With beautiful beaches and good weather, it is easy to see why Cayman is regarded as an ideal place to retire, grow old and ultimately pass away.
We have assembled the most comprehensive retirement guide with everything you need to consider when deciding if Cayman is the best place for you to spend your final years.
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Aside from the climate, however, what draws retirees to Cayman is that you can get the ease of island life whilst still having access to world-class healthcare and remaining in close proximity to the US.
The retirement community in Cayman is thriving; over 65s account for over 8.3% of the population and, as a result, activities, clubs and services for seniors are increasing.
Whether you intend to get involved in the community or simply relax on the beach, the lifestyle in Cayman suits any retirement model.
Health Insurance
Health insurance by an approved Cayman Islands Health Insurer is required by law for all residents of the Cayman Islands. For retirees arriving in Cayman, there are very few options available to you. All the insurance companies offer the SHIC plan (Standard Health Insurance Contract). Some insurers have a set fee regardless of your age but many will rate for risks at installation and upon annual renewals. The SHIC plans have fairly standard rates which have remained steady for about 10 years but the insurer may charge up to double their standard rates for higher risk members and may also apply to the Health Insurance Commission to allow charging higher than twice the standard rates for very high risk applicants.
The standard cost for an individual is in the region of CI$167 per month, for a couple it is CI$300-CI$400 and for a family it is CI$465-CI$610. If you would like to add dental and vision coverage, if available, costs approximately CI$30-$75 more per month per individual. Brokers’ groups of individuals may offer your best SHIC rates and may be able to guide you to which companies offer individual plans with higher-than-SHIC coverage.
If you are a current Cayman resident reaching retirement age, you are encouraged to check your options for retiree coverage (rarely available) and what individual plan you may be able to transfer to.
Another option for a retirees moving to Cayman is to keep your existing health insurance from overseas (for example Medicare or BUPA) and get a basic plan in Cayman to cover the legal requirements. Medicare will not cover Cayman services but can cover major expenses in the USA. If on a private insurance, be sure your overseas insurer is aware of your place of residence to avoid possibly denied claims due to eligibility requirements not being met. For a list of local health insurance providers and brokers see the Health & Wellness page.
Retirement health insurance possible resources:
- Plan ahead to place possible retiree coverage when you are healthy
- Review all jobs held in past - including Cayman Islands Government jobs – for possible retiree medical benefits
- Check country of origin for eligible benefits e.g. USA Medicare doesn’t cover in Cayman but could be used for major medical needs in the USA
- Check if former spouse (widowed or divorced) has benefits you’re entitled to
- Use a basic SHIC plan and set up savings plan to self-pay during years which exceed benefits available
- Dual residents may be able to find a high- deductible plan overseas to use along with their SHIC plan in Cayman
- Business ownership interests may keep you eligible to stay on a group plan
- Review is any Veteran’s benefits including survivor benefits
- Working part-time for insurance benefits is not unusual!
- Let the Members of Cayman's Legislative Assembly (MLAs) know your concerns to help address this situation now and for future retirees
Medical Care
Grand Cayman has three fully-equipped hospitals, nearly 4.5 doctors and 6.3 nurses for every 1,000 people, more than two dozen private healthcare practices, as well as specialists in cardiac surgery, chemotherapy and orthopaedics. We also have a 3.0 Tesla MRI machine, 3D and 4D ultrasounds, echocardiography, GI endoscopy and even an IV medical spa. If there was one place outside of the USA where you could be guaranteed to receive first rate medical care, you can be assured that Cayman ticks the box.
Cayman’s sophisticated medical healthcare is quickly becoming known as the third pillar of our economy after finance and tourism.. For more information on our healthcare system and what the Cayman Islands have to offer, see the Healthcare page.
Immigration Considerations
The Cayman Islands welcomes wealthy retirees with open arms as long as they have enough money to buy a house and support themselves in old age. Without a regular tax base, the Cayman Islands Government does not have the resources to support an aging population. Please see the Immigration section for more information on how to become a resident of the Cayman Islands.
If you are the dependent/spouse of a Permanent Resident and they die before you do, the right of the surviving spouse to reside in the Islands may be revoked at the discretion of the Director of Workforce Opportunities & Residency Cayman (WORC). The surviving spouse may, within three months, apply for the Grant of Residency Certificate for Persons of Independent Means upon satisfying the requirements.
Poor Relief Payments
For those too elderly to work, who are over the age of 60 and are in great need, the Needs Assessment Unit (NAU) currently offer a monthly stipend of CI$750. A full assessment needs to be undertaken and then the level of assistance required is investigated. This is only open to Caymanians.
The NAU is located at 55 South Church Street, George Town. Tel: (345) 946 0024.
Senior & Retirement Homes
Cayman does not currently have any particularly sophisticated options for retirement homes. We do, however, have The Pines Retirement Home, which is open to all and The Golden Age Residential Home in West Bay.
In-Home Carerskeyboard_arrow_right
There are a few dedicated companies that can provide you with an in-home carer and any other assistance that you may need.
Read MoreLeisure Activities
Now that you have more free time on your hands, it’s a good idea to get out of the house, get involved in the community and meet new people or even explore the islands.
Cayman Physiotherapy offers a Senior Exercise and Well-being class three times a week. It’s a great way to keep active, meet new people and have fun. Led by their Occupational Therapist Lizzie, the sessions focus on a range of low impact exercises and movements, aimed at improving balance, strength and posture, and most importantly, having fun!
Men’s Shed is a non-profit organisation open to men dealing with mental health, retirement, isolation, unemployment, disability and separation. Their aim is to bring them together in a collaborative community setting and help build social connections and improve their quality of life. They meet on Wednesday 6pm-9pm and Saturday 9am-noon at the Cayman Catboat Club, North Church Street.
The National Gallery offers a Senior’s Tea & Tour programme that creates opportunities for social interaction and the sharing of stories promptly by artwork from the National Art Collection. These are available at no cost, on-demand and can be scheduled through the Education Department. Email: education@nationalgallery.org.uk.
See the Community Life page for a list of other social clubs, service clubs, counselling and support groups and voluntary organisations.
Many retired individuals also create a ‘bucket list’ which is a checklist of things they want to do before entering a retirement home or passing away. See our Activities for Adults information for activities that may suit your interest and hobbies. Also visit the Travel pages for great and easily accessible vacation destinations.
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For many years, residents have been in the very fortunate position to have free hospice and palliative care. Jasmine, formerly known as Cayman Hospice Care, provides professional nursing and comfort care to those living with a life limiting or end of life illness.
End of Life in Caymankeyboard_arrow_right
When a person dies the next of kin are left with a number of decisions and arrangements to make. Fortunately, undertakers are there to help guide family and loved ones through the process, take care of the paperwork and ease the burden as much as possible.
End-of-Life Medical Lawskeyboard_arrow_right
The Health Care Decisions Act (2019) addresses the problem that healthcare providers and families face when a patient is too ill to communicate their treatment preferences. The introduction of ‘Advance Health Care Directives’ by this law, commonly known as ‘living wills’, provides a legal framework to express your wishes regarding medical treatment while you are mentally competent, which should be followed by your physician.
Read MoreWills, Probate & Inheritance Taxkeyboard_arrow_right
There is no inheritance tax in the Cayman Islands. Cayman Islands law allows for complete freedom of disposition, meaning that you can dispose of your Cayman
assets on your death as you please, subject only to the law of your domicile. It is extremely difficult to contest an otherwise valid Cayman Islands will, and so it is recommended that you have an understanding of the probate process and an up-to-date will.