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Cayman Islands: jurisdiction facts

How to set up a hedge fund, December 2010

Author: Margie Lindsay

Source: Hedge Funds Review | 23 Dec 2010

Categories: Hedge Funds

Topics: Cayman Islands, Jurisdiction, Economics

cayman-flag

Useful facts and figures about the Cayman Islands.

Economy
The Cayman Islands is a thriving offshore financial centre. More than 93,000 companies were registered in the Cayman Islands as of 2008, including almost 300 banks, 800 insurers and around 10,000 mutual funds. A stock exchange was opened in 1997.

Tourism is also a mainstay of the economy, 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 have to be imported. The Caymanians enjoy one of the highest outputs per capita and one of the highest standards of living in the world. There is no direct taxation.

Dependency status: overseas territory of the UK
Location: Caribbean, three-island group (Grand Cayman, Cayman Brac, Little Cayman) in Caribbean Sea, 240 km south of Cuba and 268 km northwest of Jamaica
Area: 264 sq km in total
Transport – airports: 3 in 2010; 2 with paved runways
Ports and terminals: Cayman Brac, George Town
Currency: Cayman dollar
GDP (purchasing power parity): $43,800 (2004 est)
Language: English
Population: 50,209
Population growth: 2.338% (2010 est)
Literacy (age 15 and over can read and write): 98% of the total population
Net migration rate: 16.09 migrant(s)/1,000 population
Nationality: noun: Caymanian(s); adjective: Caymanian
Land use: arable land: 3.85%; permanent crops: 0%; other: 96.15% (2005 est)
Natural hazards: hurricanes (July to November)
Ethnic groups: mixed 40%; white 20%; black 20%; expatriates of various ethnic groups 20%
Religions: Church of God 25.5%; Roman Catholic 12.6%; Presbyterian/United Church 9.2%; Seventh Day Adventist 8.4%; Baptist 8.3%; Pentecostal 6.7%; Anglican 3.9%; other religions 4%; non-denominational 5.7%; other 6.5%; none 6.1%; unspecified 3.2% (2007 est)
Telephone system (general assessment): liberalisation of telecom market in 2003; introduction of competition in the mobile-cellular market in 2004
International country code: 1-284
Broadcast media: 4 television stations; cable and satellite subscription services offer a variety of international programming; government-owned Radio Cayman operates 2 networks broadcasting on 5 stations; 10 privately-owned radio stations operate alongside Radio Cayman (2007 est)
Internet country code: .ky

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