Retiring in the Cayman Islands
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.
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% of the population and, as a result, activities, clubs and services for seniors are increasing. Each October the Department of Children and Family Services (Tel: (345) 949 0290) celebrates Older Persons Month by hosting free events for seniors in Grand Cayman and Cayman Brac.
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 is required by law for all residents of the Cayman Islands. For retirees arriving in Cayman over the age of 55 there are very few options available to you. All the insurance companies offer the SHIC plan (Standard Health Insurance Contract). It is a set fee regardless of your age and the annual premium does not go up each year. This is the good news.
Grand Cayman has three fully equipped hospitals, over 150 doctors, 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 that you would get first rate medical care, you can be assured that Cayman ticks the box. For more information on our healthcare system and what the Cayman Islands have to offer, see the Healthcare page.
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.
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 which is managed by the Department of Children and Family Services and is only open to Caymanians who are in dire need.
There is no inheritance tax in the Cayman Islands. The Succession Law (2016) Revision implements freedom of disposition, believing that you can dispose of your assets as you please. This makes it very hard to contest legal Cayman wills, and so it is imperative that you have an understanding of the legal process and an up-to-date will.
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.