With an investment climate supported by a sound regulatory framework, modern infrastructure, high quality telecommunications and an extensive professional workforce, the Cayman economy is an ideal place to invest.
The Cayman Islands have a highly educated workforce, with over 82% of the total labour force having completed at least a high school degree, with 26% having completed a post-secondary degree from a local or overseas institution.
There are four major educational institutions in the Cayman Islands:
- The University College of the Cayman Islands offers Associates, Bachelors, and Masters programs, as well as a variety of Certificate programs.
- The International College of the Cayman Islands offers Bachelors and Masters programs.
- St. Matthew’s School of Medicine prepares students to sit the USA Medical Licensing Exam.
- The Cayman Islands Law School is affiliated with the University of Liverpool in the UK.
Of the total labour force, 50.4% are Caymanian, with the remaining workers coming from a large number of other countries.
Human resource practices in the Cayman Islands are supported through programmes provided by the Department of Employment Relations and the Cayman Islands Society of Human Resource Professionals.
The main airport, Owen Roberts International Airport (ORIA), is a fully equipped commercial facility that handles more than 800,000 international and domestic passengers each year. Located 1.5 miles East South East of the Capital, George Town, the airport has a 7,000 foot paved and grooved asphalt runway, a commercial airline terminal and a separate general aviation terminal with weather briefing and flight planning facilities for private aircraft operators. Published operational hours are 1200 to 0200 UTC (7 AM to 9 PM local time).
International carriers operating out of ORIA, include the national airline, Cayman Airways, American Airlines, US Airways, Delta, Northwest, Continental, Air Jamaica and Air Canada. British Airways operates a twice-weekly direct flight to London.
Domestic service throughout the Cayman Islands is provided by Cayman Airways Ltd.
Air service to Cayman Brac is provided to the Gerrard Smith International Airport (GSIA). GSIA has a 6,000 foot paved and grooved asphalt runway, a commercial airline terminal with weather briefing and flight planning facilities for private aircraft operators. Published operational hours are 1200 to 0000 UTC (7 AM to 7 PM local time).
Service to Little Cayman is facilitated through the Edward Bodden Airfield, a 3,000 foot unpaved grass/dirt runway and a domestic airline terminal.
The Cayman Islands are located within an hour’s flight of Miami, Florida and about the same length of time from Kingston, Jamaica. Some of the key distances are as follows:
The Port of George Town is operated by the Cayman Islands Port Authority, with daily working hours of 1600 to 2400 and 2400 to 0800 for cargo. It is located at position 19.18N and 81.23W. Port traffic in 2003 mainly consisted of cruise ships (73%), followed by cargo ship (24%) and tankers (3%).
The Port of George Town offers a full service to cargo vessels including warehousing facilities for cargo. Fresh water and refuelling facilities are also available to ships. Four anchorages are provided within the port area, and pilotage and tugs are available on request. Anchoring is not allowed on coral anywhere in the Cayman Islands. Stevedoring is typically arranged by a Ship Agent, but this facility is also offered through the Port Authority.
Berthing on the South Pier is 135 meters, with a depth of 3 to 6.6 meters. On the Roll on /Roll off Pier, one ramp is available, and depths of up to 6.6 meters. There are 3 cranes for container handling, and an assortment of container headhandlers/forklifts.
The port handles mainly small container feeder vessels in the range of 500 Teu (twenty foot equivalent units) capacity, as roll on /roll off or lift on /lift off operations. The port handles upwards to 75,000 Teu’s per year. In addition bulk cements, vehicles carriers and aggregate vessels are also discharged on a regular basis.
Required documents include: Bills of Lading, Crew List, Cargo Manifest, Ship�s Register Safety Certificate, and Clearance from last port.
Cruise ships regularly dock at our port. On any one day, there may be as many as 5, if not more, ships docking on Grand Cayman including the Royal Caribbean Cruises, Carnival Cruise Line, and Holland America Line. For more information on the port schedule please visit the Cayman Islands Port Authority website.
The National Roads Authority (NRA) is responsible for the planning, construction and maintenance of Grand Cayman’s approximately 140 miles of highly developed roadways.
The NRA is responsible for publishing a long term National Roads Plan (NRP) every four years, which provides the basis for establishing medium to long term plans for transportation infrastructure development, thereby supporting the high quality of life that is expected in the Cayman Islands.
Electricity is 120 volts/60 Hz, the same as in the United States.
Electricity on Grand Cayman is supplied by Caribbean Utilities Co. Ltd. (CUC), which operates under a licence from the Cayman Islands Government.
CUC's power system comprises 18 generating units with a combined capacity of 123 megawatts. The maximum peak load experienced by the company to date was 85 MegaWatts in September of 2004. CUC's projections for power generation growth are based mainly on historical growth trends and planned major commercial developments.
The company’s transmission and distribution system comprises six major transformer substations, 450 miles of overhead high-voltage transmission and distribution lines, and 117 miles of high-voltage submarine cable.
The traditional sources of fresh water supply have been private wells and/or catchment in cisterns, but these have been supplanted by a piped water supply in most areas of Grand Cayman and the western end of Cayman Brac. The public water supply is provided by two companies: the Water Authority and Cayman Water Company. Both provide desalinated water.
