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Florentine Weijer
International team
London office
Cayman Islands
The Cayman Islands are a small chain of Islands lying 500 miles south of Miami in the western Caribbean. Grand Cayman is the largest and most significantly populated of the three islands. It is also the centre of business activity and home to all of the major law firms and banks. The island itself is 22 miles long and is probably most famous for its ‘seven mile beach’ which is bordered by palm trees and a crystal clear blue sea.
Law Firms
The Cayman Islands are the most sophisticated and successful offshore financial and business centre, and the world’s fifth largest financial centre. The legal system is based on English common law, together with local statutes which have modernised and modified the common law in a way suitable for an offshore financial centre. Lawyers still tend to work London style hours in Cayman but benefit from the fact that they are working on the offshore end of the deal and are therefore better able to manage their workload.
Principal Areas of Demand
- Corporate
- Banking & Finance
- Funds
- Commercial Litigation
- Insolvency Litigation
- Trusts
Work Permits
All non-Caymanians must obtain a work permit and only lawyers with three years’ post qualification experience in a Commonwealth jurisdiction can apply. A permit takes around ten weeks to obtain. Spouses have the right to reside on the Cayman Islands but most obtain their own work permits. Unmarried partners have no right to reside.
Re-Qualification
A lawyer granted a work permit will be able to obtain admission to the Cayman Bar on simple application to the Grand Court. No exams are necessary.
Remuneration and Benefits
Remuneration in the Cayman Islands tends to be the highest of all the offshore centres. A number of firms operate a salary and commission style remuneration package. Salaries are tax free of course. The following are approximate salaries for corporate or finance lawyers at an international law firm:-
3 PQE – US$150,000
4 PQE – US$175,000
5 PQE – US$200,000
6 PQE – US$225,000+
Please note that when bonuses and commission are factored in these salaries can be considerably higher!
Lifestyle
The lifestyle enjoyed in the Cayman Islands is unrivalled, combining quality of work with a fantastic way of life. Accommodation is very good and lawyers tend to live in condominium complexes with shared pools, tennis courts, gardens etc. Rents vary according to size and location. A two-bedroom apartment in such a complex can range between US$2,000-3,000 per month to rent. The real estate market in Cayman is simple and straightforward. Apart from a one-time stamp duty, there are no property taxes or restrictions on foreign ownership by individuals and title is granted and guaranteed by the Cayman Islands Government. Many ex-pats buy property on the island after settling in.
Most lawyers have only a 15-20 minute drive to work. It may be surprising to learn that having a car is really essential on Cayman. People just do not walk from one place to another and there is little public transport.
The cost of living is high, although no more expensive than London. For those with children, the schools up until the age of 14 are excellent. Older children usually attend boarding school in Canada or England.
For further information on the legal market and job opportunities in the cayman Islands please contact your nearest Taylor Root office:
London:
Mark Walters E: markwalters@taylorroot.com T: +44 (0)20 7415 2828
Dubai:
Shane Morton E: shanemorton@taylorroot.com T: +9714 448 7770
Hong Kong:
Mark Coates E: markcoates@taylorroot.com.hk T: +852 2973 6333
Sydney:
Karlie Connellan E: karlieconnellan@taylorroot.com.au T: +61 (0)2 9236 9000
Melbourne:
Tim Fogarty E: timfogarty@taylorroot.com.au T: +61 (0)3 8610 8400