The Cayman Islands has a thriving economy, boasting an exceptionally high GDP per capita. The islands are a popular business and financial centre, based on their 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 large number of banks in comparison to the relatively small population.
Job market in the Cayman Islands
Most of the banks located in the 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 investments 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 industry's seasonal nature.
Teaching is also an option for expats, as many teachers are recruited from England, Canada and the US. The typical recruitment period is between December and February every year.
Finding a job in the Cayman Islands
Most expats job hunting in the Cayman Islands do so through a local recruitment agency. To work on the islands as a non-resident, expats must secure a work permit before making the move, 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) to access their job database.
Other methods of job searching include internet portals and social networking sites such as LinkedIn.
Work culture in the Cayman Islands
In contrast to the laid-back island lifestyle, the work culture in the 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 into consideration.