A report by an expat insurance company of 12 tax-free jurisdictions ranks the Cayman Islands as the third most expensive such place in which to live.
Ranking Middle Eastern countries Oman, Kuwait and Bahrain as the three cheapest tax-free places to live, the UK-based William Russell firm’s list placed Cayman in 10th cheapest position – or third more expensive – with only Bermuda and the South Pacific nation of Vanuatu being pricier.
The report also found that the average monthly salary in Cayman is US$4,631 – the third highest among tax-free countries, behind Monaco (US$7,221) and Bermuda (US$6,750).
According to William Russell, utility bills in Cayman are higher than any of the jurisdictions considered – an average of US$409 a month, compared to the next highest, Monaco, at US$319 – a revelation that will not come as a shock to the many in Cayman who have long complained of high electricity and water bills.
Again, unsurprisingly, the report states that paying for a place to live in Cayman is also higher than in many other income-tax-free locations.
It found that the cost to buy an apartment in Cayman was the second highest, at US$1,134 per square metre, behind Monaco, where it costs US$6,877 per square metre.
The average cost to rent an apartment in Cayman, the report stated, was US$2,390, the fourth highest on the list, behind Monaco, Bermuda and Qatar.
The monthly cost of living for a single person in Cayman, according to the report, was US$1,770 – the third highest of the dozen jurisdictions in the survey. Ranking above Cayman was Monaco (US$2,125 per month) and Bermuda (US$2,063).
Local leaders in Cayman, in their new year messages to the community, vowed to make tackling Cayman’s rising cost of living a priority in 2024.
Overall, Cayman ranked 10th in William Russell’s ‘relocation score’ – the level of attractiveness in terms of an expat deciding to move to that country. Cayman scored 3.7 out of 10, with Bermuda and Vanuatu the only other places receiving a lower score.
Oman was found to be the most cost-effective place for an expat to live, placing first on the list, with a score of 7.92 out of 10.
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