Cayman Islands Profile:

The Cayman Islands is an autonomous British Overseas Territory in the western Caribbean Sea.
The country is often considered a major world offshore financial haven for international businesses and many wealthy individuals.
On 11 September 2004 the island of Grand Cayman, which lies largely unprotected at sea level, was hit by Hurricane Ivan, which damaged the infrastructure greatly.
More than 93,000 companies were registered in the Cayman Islands as of 2008, including almost 300 banks, 800 insurers and 10,000 mutual funds.
On 15 July 2012 one of the Cayman Islands’ former Premiers McKeeva Bush announced the intended introduction of a “community enhancement fee” in the form of a payroll tax to be paid solely by expatriate workers.

Cayman Islands Economy:

Caymanians have the highest standard of living in the Caribbean, with an average income of around $56,400.
Cayman Islands GDP per capita is the 14th highest in the world. Nearly 90% of the islands’ food and consumer goods must be imported.
The government’s primary source of income is indirect taxation: there is no income tax, capital gains tax, or corporation tax.
Tourism is also a mainstream of economy, accounting for about 70% of GDP and 75% of foreign currency earnings. The tourist industry is aimed at the luxury market and caters mainly to visitors from North America.
The government has established a Needs Assessment Unit to relieve poverty in the islands.

Cayman Islands Facts:

Population: 58,441
Capital: George Town
Largest city: George Town
Area: 264 sq km
Major language: English (official) 90.9%, Spanish 4%, Filipino 3.3%, other 1.7%
Major religion: Protestant 67.8%, Roman Catholic 14.1%, Jehovah’s Witness 1.1%, other 7%
Life expectancy: 78.6 years (Male), 84.1 years (Female)
Monetary unit: 1 Cayman Islands Dollar(CI$, KYD) = 100 Cents
Main exports: Turtle products, manufactured consumer goods
GNI per Capita: $58,808.2

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