How to Budget for your Relocation to the Cayman Islands
It’s very likely that when you dream about moving to a tropical island the last thing on your mind is budgeting. But we know from experience that this is one of the most important aspects of relocating to consider. When we start a new relocation project for a client, an important part of our relocation planning is helping you create a budget that’s in line with the lifestyle you want in the Cayman Islands.
“Relocating anywhere in the world is an investment of money, time, and energy; and will ultimately (hopefully) lead to the reward of a better life, but only if it’s managed appropriately.”
We guide our clients through a structured budgeting process so that they know what to expect with regards to the cost of their relocation.
Living in the Cayman Islands is expensive. It often ranks among the most expensive places to live in the world, and preparing your relocation budget can help to minimize the sticker shock!
Curious about how the numbers would stack up for your relocation?
Here are our tips to help you budget for your relocation to the Cayman Islands. Think about your budget in 3 stages; before, during, and after your move.
Costs of Moving
These will primarily be costs associated with immigration and shipping and will depend on how you choose to move to Cayman. For example, your immigration costs will depend on your residency status; moving to Cayman as a Permanent Resident has different cost implications than moving as an employee. Your shipping costs will be determined by what possessions you decide to bring with you and how you choose to get them to the Cayman Islands. Also included in this stage are your travel costs.
Costs of Arriving
When you first land at Owen Roberts International Airport you will need to get from the airport to your accommodation. There are various transportation options available from renting a car to arranging a private airport transfer or using a taxi service (bring cash!). Your budget should reflect that which most meets your needs.
We help some of our clients with securing temporary accommodation until they find their feet and can secure something more permanent, whereas some clients prefer that we help them find permanent accommodation from the outset, more on this below. Whichever option you choose should be reflected in your budget.
Costs of Living
Your personal preferences will determine your day-to-day living expenses from the very basic to life’s luxuries. Consider your current living costs where you live, and assume that you’ll need the same things. Import duties and the costs of shipping mean that anything imported is more expensive in Cayman, and the vast majority of products are imported. A great tool we’ve found for comparing the cost of living is Expatistan.
Your biggest single cost will be accommodation whether you choose to rent or buy a property at the outset, and there are large variations in prices across neighbourhoods. A two-bedroom apartment on Seven Mile Beach can be double the cost of the same apartment in West Bay or Prospect. Check out our low down on the various Cayman neighbourhoods.
You’ll also need to factor in your other living costs such as transportation, school fees, entertainment, air travel for trips away from Cayman, healthcare, and the various insurances you will need for you and your family.
Our Relocation Planning service helps our clients budget appropriately for their move and their life in Cayman.