. An import duty of 5% to 20% is levied against goods imported into the islands. George Town is the heart of the Cayman Islands financial industry, with over 600 banks located there. Most of these are small operations.
George Town has an overall cost of living index which equates it with middle cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. George Town is currently ranked 104 overall, most expensive place in the world for expatriates to live, out of 276 international locations. The cost of living overview for each of the 13 Basket Groups is as follows:
Alcohol & Tobacco costs for alcoholic beverages such as alcohol at bar, beer, locally produced spirit, whiskey, and wine as well as tobacco products such as cigarettes is equally expensive on average compared to other cities with a rank of 141 out of 276.
Clothing costs for clothing and footwear products such as business suits, casual clothing, childrens clothing and footwear, coats and hats, evening wear, shoe repairs, and underwear is relatively less expensive compared to other cities with a rank of 216 out of 276.
Communication costs for various communication costs such as home telephone rental and call charges, internet connection and service provider fees, mobile / cellular phone contract and calls is relatively less expensive compared to other cities with a rank of 196 out of 276.
Education costs such as creche / pre-school fees, high school / college fees, primary school fees, and tertiary study fees is equally expensive on average compared to other cities with a rank of 123 out of 276.
Furniture & Appliance costs for furniture, household equipment and household appliances such as dvd player, fridge freezer, iron, kettle, toaster, microwave, light bulbs, television, vacuum cleaner, and washing machine is relatively more expensive compared to other cities with a rank of 84 out of 276.
Grocery costs for food, non-alcoholic beverages and cleaning material items such as baby consumables, baked goods, baking, canned foods, cheese, cleaning products, dairy, fresh fruits, fresh vegetables, fruit juices, meat, oil & vinegars, pet food, pre-prepared meals, sauces, seafood, snacks, soft drinks, spices & herbs is equally expensive on average compared to other cities with a rank of 95 out of 276.
Healthcare costs for general healthcare, medical and medical insurance such as general practitioner consultation rates, hospital private ward daily rate, non-prescription medicine, and private medical insurance / medical aid contributions is relatively more expensive compared to other cities with a rank of 71 out of 276.
Household costs for housing, water, electricity, household gas, household fuels, local rates and residential taxes such as house / flat mortgage, house / flat rental, household electricity consumption, household gas / fuel consumption, household water consumption, and local property rates / taxes / levies is relatively more expensive compared to other cities with a rank of 54 out of 276.
Miscellaneous costs related to stationary, linen and general goods and services such as domestic help, dry cleaning, linen, office supplies, newspapers and magazines, and postage stamps is equally expensive on average compared to other cities with a rank of 153 out of 276.
Personal Care costs for personal care products and services such as cosmetics, hair care, moisturizer / sun block, nappies, pain relief tablets, toilet paper, toothpaste, and soap / shampoo / conditioner is equally expensive on average compared to other cities with a rank of 98 out of 276.
Recreation and Culture costs such as books, camera film, cinema ticket, DVD and CDs, sports goods, and theatre tickets is equally expensive on average compared to other cities with a rank of 115 out of 276.
Restaurants, Meals Out and Hotel costs such as business dinner, dinner at a restaurant (non fast food), hotel rates, take away drinks and snacks (fast food) is relatively less expensive compared to other cities with a rank of 185 out of 276.
Transport costs for public transport, vehicle costs, vehicle fuel, vehicle insurance and vehicle maintenance such as hire purchase / lease of vehicle, petrol / diesel, public transport service maintenance, tires, vehicle Insurance, and vehicle purchase is equally expensive on average compared to other cities with a rank of 179 out of 276.
Your exact customized cost of living index for George Town is based on which of the above basket groups as well as the comparison location you select in the Calculators.
In terms of the hardship people are likely to experience, assessed in global terms, George Town is ranked as a some hardship location with a hardship index of 20%.
Your exact customized hardship index premium for George Town is based on the comparison location that you select in the Calculators.