Working in Cayman Islands
A major offshore financial centre in the Caribbean and a British Overseas Territory, Cayman Islands is ranked 14th highest in the world when it comes to gross domestic product (GDP) per capita. Its strong economy largely depends on tourism and financial services sector, which accounts for approximately 70-80% of GDP. As a progressive British Overseas Territory, Cayman Islands offer a huge array of employment opportunities for locals and foreign nationals alike.
Aside from being a popular tourist destination for foreigners because of its awe-inspiring scenery, the Cayman Islands also pose as a very attractive place for expat job seekers, especially in the areas of Financial Services, Tourism, Law, and Insolvency. There are several job positions available for professionally qualified accountants, specifically workers who have experience in the insurance or investment industry. Offshore law firms also offer some job vacancies for employment seekers who are in the field of law. Those who are professionally qualified in Insolvency or Recovery Work also have a chance of finding work in the Cayman Islands. Other industries that also offer work opportunities in the Cayman Islands include construction, hospitality industry, electricians and plumbers, CI government, IT and education.
However, since the local workforce of Cayman Islands is very educated, and the government has a labour law in place to protect the local job market, it is a big challenge for foreign nationals to land a job on the island.
As of the moment, there is no minimum wage implemented in the Cayman Islands, which is said to be the cause of low labour costs for workers, especially those employed in construction. However, the lawmakers in Cayman Islands are currently working on passing a law that will impose a national minimum basic wage of $5 per hour for all workers in the island.
The standard work week in the Cayman Islands is forty-five hours, or nine hours a day. Employees who have worked for five years are entitled to receive a five-year cash grant at the end of every five years they have worked for a company. The annual leave entitled to workers depends on the Remuneration Band and the number of years they have worked in a company.
Caymanian locals and foreign nationals employed in the Cayman Islands enjoy a tax-free salary because the government does not impose any kind of income tax on its workers, noncapital gains tax or corporation tax. There is also no welfare or social security taxes imposed on residents and non-residents of the Cayman Islands.The primary source of income for the Cayman Islands is through indirect taxation.
Expat Services in Cayman Islands
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