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What is a good salary in Cayman

What is a good salary in Cayman

Old Jun 13th 2013, 1:55 pm
  #1  
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Default What is a good salary in Cayman

Some needless background...

I am considering a move to the CI with my family from the UK, however, while I would be working it seems unlikely that my wife would be able to work as the area of medicine in which she specialises is not really represented in the Islands and the only jobs (there are not currently any vacancies) are for consultants in this area (she is about to become registrar, so one step below, getting to the next rung is a matter of time and experience so no way of moving up to this at present).

Result is that we would be living off my income of around CI$100k which is no small sum of money but equally, we are reluctant to leave the UK for a lower quality of life and to not be able to enjoy all the Islands have to offer as well the opportunities to visit the US, etc. I don't expect a beach front house on South Sound but do want somewhere big enough to us and our 2 year old daughter with space for not infrequent guests to live in reasonable comfort, etc.

So my question = any ideas what CI$100k is roughly equivalent to in GBP as a household income? Would this put us toward the top end of the medium income bracket or lower down?

Many, many thanks.
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Old Jun 14th 2013, 1:31 am
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Default Re: What is a good salary in Cayman

First, Google "Cayman New Resident" - an online magazine that answers most questions. Second, sift through my personal blog for posts that seem to relate to life in Cayman; you can pretty much tell from the titles.

$100K salary will put you in the lower half of the uppermost bracket (of three brackets). As a general statement, people coming here from Britain don't lower the quality of their lives. There is plenty of social life for you both and your two-year-old; my guess is that middle-class expats number four or five thousand. I don't get out much these days, but I don't think I'd be far off.

Get back to me once you've done the homework I've set you!
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Old Jun 14th 2013, 6:26 am
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Default Re: What is a good salary in Cayman

Thank you, I've already read Cayman New Resident inside and out and the tables setting out approximate monthly expenditure are really useful but as it only covers the 'core purchases' it's difficult to know in a sense how much 'life' that salary would buy, obviously what we would like is to move to a better quality of life and/or be able really enjoy what the Islands have to offer.

Thanks again.
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Old Jun 15th 2013, 1:44 pm
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Default Re: What is a good salary in Cayman

Greetings

Is a reconnaissance trip an option for you? If so, I would recommend it. We returned 3 weeks ago from Cayman as I too am considering moving to GC for work.

Groceries are more expensive than the UK. Check out Fosters website: http://fosters-iga.com/fff/weekly-special/
These are the weekly specials but will give you a flavour of prices.

Alcohol is more expensive than the UK. Case of 24 bottles of Caybrew: CI 35ish, bottler of white wine: CI 15+

Eating out is more expensive than the UK. 3 courses at Calypso Grill with half a bottle of wine US 215

Petrol is cheaper. We had a Hyundai SUV and I think it was about CI 50 to fill the tank.

Memorise the GBP - CI and GBP - US exchange rates! We became rather adept at quick fire conversions!

I'm no expert, but I think you would be fine on CI 100k. You've more cash in your pocket than would be the case if your salary was quoted in USD. I guess a lot depends on how often you would travel to the US, travel home and whether you would hire home help, put your child in nursery etc.

Go for it. Caymanians are wonderful people.
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Old Jun 16th 2013, 10:00 pm
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Default Re: What is a good salary in Cayman

Thanks for this Andie. We've actually visited a few times before, although not for 3 or 4 years and have family in the Islands, although they have lived in the Caribbean (20+ years in CI) for so long Britain is a distant memory (and visiting as tourists I never pay much attention beyond noting whether somewhere is conspicuously cheap or expensive). On paper (and not considering the absence of income tax for a moment) this would be a reduction in our household income and even more so taking into account that staples are that much more expensive but that isn't the end of the world.

What I wouldn't want is our time there to be a drudge where my OH damages her long-term career prospects and the time we have as a family is not what it might be because we can't take advantage of all the things the Islands have to offer; the prospect of learning to scuba or sail, to travel to the US, the Caribbean, etc. are all big draws, as is drinking beer on an empty beach to the sound of crashing waves but there's only so much nocturnal Caybrew quaffing one man can take!

Thanks again for your reply.
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