A Lawyers Guide on Relocation to the Cayman Islands
March 20, 2019
March 20, 2019
About The Cayman Islands
The Cayman Islands are located in the Caribbean, south of Florida and Cuba. There are 3 islands – Grand Cayman, Cayman Brac and Little Cayman. Grand Cayman is upmarket and consists of many 5-star hotels and high-quality restaurants. Cayman’s temperature is quite typical for that of a ‘Caribbean’ island. Balmy warm days that slightly cool off at night. The nicest weather in Cayman is during the winter, from mid-November to April. During this time there is little rain, brilliant sunshine and a constant cool sea breeze. These months also coincide with peak tourist season.
Leading Law Firms in Cayman
Most of Cayman’s top firms specialise in corporate and international finance law, focusing on investment funds, capital markets and structured finance. Cayman law firms are also internationally renowned for advising top asset managers and institutional investors from around the world, as well being involved in high level international insolvency and restructuring deals. The legal industry on the island continues to experience growth.
Additionally, criminal and corporate litigation services are usually offered by all the major firms on the island. The Cayman Islands Law is based on English common law with local statutes. English statutes have been extended to the Cayman Islands and the Islands have a stable legal and judicial system that is being constantly developed to meet the demands of a growing country.
Career Opportunities : Funds, Banking & Finance, Corporate, Commercial Litigation, Capital Markets and Insolvency & Trusts.
Leading Offshore Law Firms
Experience gained in a Top Cayman law firm is highly regarded in Ireland and the UK. The nature of the market means you will gain extensive exposure to Funds and Financial Services law.
Qualifications:
Candidates must be admitted and have practiced in a Commonwealth jurisdiction.
To secure a position in the Cayman Islands you must have 3 years relevant PQE. Some Law firms may start interviewing at 2 ½ year PQE level.
Visa & Work Permit:
You will need a valid work permit. The law firm will guide you through this process and visas are rewarded relevant to a specific position with the firm.
A legal spouse can be registered as a dependent on your work permit. Unmarried partners must have employment and a work permit.
Salary:
Salaries are known to exceed Magic Circle and Top Tier Law Firms.
The remuneration packages vary from firm to firm. The typical salary will include generous base salary plus discretionary bonus . A Solicitor with 3 years PQE can typically earn €100,000 and upwards with the major benefit of 0% income tax.
Standard benefits include a relocation package, health insurance and pension.
Work / Life Balance:
Although the hours can be similar to Ireland and the UK, a good work life balance is more achievable due to minimal commuting times and the Caribbean lifestyle.
Annual Holidays -There is a disparity in Cayman between companies which offer only the US system of 10 working days per year and others which offer 3–4 weeks. Be sure to ask!
Accommodation:
There is a wide selection of accommodation across the Island, from beachfront villas and condos to cottages and apartments.
Healthcare
Cayman can provide quality care for most medical situations. However, healthcare and medications are costly, so it is essential you have health insurance coverage if you are a resident. Health insurance for residents is mandatory.
Children & Schools:
Unless you are guaranteed to earn a minimum of CI$3,500 per month, you will not be allowed to have your children join you in Cayman.
Schools
It is the Cayman Islands government’s stance that expatriates employed in the private sector, who qualify to have their dependants with them (i.e. earn over CI$3,500 per month and have two dependants on their permit), should educate their children in private schools.
If you are an expatriate on a work permit, the process is as follows: 1) apply to your chosen school; 2) get confirmation from the school by letter that your child has been accepted “pending Immigration approval”; 3) take this letter to Immigration along with your work permit application; 4) take a copy of the letter verifying that your child has been added as a dependant to your work permit to the school prior to attendance.
Keane McDonald is an executive search and selection firm focusing on legal appointments.
At Keane McDonald we have a dedicated offshore recruitment division lead by Mia Barry. Mia will guide you through the process of relocating in a professional, discreet and competent manner. To discuss any of our advertised vacancies or to have a general chat about offshore opportunities please contact Mia on+353 1 6087713. Alternatively you can reach Mia by email, mbarry@keanemcdonald.com. Absolute discretion and confidentiality is assured.
https://keanemcdonald.com/private_practice/associate-financial-services-cayman/
https://keanemcdonald.com/private_practice/corporate-lawyer-cayman-islands/
https://keanemcdonald.com/private_practice/senior-corporate-lawyer-cayman/