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The Cayman Islands is a United Kingdom Overseas
Territory located 180 miles south of Florida. The country consists of three
islands; Grand Cayman itself, Cayman Brac and Little Cayman. It currently
has an estimated population of around 40,000 with the expatriate community
making up almost 20,000 of that. These islands comprise a total land area
of 100 square miles with Grand Cayman being the largest and most populated.
Cayman residents enjoy a high standard of living, a low level of unemployment
and an average GDP per capita of approximately US $36,000. The Cayman Islands
are tempered by trade winds that maintain a consistent temperature in the
80 degrees Fahrenheit (27 degrees Centigrade) range. May and October are
the rainiest months, and March and April the driest. The humidity is increased
from May until the end of October. Surrounding waters are crystal clear
with visibility of at least 100 feet, which allows for excellent snorkeling
and diving.
The capital of Cayman is George Town, located on Grand Cayman, which
is home to government and judicial services and is the centre of the
economy’s
two major industries, tourism and financial services. The local currency,
the Cayman Islands dollar, is fixed to the US currency such that CI$1.00
=US$1.25. Both currencies are freely useable on the Islands. There
are no direct taxes in the Cayman Islands; this includes income tax,
company
tax, property tax or tax on inheritance, capital gains and gifts.
The
only visitors who do not require a valid passport for admittance are
those traveling from the United Kingdom, United States and Canadian
nationals and these must have proof of identity and citizenship plus
photo ID. As
is the case on many other islands, however, all visitors are required
to have a return ticket.
Grand Cayman offers an outstanding quality of life as well as excellent
career opportunities in the international finance arena. As Grand Cayman
falls within the six largest banking centres in the world, there is usually
demand for qualified professionals to work in either the Big Four firms,
or in industry with a financial institution.
Since there is no income tax, revenue is generally raised for government
spending through imposing tariffs on goods imported from overseas (typically,
Canada or the United States). This means that products are more expensive
than professionals may be used to (although candidates from the United
Kingdom will not find it much of an adjustment). However, this is more
than offset by the fact that employees will be making huge tax savings
and, further to that, annual local transport and travel costs (apart from
occasional holiday trips) will be negligible. The most significant regular
expense will be accommodation.
Other pages about the Cayman Islands
www.caymannewresident.com
www.caymanhomepage.com
www.caymanfinance.gov.ky
www.caymanislands.com
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There is never a lack
of anything to do in Cayman, especially if people like the outdoors.
The climate is ideal for
scuba diving, snorkeling and sailing. There are many clubs which have leagues
catering to rugby, cricket, netball, basketball, golf, football, touch
rugby, tennis, triathlons and squash. Some of the array of places to visit
are Pedro St James, the Birthplace of Democracy in the Cayman Islands;
or the Botanical Park, with its varied
flaura and fauna; or even the Cayman Islands National Museum with its many
exhibits.
Stingray City with its resident stingrays or the Turtle Farm with some
16,000 sea turtles are world famous attractions. For evening entertainment,
one can choose from a vast selection of good quality bars, restaurants
and late-night dancing venues. There are two local theatres and two movie
houses.
A typical day on a weekend could include a ski off famous Seven Mile Beach
in the morning, watching a match at the rugby club in the afternoon and
a BBQ in the evening with some friends at a condo overlooking the Caribbean
Sea.
Infrastructure and Services
Cayman has had to develop a strong infrastructure to keep pace with the
extremely fast-growing economy. The Cayman Islands boasts well-maintained
roads, a modern international airport, dependable utilities, seaports
and state-of-the-art communications.
There are two hospitals with experienced staff from both the Cayman
and expatriate populations. Most medical procedures can be performed
on-island
with only unusual cases being referred to the US, mainly to hospitals
in Miami. There are several private schools which would cover all necessary
schooling requirements. Jamaican or Philipino nannies care for many of
the expatriates’s younger children. There are four large supermarkets
within and around George Town. The Police are made up of both Caymanians
and British expatriates (the island is a former British Colony – now
classified as an Independent British Territory).
Vacation Travel
To start, most employers offer 15 to 20 days paid vacation days plus
statutory public holidays (approximately an additional 10 or so days)
making 25+ days in all.
There are many popular destinations for the expatriates living in Cayman.
Direct flights can be made to Jamaica, the Bahamas, the UK, Canada, Cuba
and several cities within the US. Most flight connections are made through
Miami, which makes it possible to travel easily into Central and South
America.
Culture and Politics
Caymanians are from a mixed background. There are no indigenous people
on the island. The population is made up of descendents of former slaves,
immigrants from other islands of the Caribbean and immigrants from
Europe. There is no birth right to Caymanian citizenship; status is
granted by the Government. There does not appear to be any strict criteria
and this politicisation of citizenship has been a source of major controversy
on the Island, especially for expatriates who want to make Cayman their
home. A significant number of people were granted citizenship a few
years ago, which did temper the situation. The country has a young
democracy, not without its problems. Competition over jobs is one of
them. A large selling point for Cayman as a destination for business
is its social harmony and noticeably less class distinctions when compared
with other countries in the Caribbean.
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