The Cayman Islands are a British Crown colony with an envious standard of living, combining one of the world's largest banking centers with first-class scuba diving and watersports. Come and snorkel with the stingrays or relax on the famous Seven Mile Beach! The Cayman Islands are one of the cleanest and most relaxing travel destinations in the Caribbean. An abundance of amenities, teamed up with a low crime rate plus modern infrastructure and communications have created an enviable lifestyle in this laid back tropical paradise.
Location & Geography
The Cayman Islands are located in the western Caribbean Sea . They are the peaks of a massive underwater ridge, on the edge of the Cayman Trench, 8000 feet deep. The islands lie in the centre of the Caribbean south of Cuba and North West of Jamaica . But even Grand Cayman, the largest of the three islands, is not visible on many maps. The three islands are situated about 480 miles (770 km) south of Miami, 150 miles (240 km) south of Cuba, and 180 miles (290 km) northwest of Jamaica. Grand Cayman is by far the biggest, with an area of 76 square miles (197 km²). The two " Sister Islands " of Cayman Brac and Little Cayman are located about 90 miles (145 km) northeast of Grand Cayman and have areas of 14 square miles (36 km²) and 10 square miles (25.9 km²) respectively.
All three islands were formed by large coral heads covering submerged ice age peaks of the western extension of the Cuban Sierra Maestra range. Grand Cayman and Little Cayman are mostly flat. Cayman Brac has The Bluff, which rises to 140 feet (42.6 m) above sea level, the highest point of all three islands.
Electricity & Drinking Water
Electricity is the same in the Caymans as it is in the United States & Canada (110 volts, 60 cycles); it's reliable throughout the islands. Desalinated water is produced by the reverse osmosis process and centrally distributed to West Bay, Seven Mile Beach, Savannah, Bodden Town and some parts of North Side. Many residents still maintain cisterns for catching and storing rain water. Although "city water" is safe to drink, familiar brands of bottled water are also sold island wide at gas station, convenience stores and the major supermarkets.
Currency & Money
The Cayman 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 = 1.227 USD. Thus, the C.I. Dollar's rate of exchange with all other countries is directly tied to the U.S. dollar's rate of exchange with those same countries. It is generally accepted that US $1.00 cash equals CI $0.80 (eighty cents CI). Travelers' checks and major credit cards are widely accepted at most stores. ATMs accepting MasterCard and Visa with Cirrus affiliation are readily available, particularly on Grand Cayman; you usually have the option of U.S. or Cayman dollars. The Cayman dollar (CI$) is made up of notes of $1, $5, $10, $25, $50, and $100. There's no $20 bill. There's no need for visitors to exchange their US dollars into local currency. Many merchants quote their prices in both CI$ and US$ and you can pay in either currency. If you pay in US$, you will receive your change in CI$.
Work Permits
In order to work in the Cayman Islands as a non-citizen, a work permit is required. This involves passing a police background check and a health check.
The Cayman Islands presently imposes a controversial "rollover" policy in relation to expatriate workers who require a work permit. Non-Caymanians are only permitted to reside and work within the country for a maximum of seven years (non-renewable) unless they satisfy the criteria of key employees. The policy has been the subject of some controversy within the press, and concerns have been expressed that in the long term, the policy may damage the pre-eminence of the Cayman Islands as an offshore financial centre by making it difficult to recruit and retain experienced staff. Government employees are exempt, although this has also been controversial.
Visas & Passports
As of January 23rd, 2007 all U.S. citizens were required to possess a valid passport to enter the Cayman Islands. Visas are not required for U.S., U.K., or Canadian citizens. More details: travel documents & Cayman Islands Immigration entry requirements...
History
The Cayman Islands – often (but never by locals) referred to as "the Caymans", "Caymen Islands", or just "Cayman" – were first sighted by Christopher Columbus on May 10, 1503 during his fourth and final voyage to the New World. He spotted Cayman Brac and Little Cayman and named them Las Tortugas after the numerous sea turtles in the waters. The first recorded visitor to the islands was Sir Francis Drake, who landed in 1586 and named the islands the Cayman Islands after the Neo-Taino nation's term (caiman) for crocodile (Zayas, 1914).
