With beautiful beaches and good weather, it is easy to see why Cayman is regarded as an ideal place to retire, grow old and ultimately pass away.
We have assembled the most comprehensive retirement guide with everything you need to consider when deciding if Cayman is the best place for you to spend your final years.
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Aside from the climate, however, what draws retirees to Cayman is that you can get the ease of island life whilst still having access to world-class healthcare and remaining in close proximity to the US.
The retirement community in Cayman is thriving; over 65s account for over 8.3% of the population and, as a result, activities, clubs and services for seniors are increasing.
Whether you intend to get involved in the community or simply relax on the beach, the lifestyle in Cayman suits any retirement model.
Health insurance is required by law for all residents of the Cayman Islands. For retirees arriving in Cayman over the age of 55 there are very few options available to you. All the insurance companies offer the SHIC plan (Standard Health Insurance Contract). It is a set fee regardless of your age and the annual premium does not go up each year. This is the good news.
The cost for an individual is in the region of CI$150-CI$167 per month, for a couple it is CI$300-CI$372 and for a family it is CI$465-CI$508. If you would like to add dental and vision coverage then that costs approximately CI$30 more per month per individual, however, most insurance companies will not add this for you if you join the plan after age 55. That said, not all health insurance companies in Cayman offer the option of additional dental and vision under the SHIC plan; the majority only offer the medical benefit portion of the plan.
If you are a current Cayman resident and are reaching retirement age, and you already have an individual or company plan, whether a basic or premium plan, then you can stay on that plan indefinitely, regardless of your age, as long as your employer and your insurer are happy for you to continue on their plan after you retire. Group plan rates vary and depend on the number and age of employees; premiums should just continue to go up at the annual rate you are accustomed to.
Another option for a retiree is to keep their existing health insurance from overseas (for example BUPA) and get a basic plan in Cayman to cover the legal requirement. For a list of health insurance providers see the Health & Wellness page.
Grand Cayman has three fully-equipped hospitals, nearly 4.5 doctors and 6.3 nurses for every 1,000 people, more than two dozen private healthcare practices, as well as specialists in cardiac surgery, chemotherapy and orthopaedics. We also have a 3.0 Tesla MRI machine, 3D and 4D ultrasounds, echocardiography, GI endoscopy and even an IV medical spa. If there was one place outside of the USA where you could be guaranteed to receive first rate medical care, you can be assured that Cayman ticks the box.
Cayman’s sophisticated medical healthcare is quickly becoming known as the third pillar of our economy after finance and tourism.. For more information on our healthcare system and what the Cayman Islands have to offer, see the Healthcare page.
Cayman welcomes wealthy retirees with open arms as long as they have enough money to buy a house and support themselves in old age. Without a regular tax base the Cayman Islands Government does not have the resources to support an aging population. Please see the Immigration section for more information on how to become a resident of the Cayman Islands.
If you are the dependent/spouse of a Permanent Resident and they die before you do, the right of the surviving spouse to reside in the Islands may be revoked at the discretion of the Director of Workforce Opportunities & Residency Cayman (WORC). The surviving spouse may, within three months, apply for the Grant of Residency Certificate for Persons of Independent Means upon satisfying the requirements.
Poor Relief Payments
For those too elderly to work, who are over the age of 60 and are in great need, the Needs Assessment Unit (NAU) currently offer a monthly stipend of CI$750. A full assessment needs to be undertaken and then the level of assistance required is investigated. This is only open to Caymanians.
The NAU is located at 55 South Church Street, George Town. Tel: (345) 946 0024.
Senior & Retirement Homes
Cayman does not currently have any particularly sophisticated options for retirement homes. We do, however, have The Pines Retirement Home, which is open to all.
Everyone agrees that another retirement facility is needed and as such the Department of Children and Family Services is exploring the idea of creating a purpose-built facility in the East End.
Now that you have more free time on your hands, it’s a good idea to get out of the house, get involved in the community and meet new people or even explore the islands.
Cayman Physiotherapy offers a Senior Exercise and Well-being class three times a week. It’s a great way to keep active, meet new people and have fun. Led by their Occupational Therapist Lizzie, the sessions focus on a range of low impact exercises and movements, aimed at improving balance, strength and posture, and most importantly, having fun!
Men’s Shed is a non-profit organisation open to men dealing with mental health, retirement, isolation, unemployment, disability and separation. Their aim is to bring them together in a collaborative community setting and help build social connections and improve their quality of life. They meet on Wednesday 6pm-9pm and Saturday 9am-noon at the Cayman Catboat Club, North Church Street.
The National Gallery offers a Senior’s Tea & Tour programme that creates opportunities for social interaction and the sharing of stories promptly by artwork from the National Art Collection. These are available at no cost, on-demand and can be scheduled through the Education Department. Email: email@example.com.
See the Community Life page for a list of other social clubs, service clubs, counselling and support groups and voluntary organisations.
Many retired individuals also create a ‘bucket list’ which is a checklist of things they want to do before entering a retirement home or passing away. See our Activities for Adults information for activities that may suit your interest and hobbies. Also visit the Travel pages for great and easily accessible vacation destinations.
There are a few dedicated companies that can provide you with an in-home carer and any other assistance that you may need.Read More
For many years, residents have been in the very fortunate position to have free hospice and palliative care. Jasmine, formerly known as Cayman Hospice Care, provides professional nursing and comfort care to those living with a life limiting or end of life illness.
When a person dies the next of kin are left with a number of decisions and arrangements to make. Fortunately, undertakers are there to help guide family and loved ones through the process, take care of the paperwork and ease the burden as much as possible.
The Health Care Decisions Act (2019) addresses the problem that healthcare providers and families face when a patient is too ill to communicate their treatment preferences. The introduction of ‘Advance Health Care Directives’ by this law, commonly known as ‘living wills’, provides a legal framework to express your wishes regarding medical treatment while you are mentally competent, which should be followed by your physician.Read More
There is no inheritance tax in the Cayman Islands. Cayman Islands law allows for complete freedom of disposition, meaning that you can dispose of your Cayman
assets on your death as you please, subject only to the law of your domicile. It is extremely difficult to contest an otherwise valid Cayman Islands will, and so it is recommended that you have an understanding of the probate process and an up-to-date will.