Raising children in the Cayman Islands is expensive, but what an amazing environment to raise your family! Cayman is by far one of the safest countries in the Caribbean, if not the world, plus we are spoiled with first class infrastructure and services. It is also a melting pot of 130 different nationalities and religions all getting on in harmony. Here Cayman Resident gives you some figures to ponder if you are wondering what your expenses will be if you and your family move to Cayman.
Scenario 2:
Couple with 2 Children (Ages 2 & 4)
- Accountant earning CI$6,500 per month and HR Advisor earning CI$4,800 per month
- 2 second-hand vehicles SUV and sedan
- 3-bedroom apartment in George Town
- Other expenses include dinner and a movie once a week and children’s activities
| Motor Vehicle Costs | CI Dollars |
|---|---|
| Purchase of 2 vehicles | $15,000 |
| Motor vehicle insurance | $1,000 |
| Drivers licences x 2 | $250 |
| Vehicle licensing/inspection | $430 |
| Total initial vehicle setup cost | $16,680 |
| Housing Costs | CI Dollars |
|---|---|
| Apartment deposit | $3,000 |
| First month’s rent | $3,000 |
| Water deposit | $80 |
| Electricity deposit | $300 |
| Telephone deposit | $200 |
| Total initial apartment setup cost | $6,580 |
| Monthly Living Expenses | CI Dollars |
|---|---|
| Rent | $3,000 |
| Telephone + mobile | $120 |
| Water | $100 |
| Electricity | $500 |
| Internet | $80 |
| Petrol | $350 |
| Groceries | $1,200 |
| Preschool fees | $600 |
| Prep school fees | $1,000 |
| Domestic help | $1,200 |
| Domestic help health insurance | $160 |
| Entertainment/Other | $700 |
| Total monthly living expenses | $9,100 |
| Monthly Totals w/Compulsory Expenses | CI Dollars |
|---|---|
| Pension 5% | $500 |
| Health Insurance | $950 |
| Total Monthly Income | $11,300 |
| Total Monthly Expenses | $10,550 |
The single largest expense, after your mortgage or rent, for most couples with a family will be health insurance. By law your employer is required to pay 50% of your personal coverage, but they also have to ensure that your dependents are covered, although they have no obligation to pay any of the premiums beyond your 50%. So for an example [Cayman Resident editor speaking here] the Britcay Premier health insurance costs for our family are US$1027 for my husband and US$1770 for me and our two children per month. If I was not also working then my husband would be required to pay 50% of his premium (US$513.50) per month plus 100% of my premium (US$1770). Taking US$2283.50 out of your salary for health insurance costs alone can be a huge hit for anyone. Now, we are an unusual case as our team at Acorn is very small (so our premiums are high) plus we choose to get one of the best health insurance plans available on the Island, but unless money is no object, I would HIGHLY recommend that you discuss health insurance costs with your employer well before you commit to working in Cayman.
For the single parent moving to Cayman, who cannot rely on a second salary to help with expenses, things could be even tighter. Again, working out your health insurance costs (as you will probably have to pay 100% of the cost of your children’s health insurance coverage) will be crucial. Also do a budget factoring in your 5% pension deduction, the cost of running a car, rent, school fees, after-school-care costs (or extracurricular activities), groceries, utility bills (electricity, water, phone, internet etc), new clothes, flights off the island and savings.