A snapshot
The Cayman Islands are all the way over to the West of the Caribbean, due South of Miami and Havana and West of Jamaica. Whereas the BVI has over 50 islands that make it up, the Cayman Islands have only 3 – Grand Cayman, Little Cayman and Cayman Brac. Grand Cayman, as the name would imply, is the largest of the three islands and is the centre of all business and commerce whilst Little Cayman and Cayman Brac are about 70 -100 miles to the East. As such, there is not as much interaction between the islands as there is in BVI.
Whilst the BVI has a very Caribbean feel, Cayman feels like you could still be in the surrounds of Miami. Everything is just that little bit more polished and there are some incredible 5-star hotels and resorts.
Salaries and Tax
Whilst salaries do vary between (and within) firms, Cayman tends to have a higher starting point than the BVI, with a 3PQE lawyer typically earning upwards of US$145,000. Salaried partner levels start at anywhere between US$270k-350k. There is no income tax at all in Cayman and only minimal mandatory pension contributions amounting to about US$5000 a year
Admission criteria
You must be qualified as a barrister or solicitor in England & Wales, Northern Ireland, Australia, New Zealand or Canada in order to be admitted to practice in the Cayman Islands (and therefore employed by a law firm in Cayman). There is also a minimum 3PQE level of experience and there have been proposals to increase this to 5, but nothing substantive has been done about this. Admission is simple but conditional upon being granted a work permit (which your employer will take care of). Lead times for relocation tend to be 2-4 months, although there has been talk of speeding up work permit processes.
Market Overview
The Cayman Islands have traditionally had a strong funds practice, with other key areas being finance (fund finance, asset finance, structured finance, and capital markets as well as general lending and leveraged finance), corporate, litigation and private client. The Cayman Islands even has its own stock exchange to keep the business of listing funds and specialist debt securities on-island.
Flexible partnership law means that there are a lot of funds structured by way of Caymanian partnerships, and there are a good number of companies incorporated in Cayman despite not having company legislation as flexible as it might be. The court in Cayman also has a dedicated Financial Services division, adding to the attractiveness of the jurisdiction.
Getting there
Cayman is well-connected by direct flights to the US and other Caribbean islands, with very manageable flights via Miami and elsewhere to London.
Leisure time and practical information
Cayman has more bars, restaurants and entertainment than the BVI and just as much, if not more, in the way of outdoor activities, so you will have plenty of things to do.
As with BVI, being able to drive is strongly advised. Whilst it’s definitely easier to get around Cayman than BVI, being able to get around without relying on others is key.
Local highlights include Stingray City – an area of reef where the stingrays get fed by tourists so much that they are tame and friendly, allowing you to swim with them, the Cayman Turtle Centre where you can see and interact with sea turtles as well as all of the swimming, diving and boating you could ever want.
Travel to Miami, Cuba and Jamaica is quick and easy, and major US hubs are relatively short flights away.
Cost of living is higher than London but overall similar to the BVI. The absence of income tax and high salaries generally mean your standard of living is significantly higher than anywhere onshore.
Contact us for more information on the Cayman Islands, or for a discreet conversation.