Introduction to the Cayman Islands
Situated in the calm, clear blue, sparkling waters of the western Caribbean, lies the beautiful British Overseas Territory known as the Cayman Islands. Consisting of three islands just 480 miles south of Miami, Grand Cayman, Cayman Brac and Little Cayman are what can only be described as paradise. Lying closer to the equator than some people realise, the Cayman Islands’ climate is tropical and warm, showing little seasonal variation.
Over the last 30 years, the Cayman Islands have matured into one of the world's largest international financial centres. This has been achieved through providing the services, infrastructure and operational flexibility which the international investor demands.
At 22 miles long and 4 miles wide Grand Cayman is the largest of the Cayman Islands and home to the main law firms and financial institutions.
The Legal Market
The work on offer in the Cayman Islands is of excellent quality and, due to the nature of the work, lawyers will often handle a wide range of transactions and work on a higher number of matters at any one time compared to their onshore counterparts. This keeps an ongoing supply of interesting and varied work, which in turn leads to broad experience.
The offices of offshore law firms are smaller than those of City firms, and so levels of responsibility and interaction are commonly higher than elsewhere. Lawyers who make the move to the Cayman Islands do so as a positive career development move; the smaller teams often foster a more relaxed working environment as well as excellent opportunities for those looking for autonomy and a chance to hone their client and practice development skills.
Lawyers specialising in the areas of banking and finance, corporate finance, funds and trusts will generally find their skills in demand. There is an increasing need for commercial litigators and insolvency lawyers.
Re-qualification is a simple process of applying to the Cayman Bar when you are granted a work permit.
Money Matters
Salary packages in the Cayman Islands tend to be higher than in other offshore jurisdictions and are tax free. It will depend on which firm you join as to the remuneration package you will receive. Most firms pay an attractive salary package with considerable bonus potential. Lawyers generally also receive various other benefits including pension and health insurance. Although the cost of living is considered higher than that of other offshore centres, the standard of living in the Cayman Islands is widely regarded as one of the best in the Caribbean region.
The local currency is Cayman Island Dollar (KYD)
Red Tape
Non-Caymanians wishing to work in the Islands must first have the offer of a job from a local employer, who is responsible for applying for a work permit on the prospective employee's behalf. To obtain a work permit, lawyers must have at least 3 years’ pqe from a common-law jurisdiction.
Work permit applications are considered by the Immigration Board, which is appointed by Government to control the entry, residence and employment of non-Caymanians in the Cayman Islands. Work permits are generally issued for a specific occupation with a specific employer, for a predetermined amount of time.
Dependants are a consideration for the Immigration Board when the work permit application is reviewed.
After Work
The fact that ex-pats in the Cayman Islands work hard but also enjoy a fantastic lifestyle needs no introduction and it will come as no surprise that many after work activities revolve around the outdoors and the beach! The fact that the commuting time to work is minimal and office hours are often shorter than those in London, contributes to the fact that a fantastic work/life balance can be enjoyed.
Sweeping white sands and clear blue waters, year-round fabulous weather and some of the best diving in the world are just some of the attractions of the Cayman Islands. There is a close-knit ex-pat community and many people, adults and children alike, are members of sports clubs and societies (ranging from golf, sailing and swimming to horse riding, karate and yoga).
And of course, the Cayman Islands offer an abundance of fabulous restaurants and an enjoyable variety of nightlife and entertainment, with most bars and clubs open until the early hours of the morning.
You name it, the Cayman Islands have it!
Useful Websites:
www.gov.ky
www.caymannewresident.com
www.destination.ky
www.caymanislands.ky
For more information please contact your advising consultant at Garfield Robbins International on +44 (0)7912 392 835 or email us at info@garfieldrobbins.com
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