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Cayman Islands

Overseas territory of the ‌United Kingdom
Flag of the Cayman Islands Coat of Arms of the Cayman Islands
Motto
He hath founded it upon the seas
Anthem
God Save the Queen
Map of the Cayman Islands
CapitalGeorge Town
Status Overseas territory
Monarch
- From 1952Queen Elizabeth II
Governor
- From 2010Duncan Taylor
Premier
- From 2009McKeeva Bush
Legislature Legislative Assembly
History
May 31, 1962Crown Colony
November 6, 2009Current Constitution
Area264 km²
Population
- 201054,878
 Density207.8/km²
GDP2010 (PPP)
- TotalUS$ 2.4 billion
- Per capitaUS$ 43,800
CurrencyCayman Islands dollar
Flag of the West Indies West Indies
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The Cayman Islands is an overseas territory of the United Kingdom in the Caribbean.


Background

The Cayman Islands were colonized from Jamaica 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.[1]

Economy

With no direct taxation, the islands are a thriving offshore financial center. More than 93,000 companies were registered in the Cayman Islands as of 2008, including almost 300 banks, 800 insurers, and 10,000 mutual funds. A stock exchange was opened in 1997. Tourism is also a mainstay, accounting for about 70% of GDP and 75% of foreign currency earnings. The tourist industry is aimed at the luxury market and caters mainly to visitors from North America. Total tourist arrivals exceeded 1.9 million in 2008, with about half from the US. About 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy one of the highest outputs per capita and one of the highest standards of living in the world.[2]

Monarch

  • Queen Elizabeth II () (February 6, 1952 - )

Governor

  • Duncan Taylor () (January 15, 2010 - )

Premier

  • McKeeva Bush () (November 6, 2009 - )

Nation

British Overseas Territories

References

  1. The CIA World Factbook: Introduction - Background
  2. The CIA World Factbook: Economy - Overview

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