The first recorded permanent inhabitant of the Cayman Islands, Isaac Bodden, was born on Grand Cayman around 1700. He was the grandson of the original settler named Bodden who was probably one of Oliver Cromwell's soldiers at the taking of Jamaica in 1655.
The islands, along with nearby Jamaica, were captured by the Spanish, and then ceded to England in 1670 under the Treaty of Madrid. They were governed as a single colony until 1962 when the Cayman Islands became a British Overseas Territory and Jamaica became an independent commonwealth realm.
Grand Cayman was hit by Hurricane Ivan on September 11 - 12, 2004, which destroyed many buildings and damaged 90% of the island's homes. Power, water and communications were all disrupted as Ivan was the worst hurricane to hit the islands in 86 years. However, Grand Cayman promptly engaged in a major rebuilding process, and within two years its infrastructure had nearly returned to pre-Ivan levels. The Cayman Islands currently enjoy the highest standard of living in the Caribbean aided by thriving tourism and banking industries ... more Cayman Islands history...
Culture: Demographics & Statistics
The latest population estimate of the Cayman Islands is about 51,992, from spring 2006, representing a mix of more than 100 nationalities. Out of that number, about half are of Caymanian descent. Caymanians are about 60% mixed race (mostly African-European). Of the remaining 40%, about half are of European descent and half are of African descent. The islands are almost exclusively Christian. The vast majority of the population resides on Grand Cayman. Cayman Brac is the second most populated island with about 2,000 residents, followed by Little Cayman with around 200 permanent residents. The capital and major city of the Cayman Islands is George Town, which is located on the southwest coast of Grand Cayman.
Economy
The economy of the Cayman Islands was once centered on the turtling trade. However, this industry began to disappear in the twentieth century and tourism and financial services became the economic mainstays during the 1970s. The United States is the Cayman Islands ' largest trading partner. With an average income of around $42,000, Caymanians enjoy the highest standard of living in the Caribbean . According to the CIA World Fact book , the Cayman Islands GDP per capita is the 8th highest in the world.
Tourism
Tourism accounts for 70-75% of the annual GDP of the Cayman Islands. Of the millions of tourists that visit the islands annually, 99% visit Grand Cayman. George Town also serves as a major cruise ship port, welcoming 4,000 to 22,000 tourists a day, five days a week, depending on the number of ships in port.
One of Grand Cayman's main attractions is the world-famous Seven Mile Beach on which a number of the island's hotels, resorts and condominiums are located. Seven Mile Beach is regarded by many as one of the best beaches in the world. Historical sites in Grand Cayman such as Pedro St. James National Historical Site, a restored Caribbean ‘Great House'; Bodden Town's Mission House; and the Mastic Trail between the north and south coasts; give visitors an idea of what island life was like 100-150 years ago. The 'Sister Islands' of Little Cayman and Cayman Brac supply their own unique charm -- a more relaxed pace, no crowds, and a little bit of the “islands time forgot” feeling.
The Cayman Islands is regarded as one of the world's best SCUBA diving destinations because of its crystal-clear waters and accessible wall dives. Little Cayman is frequently chosen as a favorite dive destination. Divers can find two shipwrecks off the shores of Cayman Brac, including the MV Keith Tibbetts. The popular Stingray City, in Grand Cayman, gives snorklers a thrill by allowing them to swim with and feed relatively docile Southern Stingrays.
Other Grand Cayman tourism attractions include the ironshore landscape of Hell; the 24-acre marine theme park Boatswain's Beach, also home of the Cayman Turtle Farm; and the annual Pirates Week Festival. On Cayman Brac, nature trails, rock climbing, and exploring the Bluff's caves draw many enthusiasts. Little Cayman's aboundant wildlife attracts fishermen and nature lovers, especially bird watchers in search of the island's Red-footed Booby population and the endangered West Indian Whistling Duck.
