The Islands - Cayman
CAYMAN FAST FACTS
Location:
The island known as Grand Cayman is located in the Caribbean approximately 250 km South of Cuba and 300 km North West of Jamaica.
In terms of proximity to the U.S.A, Grand Cayman is around 750km south of Miami, Florida.
Size:
Total area of 260km squared. (100.4 sq miles)
Population:
45,017 (2005 estimate)
Capital City:
George Town
Currency / Legal Tender:
The Cayman Dollar (KYD) is the local currency. However, US dollars are widely accepted. The Cayman Dollar is pegged to the US Dollar @ CI $0.80 = USD $1.00.
Official Language:
English
History
The Cayman Islands were discovered by Christopher Columbus in 1503. In 1586, the first recorded English visitor "Sir Francis Drake" arrived in the Cayman Islands. However, the first recorded permanent resident of the Cayman Islands was "Isaac Bodden". Isaac was born on the island of Grand Cayman around the year 1700. Both the Cayman Islands and Jamaica were captured and then ceded to England in 1670. They were governed as a single colony until 1962 when the Cayman Islands became a separate British overseas territory and Jamaica became an independent Commonwealth country.
Offshore Financial Centre History
The Cayman Islands is widely recognized as one of the world's leading offshore financial centres. The Cayman Islands is the market leader in the formation of Collective Investment Vehicles which are also known as Mutual Funds and Hedge Funds. The Caymans is an extremely popular domicile for offshore banks and are also a major player in the U.S securitisation market.
Grand Cayman's offshore financial centre history dates back to 1966 when trust and banking laws were first introduced. These laws formed the cornerstone of the banking and financial services industry in the Caymans which exist today. The Caymans islands is now the number one domcile in the world of funds. Services provided in the Cayman islands are banking, trusts, funds, company management, captive insurance, securities business, structured financing, vessel registration and stock exchange listing.
Tax Free Salary
There is no personal income tax payable on salary and wage income in Grand Cayman.
Foreign Property Ownership Restrictions
None.
Drive On
Left hand side of the road.
Immigration (Wok Permit)
Processing time is usually around 6 to 10 weeks. However, there is the possibility of obtaining a temporary work permit in the interim.
Immigration (Length Of Stay)
6 year rule whereby expats must meet "key employee" criteria to stay longer.
