Cayman Islands has a thriving economy, boasting an exceptionally high GDP per capita. The islands are a popular business and financial centre, based on the tax-free status on incomes and their well-developed communications infrastructure.
The two biggest economic sectors on the islands are finance and tourism. The Caymans are the fifth-largest banking centre in the world, reflected in the high number of banks in comparison to a relatively small population.
Job market in Cayman Islands
Most of the banks located in Cayman Islands are licenced to operate internationally and with limited domestic activity. International conglomerates include HSBC, Deutsche Bank and Goldman Sachs. An expat qualified in the financial sector is a good candidate for finding a job on the islands, especially in investment or insurance.
Management positions in construction are also usually available to foreigners, as there are not enough qualified Caymanians to fill these posts.
Tourism is another thriving sector, but finding a job as an expat can be difficult due to the seasonal nature of the industry.
Teaching is also an option for expats, as many teachers are recruited from England, Canada and the US. The most popular time for open positions is between December and February every year.
Finding a job in Cayman Islands
Most expats who look for work in Cayman Islands do so through a Cayman Islands recruitment agency. In order to work on the islands as a non-resident, a work permit has to be secured prior to moving to the islands, which can only be done with the guarantee of an employer. Recruitment agencies will be able to advise expats on their prospects, potential salary and suitability.
If an expat has a work permit, they can register with the National Workforce Development Agency (NWDA) for access to their database of jobs.
Other methods of job searching include local classifieds, internet portals and social networking sites such as LinkedIn.
Work culture in Cayman Islands
In contrast to the laid-back island lifestyle, work culture in Cayman Islands is rather conservative. Respect for authority and those in senior positions is vital, and expats should always be courteous and formal in the workplace.
Company structures are hierarchical rather than egalitarian, but employees' input is nonetheless valued and taken onboard.