Financial Services & Banking
The Cayman Islands is widely recognized to be one of the world's leading offshore financial services centres.
The Cayman Islands financial services industry encompasses banking, mutual funds, captive insurance, vessel and aircraft registration, companies and partnerships incorporation, trusts, structured finance and the Cayman Islands Stock Exchange. As of December 2005, just over 70,000 companies were incorporated on the Cayman Islands including 430 banks and trust companies, 720 captive insurance firms and more than 7,000 funds.
A recent report released by the International Monetary Fund (IMF) assessing supervision and regulation in the Cayman Islands' banking, insurance and securities industries, as well as its anti-money laundering regime, recognized the jurisdiction's comprehensive regulatory and compliance frameworks. "An extensive program of legislative, rules and guideline development has introduced an increasingly effective system of regulation, both formalizing earlier practices and introducing enhanced procedures," noted IMF assessors. The report further stated that "the supervisory system benefits from a well-developed banking infrastructure with an internationally experienced and qualified workforce as well as experienced lawyers, accountants and auditors," adding that, "the overall compliance culture within Cayman is very strong, including the compliance culture related to AML ( anti-money laundering ) obligations...". The Cayman Islands had previously (briefly) appeared on the FATF Blacklist in 2000, although its listing was thought to be harsh, and was criticized at the time.
Government
The Cayman Islands is currently a British overseas territory, listed by the UN Special Committee of twenty-four as one of the last non-self governing territories. A fifteen-seat Legislative Assembly is elected by the people every four years to handle domestic affairs. Of the elected Members of the Legislative Assembly (MLAs), five are chosen to serve as government ministers in a cabinet headed by the governor. The head of the elected government is the Leader of Government Business, which is currently The Honourable Kurt Tibbetts.
A Governor is appointed by the British government to represent the monarch. The governor can exercise complete executive authority if he/she wishes through blanket powers reserved to him/her in the constitution. He/she must give royal assent to all legislation, which allows him/her the power to strike down any law the legislature may see fit for the country. In modern times, the governor usually allows the country to be run by the cabinet, which is made up of the five elected ministers and three high ranking civil servants: the Chief Secretary, the Attorney General, and the Financial Secretary. The civil service is managed by the Chief Secretary, who is the Acting Governor when the Governor is not able to discharge his usual duties for one reason or another. The current governor of the Cayman Islands is His Excellency the Governor Stuart Jack, CVO, and the current Chief Secretary is The Honourable George McCarthy, OBE, JP.
The 1999 White Paper Partnership for Progress and Prosperity: Britain and the Overseas Territories sets out the Foreign and Commonwealth Office's policy on the Overseas Territories. This includes support and encouragement of constitutional modernization. Following the collapse of the Euro Bank Corporation in 2003, constitutional modernization has become an important issue in the Islands' politics. The prosecution in the trial was forced to reveal that MI6, on behalf of the British government and with the consent of the Governor, had planted moles (and used wire taps) throughout the Islands' banking industry. This caused the trial's collapse and subsequent release of those charged with wrongdoing. The only mole known at the time was allowed to leave the country, never to answer for what he (or the United Kingdom ) had done. This infuriated the elected members of the Legislative Assembly as they maintained that the Governor and the United Kingdom had put into question Cayman's reputation as a well-regulated offshore jurisdiction. Some saw this as the United Kingdom meddling in the territory's affairs to benefit itself (and the EU), at the expense of the islands' economy.
Constitutional talks however went on hold following Hurricane Ivan in 2004. Subsequently, in May 2005 elections, the ruling UDP Party was ousted by the PPM. A Constitutional Review Secretariat was opened on 1 March 2007. A timeline has been established, with public consultation on proposed constitutional changes leading up to the islands' first referendum before negotiations begin with the UK .
