Cayman Islands
History of Cayman
The Cayman Islands is made up of three islands (Grand Cayman, Cayman Brac, Little Cayman) in the Caribbean Sea, 240 km south of Cuba and 268 km northwest of Jamaica. The Cayman Islands were colonised from Jamaica by the British during the 18th and 19th centuries and were administered by Jamaica after 1863. In 1959, the islands became a territory within the Federation of the West Indies.When the Federation dissolved in 1962, Cayman Islands chose to remain a British dependency.
British Overseas Territory
Today the Cayman Islands remains a British Overseas Territory located in the Caribbean. The Cayman Islands is a constitutional democracy with Queen Elizabeth 11 as official Head of State with the resident Governor her representative on the Island.Its locally elected assembly has the responsibility for all domestic and internal affairs with the United Kingdom responsible for the Foreign Affairs and Defence. The main industries in cayman islands include Financial Services, Tourism and Real Estate Development.
Business in Cayman
Main industries include Financial Services, Tourism, Real Estate Development. With no direct taxation, the islands are a thriving offshore financial centre. More than 96,000 companies are registered in the Cayman Islands, including almost 200 banks, 800 captive insurance entities, and 10,000 mutual funds. A stock exchange was opened in 1997.
Tourism in Cayman
Tourism is also a mainstay, accounting for about 60% 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 and Europe. Total tourist arrivals exceed 2.5 million per year, with about half from the US
Immigration
To live and work in the Cayman Islands all non Caymanians require a work permit or a permanent residency certificate, if not working, usually retired persons.
Persons visting on holiday from most countries will not need any form of visa for a short term stay.