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Government/Economy
The Cayman Islands are a dependent territory, or a British Crown Colony, of the United Kingdom. The islands are led by the Governor, an appointee of the Queen. The Governor leads the Executive Council, which includes three official and four elected members. The unicameral legislature consists of 15 members. The government offices are found on Elgin Street in George Town, the capital of the Cayman Islands. Grand Cayman is divided into districts: Bodden Town, East End, George Town, North Side, Savannah, and West Bay.
Throughout the Cayman Islands, you'll see the official flag flying: a red banner with a small union jack in the upper left corner. The outside half of the flag includes a Caymanian coat of arms with a pineapple and turtle above a shield with three stars to symbolize the three islands. Across the bottom reads the motto of the Cayman Islands: He Hath Founded it Upon the Seas.
The economy of the Cayman Islands is one of the strongest in the Caribbean and residents enjoy one of the highest standards of living in the world. The average household income is CI $56,000 (US $68,292), with a low unemployment rate. Much of that affluence results from the successful tourism industry, with about 70% of the national product coming from that sector. Last year over $250 million was added to local coffers because of tourism. The popularity of the islands continues to rise, and the most recent figures show 1,144,313 visitors. Just over 373,000 arrive by air and 771,000 by cruise ship. Those figures are up by 100,000 from the previous year. Most visitors come from the United States. During the winter season, many vacationers arrive from the East and Midwest; in hot summer months a great number from Texas and the South make their way to these islands for their cooler temperatures.
Offshore financial services play an integral role. Grand Cayman has nearly 600 licensed banks (including 47 branches representing the 50 largest banks worldwide). Banking secrecy laws passed in 1966 laid the groundwork for this profitable industry that today puts the small island in the same league as financial giants such as Zurich and Tokyo. Just what is a Cayman banking account? Some are, as might be expected, multi-million dollar accounts, while others are on a much smaller scale. Both take advantage of the tax-free status and confidentiality laws, which protect all reputable transactions as a means for earning tax-free interest. You can open an account once the Caymanian bank receives a reference from your home banker, then you can deposit funds (in US dollars, if you like). There is no exchange control and money can be moved in and out of the country freely and privately. Banks normally don't accept huge amounts of cash.
Offshore insurance companies are also a growing business. Nearly 400 offshore insurance or captive insurance companies make their base here. (Captive insurance is a term used for insurance companies set up by a company or a trade association to serve its members or employees.) Thanks to Cayman Islands' generous tax-free status, many other companies choose to incorporate in the islands; currently almost 30,000 companies are registered there.
NATIONAL SYMBOLS
Unofficial national symbol: Sir Turtle, a peg-legged swashbuckling turtle
National bird: Cayman parrot
National tree: Silver thatch palm
National flower: Wild banana orchid
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