Taxes
Caymanians and Cayman Islands companies are not subject to any form of direct taxation. However, the Cayman Islands Government's primary source of income is indirect taxation. An import duty of 20% is levied against goods imported into the islands. Few goods are exempt; notable examples include books, cameras and baby formula. Duty on automobiles is charged on a sliding scale with the duty reaching 40% for expensive models. The government charges a flat licensing fee to financial institutions that operate in the islands. Each tourist that arrives on the islands is also charged a small fee, including 10% government tax added to all accommodations.
Education
Caymanian children are entitled to free primary and secondary education. The education system is a Caribbean-American-UK hybrid, reflecting the founders' and teachers' backgrounds. Various churches and private foundations operate private schools offering curricula derived from the American and UK education systems from kindergarten to grade twelve. Grand Cayman is also home to St. Matthew's University, which includes a medical school and a school of veterinary medicine.
The Cayman Islands Law School (CILS), affiliated with the University of Liverpool in the UK, is also based on Grand Cayman. Situated in George Town, the law school has been in operation since 1982. As taken from the student handbook: "The Law School provides tuition for both full and part-time programmes leading to the Bachelor of Law (Honours) Degree of the University of Liverpool and the qualification of Attorney-at-Law of the Cayman Islands, following successful completion of the postgraduate Professional Practicum Course (PPC).”
Grand Cayman is home to the International College of the Cayman Islands (www.icci.edu.ky) which is located in Newlands about seven miles east of George Town. The college was established in 1970 and offers Associate's, Bachelor's and Post Graduate degree programs. The Cayman Islands Government operates the University College of the Cayman Islands (www.ccci.edu.ky). Begun in 1975 as a community college, the institution has grown over the years and now offers Associate and Bachelor's degrees.
Healthcare
The Cayman Islands have a modern healthcare system. There are two hospitals in George Town, the government run Cayman Islands Hospital and the smaller, private Chrissie Tomlinson Memorial Hospital. Additionally, Faith Hospital is a small (eighteen-bed) facility on Cayman Brac. The Government maintains a satellite clinic on Little Cayman and health clinics in each of the districts on Grand Cayman .
Health insurance is handled by private insurers and a government-run company (CINICO). There is no universal health coverage as in the UK.
Currently the islands lack facilities for cardiac catheterization, though many feel the population is large enough to support the procedure. Various attempts to establish a cath lab at the Cayman Islands Hospital have stalled out. Cayman also lacked an MRI since one was destroyed during Hurricane Ivan. Recently, CT Scan, MRI and nuclear imaging capabilities were added at the Chrissie Tomlinson Memorial Hospital.
Military & Police
The defense of the Cayman Islands is the responsibility of the United Kingdom. The Islands have their own police force, the Royal Cayman Islands Police Service; Regular off-shore marine patrols are conducted by the RCIP.
Foreign Relations
The foreign relations of the Cayman Islands are largely managed from the United Kingdom, as the islands remain an overseas territory of the UK. However, the Government of the Cayman Islands often resolves important issues with foreign governments alone, without intervention from Britain. In its early days, the Cayman Islands' most important relationships were with Britain and Jamaica. In recent years, the Islands have developed a significant relationship with the United States.
Though the Cayman Islands are involved in no major international disputes, they have faced challenges. Located between North and South America, the Islands have been used for trafficking illegal drugs. In addition, all off-shore financial centres face criticism about money laundering. In an attempt to address these issues, the Government entered into the Narcotics Agreement of 1984 and the Mutual Legal Assistance Treaty of 1986 with the United States . In more recent years, Government has stepped up the fight against money laundering by limiting banking secrecy, introducing requirements for customer identification and record keeping, and requiring banks to cooperate with foreign investigators.
Due to their status as an overseas territory of the UK, the Cayman Islands have no representation either at the United Nations, or in most other international organizations. However, the Cayman Islands still participates in some international organizations, being a full member of the Central Development Bank, International Olympic Committee and FIFA, an associate member of Caricom and UNESCO, and a member of a sub-bureau of Interpol.
Source: http://www.gocayman.ky/content/view/22/65/#Tourism_