The Water Authority is the statutory body responsible for the management of potable water and waste water in the Cayman Islands. The Authority’s piped water in Grand Cayman is distributed from five storage reservoirs: three in George Town, with a total capacity of 3.2 million US gallons; and two in Lower Valley, with a capacity of 3.0 million US gallons.
The Authority’s piped water in Cayman Brac is distributed from two storage reservoirs in West End with a capacity of 750,000 US gallons. In Cayman Brac, water is produced by reverse osmosis; the plant’s production capacity is 150,000 US gallons per day (gpd).
The Authority’s water producer in Grand Cayman is Consolidated Water Co. Ltd., which provides up to 2.9 million gpd of desalinated water from three reverse-osmosis plants - two at the Red Gate Water Works in George Town and a third at the Lower Valley Water Works.
Cayman Water Company supplies more than 2.3 million gpd of piped water to its franchise area and also provides trucked water on Grand Cayman from its facility on West Bay Road.
Cayman's telecommunications system is reliable, competitive, and affordable, and is fast becoming one of the most lucrative sectors since the decentralization and ending of the monopoly by Cable & Wireless. The telecommunications market has been fully privatized.
To accommodate the explosion of the telecommunications industry, the Information and Communications Technology Authority (ICTA) Law was implemented in 2002. The law regulates the entire sector consisting of broadcasting, telephone, internet, and e-business. The Information and Communications Technology Authority (ICTA) is responsible for regulating the local telecommunications agencies. These include Cable & Wireless, Cingular Wireless, Digicel, and TeleCayman. There are now over a dozen providers offering various services such as fixed line, broadband services, mobile services, internet, broadcasting, and internet services.
The latest available statistics from 2003 show that the numbers of fixed and mobile phone lines per person was at least 75% of the population, and 23% of the population possess internet access. The telecommunications of the island is so reliable and state of the art that telecommunications was one of the first utilities to be repaired following Hurricane Ivan in September 2004.
Quality of Life
School attendance is mandatory for all children up to secondary level. There are a variety of both primary and secondary schools utilizing either the British or American systems of education. Tertiary education is provided from four major institutions. The University College of the Cayman Islands (UCCI) and the International College of the Cayman Islands (ICCI) offers Associates, Bachelors, and Masters programs. Qualifications from UCCI are accepted at British, Canadian, and American colleges and universities. St. Matthew's School of Medicine prepares students to sit the USA Medical Licensing Exam. The Cayman Islands Law School is affiliated with the University of Liverpool in the UK.
The Health Services Authority (HSA) operates healthcare facilities formerly owned by Government. The HSA operates two hospitals and four district health centres. They also operate the region�s only hyperbaric chamber. The Chrissie Tomlinson Memorial Hospital (CTMH) is a private and modern facility.
The Islands are known around the world as a premier destination for diving, snorkelling, and beaches including the world famous Seven Mile Beach and Stingray City, winning several awards. A number of historic buildings have been preserved including Pedro St. James 'Castle', the birthplace of democracy in the Cayman Islands.
One of the largest colonies of Red-footed Boobies in the Caribbean is located in the Booby Pond Nature Reserve, a 204 acre reserve designated as a "Wetland of International Significance" under the terms of the Ramsar Convention.
Another important aspect of environmental research and conservation is the Cayman Turtle Farm, which also offers visitors a unique cultural experience.
There are no legal restrictions on property ownership by foreigners in cases where the property is for personal use, although real estate ownership for business purposes is subject to licensing. Title to all Cayman Islands real estate can be held by individuals (either alone or with others jointly or as proprietors in common) or in the name of a company. However, in the latter case, appropriate company type must be registered with the Registrar of Companies and must be in good standing.
The Cayman Islands Real Estate Brokers Association (CIREBA) is the country's professional organisation of realtors. The association provides industry standards on commissions, business forms and a code of ethics for its members. CIREBA monitors its members to ensure that the public is served with professionalism and integrity. There are 29 member firms, with more than 170 agents. CIREBA's multiple listing service coordinates the listings and sales efforts of its member companies and agents, and over US$500 million of property listings.
Residential homes ranging from small, medium, and large may come furnished or unfurnished. Most homes and rental units are furnished. Prices vary depending on the location of the property. A large residential home for example may be anywhere between US$373,000 - US$1.5 Million. A beachfront property between .35 to .5 acres can range from US$275,000 - US$645,000. The average rental for a 1 bedroom, 1 bathroom is US$952.00 - US$1500.00.
For a complete list of available properties, please contact a local real estate agent or visit the website of the Cayman Islands Real Estate Brokers Association (CIREBA).
The Lands and Survey Department is responsible for all land-related matters in the Cayman Islands. The department’s Land Registry records all land transactions in the three islands through electronic registers that define ownership and interest. Because every piece of property is registered under a unique block and parcel number, an interested investor can examine the records for liens, charges or restrictions on the property under consideration. As a result, the process of buying land is safe and straightforward since the Cayman Islands Government effectively guarantees title.