The Cayman Islands is a self-governing British Overseas Territory and is made up of three islands – Grand Cayman, Cayman Brac, and Little Cayman. The islands are notoriously expensive, and planning around this is one of the tips to know about visiting the Cayman Islands.
The Caymans Islands is by some accounts the most expensive of the world’s most expensive countries to live in . This means that the Cayman Islands is a destination best left to travelers with deep pockets. If the budget is a leading priority in planning a vacation, then perhaps the Cayman Islands should be avoided.
It is a major world offshore financial center as the territory does not have taxes on income. This helps it to have a high GDP per capita (around $91,000) – but this also drives up the cost of living and the cost of visiting. The Cayman Islands’ high cost of living is high even when compared to the UK or the USA.
Size: 264 km2 (102 sq mi)
The main tourist attractions in the Cayman Islands are beaches – like Seven Mile Beach on Grand Cayman. The islands are great for scuba diving and snorkeling (including swimming with stingrays). Predictably the most popular place for swimming with stingrays is Stingray City on Grand Cayman. Other attractions include shipwrecks where visitors can dive.
Grand Cayman is the most populous of the islands, and the capital city is George Town.
The currency of the Cayman Islands is the Cayman Islands Dollar (currency code KYD, abbreviated with the dollar sign $ or as CI$ to differentiate it from other dollar currencies).
According to Budgetyourtrip.com, visitors spend around $264 per day while on vacation in the Cayman Islands. One can expect to spend around $49 daily on means and around $24 for local transportation.
Average Daily Expense: $264 Per Day Per Person
Average Weekly Expenses: $3,700 Per Week For Two
The average price of a hotel room for two is $371 – so that is very pricey. It may be difficult to find a hotel on Grand Cayman for less than $200 a night. So a couple can expect to spend around $3,700 per week while in the Cayman Islands. The individual costs of visiting the Cayman Islands generally go down with kids as their tickets are typically cheaper, and the hotel rooms can be shared.
Of course, visitors can manage their experience somewhat by having fewer excursions and activities and by getting cheaper self-catering accommodation.
So how much should one bring to spend in the Cayman Islands? The exact answer to that is not answerable because it depends on one’s choices of accommodation, time there, and activities. But the short answer is perhaps $5,000 for a week so that one can also enjoy some activities and excursions.
For people in Cayman Brac, these ten things to do might be worth adding to the itinerary.
The cost of living is also high in the Cayman Islands. According to Numbeo.com, some of the indicators of day-to-day expenses for food and drinks are:
Meal At Inexpensive Restaurant: $17.95 (Wide Range of $11.96 to $53.84)
Meal For Two: $115 (Range $85 to $179) – Mid-Range Restaurant And Three-Course Meal
Domestic Beer: $5.98 0.5 Liter Draught
Imported Beer: $7.20 0.33 Liber Bottle
When it comes to getting around on the islands, it can also be a little pricey (although perhaps not when compared to London or New York City).
One-Day Ticket: $2.39 Local Transport
Taxi Start: $17.95
Taxi 1km: $1.49
Taxi Waiting: $60 One-Hour Wait
All in all, the cost of living is only marginally cheaper in Cayman Island’s George Town. Consumer prices are a tiny bit higher in George Town than in NYC without rent. Rent prices are around 29% lower than in notoriously expensive New York City (which still makes rent very high). Restaurant prices and groceries are very close to the costs in New York City.
The Cayman Islands are perhaps best thought of as the playground of the wealthy.
The cheapest time of year to visit the Cayman Islands is the summer.
The cheapest month to fly to the Cayman Islands is September.
Winter is considered prime time, hence higher pricing.
Generally, traveling to the Cayman Islands during summer will be cheaper for tourists. This is because with hotter, more humid weather comes cheaper prices on hotels, flights, food, and attractions. The summer is also hurricane season, meaning the risk of a storm during the trip will be higher. Some people may not mind this, but it’s a good idea to buy travel insurance.