What Buying and Living in the Cayman Islands Actually Costs

Cayman is expensive to buy into and expensive to live in. The useful part is knowing which costs are fixed by law and which are quoted differently depending on who you ask.

The cost of buying

The government costs are predictable. Stamp duty is 7.5% of the purchase price or market value, rising to 10% from 1 January 2026 for properties of CI$2 million or more, and conveyancing fees run around 1% of the price. A mortgage adds its own stamp duty of 1% or 1.5% depending on the loan. There is no annual property tax, no income tax and no capital gains tax, all covered earlier in this series.

Health insurance is compulsory

Under the Health Insurance Act, every resident must hold at least the Standard Health Insurance Contract, quoted from about CI$124 a month for basic cover. Employers must pay at least half the premium for employees. The system is entirely private, and out-of-pocket costs can be high, with one expatriate guide comparing them with Bermuda and the Bahamas. Anyone moving from the UK should add a premium to the budget, since there is no NHS equivalent.

Housing

Rent is the largest bill, and sources disagree. One March 2026 guide puts a one-bedroom on Seven Mile Beach at CI$3,200 to CI$4,000. Another 2026 guide gives CI$1,400 to CI$2,200, and the live dashboard on the same site shows a median near CI$2,700, with most listings between CI$2,200 and CI$3,200. Elsewhere on the island, a one-bedroom is quoted at CI$1,100 to CI$1,600. Furnished units on Seven Mile Beach are often marketed to professionals and short-term tenants, which pushes prices up.

Electricity, schools and shopping

Electricity comes from the Caribbean Utilities Company, mostly from imported diesel, at about CI$0.35 per kWh including a fuel charge that the government capped at CI$0.18 per kWh for residential customers. The cap was originally due to run only through September 2026. In late September the government extended it to 31 December 2026, so check whether it has been extended again before relying on the figure. Air conditioning drives bills, and a one-bedroom is quoted at CI$280 to CI$350 a month.

Fees at private schools run from CI$12,975 to CI$18,740 at St Ignatius up to CI$29,710 at Cayman International School, with Cayman Prep at CI$15,885 to CI$20,160. One guide puts a family with both children in government school near CI$6,000 a month, against CI$18,000 or more in a Seven Mile Beach three-bedroom with both at international school. Groceries cost more than in the US because almost everything is imported.

Totals

One guide puts a single professional with a one-bedroom and a car at about CI$3,600 a month, rising to CI$5,650 on Seven Mile Beach with a comprehensive health plan. A data site puts a single person near US$3,950. Those sit closer together than for most islands in this series.

What this means for a buyer

The purchase is easy to cost, and living costs should be built from the specific home, school and health plan. Check electricity rates for the current month, since a temporary cap changes the answer.