Expert: Robert Clark - 4/12/2007

Question
QUESTION: Hi Robert
I have read your FAQ which are very helpful. We are considering a job offer in Georgetown and moving from the UK. We have 2 young children (7 and 5) as well as 2 dogs. My salary with CI$78,000. I hvae two questions. Would this salary be considered good, average or poor for a family of our size? Secondly, we have around CI$600,000 equity with which we could buy a house rather than renting. Would this seem a good idea? Thanks for the help! Kind regards David
ANSWER: David
If you look back to my news page from August 2006 you will see that the proposed salary would certainly put you towards the high end of earners.
It sounds a good salary, but then you will have expenses with paying for schooling, medical insurance etc.

On the rent/buy issue - there has been an interesting thread on this recently at http://www.jobinthesun.com/forum/forum.asp?FORUM_ID=26. I guess that it really depends on how long you think you will be in Cayman, especially given the Roll Over policy.  Having said that, there is money to be made on property, but I would recommend buying a plot of land and then build either some town houses or a larger property - would probably depend on the location. I can recommend an architect and construction firm if you are interested.

Regards
Robert
http://www.gotocayman.com


---------- FOLLOW-UP ----------

QUESTION: Thanks for this Robert. One stupid question - what's the Roll Over policy? Kind regards David

Answer
Generally work permits will only be renewed for a maximum of seven years - after that your get rolled over (chucked out!). There are a few exceptions to this; if your employer designates you an essential employee (and the work permit boards agree), then you may be able to stay longer.  If you set up a business on the island employing Caymanians, then you may also be allowed to stay longer.  
This all gets very messy and there have been lots of protest about this - see some of the back news items on www.caymannetnews.com and www.caycompass.com - but the government hasn't relented on this policy.  What it's effect will be on the financial and legal industries has still to be determined.

Robert

PS I've checked up with some of my contacts on Cayman.  "The kids will need to go to private schools min of $500 each  per month that's $12,000, apartment about $1800 per month and then living expenses and utilities $1500?  I think he is cutting it close if he does rent however, he may want to invest in a townhouse and could always rent it afterwards $250,000."