Key Facts about the Cayman Islands

About Cayman Islands:

• The Cayman Islands is a British Overseas Territory located in the Western Caribbean Sea. 
• The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica.
• History:
  • The Cayman Islands were colonised by the British during the 18th and 19th centuries and were administered by Jamaica after 1863.
  • In 1959, the islands became a territory within the Federation of the West Indies.
  • When the Federation dissolved in 1962, the Cayman Islands chose to remain a British dependency. 
• Language: English is the predominant language, but many speak local Creole dialects.
• Geography: The geography of the Cayman Islands is low-lying with coral reefs. 
• Capital: Its capital is George Town, which is located on Grand Cayman Island.
• Currency: The Cayman Island dollar is the official currency, but American money is widely accepted.
• Government: The government system is a parliamentary democracy; the chief of state is the queen of the United Kingdom, and the head of government is the premier.
• Economy:
  • The Cayman Islands have a mixed economic system, and the islands are a thriving offshore financial centre.
  • They are considered a tax haven because the Cayman Islands do not impose a corporate tax, making it an ideal place for multinational corporations to base subsidiary entities to shield some or all of their incomes from taxation. 
  • The Cayman Islands do not impose taxes on residents. They have no income tax, no property taxes, no capital gains taxes, no payroll taxes, and no withholding tax.
  • Without tax income, the Caymans earn revenue via fees related to tourism and work permits, financial transactions, and import duties.