The Cayman Islands is a choice country for businesses likewise tourist attractions. Similarly, It has consistently recorded growth in its economy over the past few years. Thus, creating vast job opportunities that are available to residents and foreigners seeking to relocate.
Cayman Island is the world’s fifth financial center, known for its successful capital markets, asset finance, equity, mutual funds. This implies that most of the opportunities in the Cayman Islands exist in the finance industry. Opportunities also exist in tourism and other industries.
If you are considering getting a job on Cayman Island, then this article is for you. This article addresses the minimum wage, the most common jobs, and of course, the highest paying occupations in the Cayman Islands.
The Minimum Wage In Cayman Islands.
Cayman Island is most attractive because of its tax policies. The abolishment of a direct tax on residents has improved the earnings of the Cayman Island workers. Their currency is Cayman Island Dollar, designated with KYD.
The minimum wage of employees in Cayman Island is in 4 categories according to the number of working hours. They are:
- All employees in the Cayman Islands for 45 hours/work except (domestic workers and employees in the hospitality industry having a gratitude scheme) earn 270 KYD weekly and 1,170 KYD monthly.
- All employees for 40 hours/week except those mentioned above earn 240 KYD weekly and 1, 040 KYD monthly.
- Employees (with a registered scheme) in the hospitality industry and domestic workers earn 202.50 KYD per week and 877.50 KYD per month at 45 hours/ week.
- Employees in the hospitality industry and domestic staff earn (with a registered scheme) 180 KYD weekly and 780 monthly at 40 hours/ week.
However, aside from the category of work industry, the number of hours you work will determine your weekly pay just like in other countries.
You should check and compare the wages of the one you’re applying for before requesting a work permit. Therefore, we have compiled the 7 websites to find jobs in the Cayman Islands here for your reference.
Note: A work permit is compulsory for all foreigners seeking to work in the Cayman Islands.
Most Common Jobs In Cayman islands
Below is the list of high-paying jobs in the Cayman Islands.
Over 600 licensed banks and trust companies exist on the island holding up to 80% of the GDP in deposits. This, therefore, necessitates a great need for accounting professionals and investment experts to oversee these accounts. Accountants, investment managers, and insurance experts usually charge well for the services they render.
If you are an accountant, Cayman island is a good place to work. Although, before you start working in Cayman, you need to register with an agency. A temporary work permit of 6 months is the best because it gives you a chance to carefully select the job of your choice.
Financial lawyers and corporate lawyers are also in high demand in Cayman island. Although, the lawyers must be qualified within British jurisdiction. Top firms in Cayman are always looking for Lawyers and of course, they pay them well.
3. Medical professional
There are great opportunities for medical professionals in Cayman, especially registered nurses. They run over four days- two days night and two days day then four days off. Nonetheless, they’re handsomely rewarded for their work. Professions that are registered in Australia, Canada, the UK, New Zealand, South Africa, and the US are eligible to practice once they are fully registered.
4. Construction worker
The destruction caused by Hurricane Ivan in 2004 has adversely increased the construction rate in Cayman. Engineers, Architects, Project Managers, and quantity surveyors are greatly sought for with wonderful pay.
Among other professions are admin officers, legal secretaries, hotel workers likewise spa workers. Although the pay is not as high as the aforementioned, they’re fair enough. The tax is also friendly unlike other countries so you have nothing to worry about.
Highest Paying Occupations In The Cayman Islands
The average salary for a Cayman Island employee is within the range of 45 000 KYD – 52 000 KYD. Although, some occupations earn a higher salary than this coupled with other benefits attached to their profession.
Cayman Island is popularly known for the high demand for jobs in the tourism and finance sector. However, there are other occupations with huge pay which are listed below.
1. Medical professionals
Occupational risk, extensive, and continuous knowledge being required by the profession puts it on a pedestal where it earns high pay. The medical profession consists of different sub-professions. However, some earn higher than some. Sub-medical professions like Surgeons, Doctors, and Nurses earn salaries ranging from 73 800 KYD – 233 000 KYD per annum.
Lawyers are highly important in the Cayman Islands due to the daily financial transactions going on there. They are needed for legal documentation of contracts or transactions. Their salary ranges from 50 200 KYD- 187 000 KYD yearly.
3. Accounting and Finance
Cayman Island is the world’s fifth financial center. As a result, account managers, bankers, investment managers, financial analysts, and others in this sector are in high demand. Hence, making workers in this field enjoy a salary that ranges from 77 600 KYD – 96 200 KYD annually.
As expected, the risk and rigorous experience the pilot undergoes make it one of the highest-paying occupations in Cayman Island and the world as a whole. Their salary range is from 29500 KYD- 90 100 KYD yearly.
The engineering field is broad with several branches like petroleum engineering, chemical engineering, civil engineering, mechanical engineering, computer engineering e.t.c. Depending on the type of engineering, the salary range is from 42 500 KYD – 88 800 KYD annually.
6. IT and software development:
There is no doubt that the world has become technology inclined. This advancement has led to more opportunities in the IT industry and also, in the development of different software. This occupation puts you in the salary range of about 34 000 KYD – 85 000 KYD yearly.
The Cayman Islands places a high value on education. Therefore, employees in this sector earn a lot in comparison with other countries. Some of the job positions in this sector are; lecturer, principal, professor, academic manager, college dean. Similarly, the salary range per annum is from 46 300 KYD- 75 300 KYD.
Note that, The higher the experience you have in any of these occupations, the higher your salary will be. There are even other jobs that pay higher than this but don’t require a degree to start with, just adequate knowledge and you’re ready to go. To mention a few, they are;
- Business Development Manager – 62 000 KYD
- Digital Marketing Manager- 50 900 KYD
- Event Manager- 49 000 KYD
- SEO specialist – 46 300 KYD
- Content writer – 32 000 KYD
- Photographer- 28 900 KYD
There is over 90% employment for foreigners in any occupation. Although, the salary differs with occupation type and of course experience. However, there is an avenue that caters to skilled personnel who are willing to leverage their skills to make money in the Cayman Islands.