Information On The Offshore Banking System In The Cayman Islands With Links

Country name:  Cayman Islands

Geographic location:   Covering an area of approximately 100 sq. miles, the Cayman Islands consist of 3 islands that are located 150 miles south of Cuba, in the Western Caribbean.  The largest of these is the Grand Cayman with a width of 8 miles and a length of 22 miles.

Official language:  The official language of the Cayman Islands is English spoken with a accents reflecting the Welsh, English and Scottish heritage of its people. Natives may also speak Jamaican patiois.

Languages commonly spoken in offshore banks:  Employees of the financial institutions on the Islands speak English.

Population:  The majority of the more than 48,000 residents can be found living on the Grand Cayman Island.

GDP per capita:  At more than USD 40,000 the GDP is one of the highest in the world.

Currency:  Currency of the Cayman Islands is the Cayman dollar with an exchange rate of US$1 = CI$0.84.

Summary:  Because it relies on fees and duty charges, rather than taxing financial transactions to support the government, the Cayman Islands are practically tax free for the offshore investor.

Infrastructure and economy:  Tourism is 70% of the GDP and along with financial services, dominates the economy, which has a standard of living that is one of the highest in the region.

Legal system:  Being a British Dependent Territory, the Governor is appointed by the Queen every 4 years.  The Governor then appoints 3 members, which along with 5 members from 15 elected of the Legislative Assembly make up the Executive Council.

Common law is followed in the Islands where the legal system is continually evolving.  Laws are created on a case-by-case basis, and are form by precedents set by other courts, and are obligated to follow the reasoning used in prior related cases.

Did you know? / Special services:   The Cayman Islands offer a multitude of financial services which encompasses more than banking. These services include, but are not limited to partnerships, trusts, mutual funds, vessel registration, and structured finance.

Links to bank websites: