Islands offshore banks
Islands offshore service providers
The Cayman Islands were colonized from Jamaica by the British during the
18th and 19th centuries. Administered by Jamaica from 1863, they remained
a British dependency after 1962 when the former became independent.
With no direct taxation, the islands are a thriving offshore financial
center. More than 68,000 companies were registered in the Cayman Islands
as of 2003, including almost 500 banks, 800 insurers, and 5,000 mutual
A stock exchange was opened in 1997. Tourism is also a mainstay, 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
Total tourist arrivals exceeded 2.1 million in 2003, with about half from
the US. About 90% of the islands' food and consumer goods must be imported.
The Caymanians enjoy one of the highest outputs per capita and one of
the highest standards of living in the world.
The Cayman Islands' tax-free status has attracted numerous banks and other
companies to its shores.
Large corporations based in the Cayman Islands include Seagate Technology,
Semiconductor Manufacturing International Corporation (SMIC), Garmin Ltd.
and Transocean Inc. The Cayman Islands Stock Exchange was opened in 1997.
per capita (2007 estimate): U.S. $48,290
GDP: (2007 est., purchasing power parity): $2.569 billion.
Caymanian dollars (KYD) per US dollar - NA (2007), 0.8496 (2006)