An Introduction to Cayman Islands
A British overseas territory located in the Caribbean to the south of Cuba, the Cayman Islands comprise Grand Cayman, Cayman Brac and Little Cayman, and are a major offshore financial centre. The islands' name has the same root as the alligator. England took formal control of the islands in 1'70 and created a permanent settlement there in the 1730s. They were separated from the colony of Jamaica in 1962. See full country profile.Latest Research News from Latin America
GOVERNMENT: British Overseas Territory
AREA: 264 sq km
POPULATION: 54,878 (2010 Census)
MAJOR LANGUAGE: English
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A British overseas territory located in the Caribbean to the south of Cuba, the Cayman Islands comprise Grand Cayman, Cayman Brac and Little Cayman, and are a major offshore financial centre. The islands' name has the same root as the alligator. England took formal control of the islands in 1'70 and created a permanent settlement there in the 1730s. They were separated from the colony of Jamaica in 1962.
The tax-exempt status of the islands is said to be a reward for the islanders' rescue of the crews of ten ships which ran aground in 1794 - they included George III's son Prince William, and the grateful king is said to have promised never to introduce taxes. However, the story is not true according to both history books and the stated opinion of Queen Elizabeth II.
GDP: $2.25bn (2008 est.); per capita $43,800
Religions Protestant 67.7%, Roman Catholic 12.6% (2007)
Currency: Cayman Island Dollar; 1 KYD = 1.25 USD
Telephone Code: +1 345
There is no direct taxation on residents of the Cayman Islands; there are also no taxes on profits, capital gains, or death duties. The government raises money by import taxes on goods which vary from 22% to 42% and by taxes on tourism. This makes the country a haven for offshore financial dealings both legal and illegal. Over the years the Cayman Islanders have managed to avoid bringing in more financial regulation by judiciously making small concessions to the financial bodies in the US and EU. This has allowed the Caymans to become by some measures the fifth largest banking centre in the world.
The other major industry of the islands is the luxury end of the tourist market, which is mostly dependent on travellers from the US. There is virtually no other industry on the islands and 90% of all food and consumer goods have to be imported.
The Cayman Island Dollar (KYD) is pegged to the US Dollar at a fixed rate of 1KYD = 1.25 USD.
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