Cayman Islands

Real Estate Ads

Articles

WebLinks

 

The Cayman Islands are a British overseas territory located
in the western Caribbean Sea, comprising the islands of Grand Cayman, Cayman
Brac, and Little Cayman. They are the peaks of a massive underwater ridge,
known as the Cayman Trench, standing 8,000 feet (2,400 m) from the sea floor,
which barely exceeds the surface. The islands lie in the centre of the
Caribbean south of Cuba and West of Jamaica. The islands print their own
currency, the Cayman Islands Dollar (KYD), which is pegged to the U.S. dollar
at a fixed rate of 1 KYD = 1.2 USD. The latest population estimate of the
Cayman Islands is about 50,000, representing a mix of more than 100
nationalities. Out of that number, about half are of Caymanian descent. About
60% of the population is of mixed race (mostly mixed African-European). Of the
remaining 40%, about half are of European descent and half are of African
descent. Caymanians enjoy one of the highest standards of living in the
Caribbean. The vast majority of the population resides on Grand Cayman.

One of Grand Cayman’s (GCM) main attractions is the
world-famous Seven Mile Beach on which a number of the island’s hotels and
resorts are located. Seven Mile Beach is regarded by many as one of the best
beaches in the world. Historical sites in GCM such as Pedro St. James Castle in
BoddenTown also attract visitors. The Sister Islands – Little Cayman and Cayman
Brac – also supply their own unique charm. The Cayman Islands is regarded as
one of the world’s best SCUBA diving destinations because of its crystal-clear
waters and pristine walls.

The Cayman government regulates the amount of immigration
for those wishing to reside on the islands and limits foreign worker visas. The
majority of Caymanians also agree it is necessary to protect local culture, and
heritage from being eroded by a large number of foreigners gaining
residency/citizenship.

The Cayman Islands have more registered businesses than they
have people. The Cayman Islands have a Cayman’s Confidential Relationships
Preservations Law (CRPL), which requires banking confidentiality unless there
is evidence of criminal activity. The Cayman Islands are a major international
financial center. With the biggest sectors being banking, fund formations,
investment, structured finance and securitization, captive insurance, and
general corporate activities, the islands have thrived as the fifth-largest
banking center in the world.