Is Grand Cayman wealthy?

Prosperity but Not Perfection At the risk of stating the obvious, the absence of an income tax has helped make the Cayman Islands very prosperous, 14th-richest in the world according to the latest data from the World Bank on per-capita economic output (top ten in the world if you exclude oil-rich jurisdictions).

With a GDP per capita of $91,392, the Cayman Islands has the highest standard of living in the Caribbean, and one of the highest in the world. Immigrants from over 130 countries and territories reside in the Cayman Islands.

Because of the territory's strong economy and it being a popular banking destination for wealthy individuals and businesses, it is often dubbed the 'financial capital' of the Caribbean.

The main industries are financial services, tourism, and real estate sales and development. Finance and Tourism are commonly referred to as the two pillars of the Cayman Islands economy.

The Caymans have the highest per capita income in the Caribbean. The physical beauty and superb climate of the islands have made them a haven for tourists. The government invested heavily in promoting tourism, which increased eightfold between the mid-1970s and the early 1990s.

Regarding GDP per capita, Bermuda is the wealthiest Caribbean country as well as one of the richest island countries in the world. Bermuda is a popular vacation destination, particularly for individuals from America, Britain, and Canada, and receives around 500,000 visitors each year.

As a place to conduct business, Cayman's appeal is obvious. The country, a British Overseas Territory, levies no income or corporate taxes, and, since the 1960s, it has become one of the world's most sophisticated banking centers.

Kenneth Bryan Dart (born 1955) is a Cayman Islands-based businessman and billionaire. He is also a citizen of Belize and Ireland. His wealth was estimated in 2013 at $6.6 billion.

The Cayman Islands are renowned for their pristine beaches. Lining Grand Cayman, the most famous is award winning, Seven Mile Beach. If you're looking to stay amongst the restaurants, shops and amenities on the island without renting a car then Seven Mile is for you.

The Cayman Islands is a great place to live and work for those who are looking for economic opportunities. With its high-paying jobs, attractive salaries as well as generous tax incentives available from the government - it's no wonder that many UK expats choose this destination!

The 20th Century: The Cayman Islands, initially administered as a dependency of Jamaica, became an independent colony in 1959; they now are a self-governing British Overseas Territory.

The Cayman Islands do not impose taxes on residents and are considered tax neutral.

It is a major world offshore financial center as the territory does not have taxes on income. This helps it to have a high GDP per capita (around $91,000) - but this also drives up the cost of living and the cost of visiting. The Cayman Islands' high cost of living is high even when compared to the UK or the USA.

Nonetheless, the FATF determined that, as the Cayman Islands is a major financial centre with higher risks, it should be held to a higher standard, stating that they expect 'commensurate measures from countries that have higher risks'.

Minimum wage. The national minimum hourly wage in the Cayman Islands is 6 KYD (USD 7.20) for employees who don't receive gratuities and is 4.50 KYD (USD 5.4) for those who do. The minimum wage values also vary depending on other factors like company-provided accommodation, bonuses, and more.

The estimate average salary for Cayman Islands employees is around $94,365 per year, or the hourly rate of Cayman Islands rate is $45. The highest earners in the top 75th percentile are paid over $105,307.

Haiti is the poorest country in the Caribbean.

The economy often experiences crashes and has had an average of 2% negative growth over the last four years. Because of their weak economic state, people are ransacked by extreme poverty without hope of leadership or guidance from the government.

The island's real name is Indian Creek, but its wealthy residents love of privacy has made this island one of the most secretive locations in the world. Tom Brady paid $17 million for a home that's in the process of being demolished in order to build an "eco-mansion," in the Billionare Bunker Page Six first reported.

Haiti remains the poorest country in the Latin America and the Caribbean (LAC) region and among the poorest countries in the world.

The Cayman Islands are very safe and are a great vacation destination. The high level of safety is one of the reasons why so many families vacation to Cayman every year. Over 2-million tourists visit the Cayman Islands every year, and virtually no one has any issues.

A handful of small nations own a surprising amount of U.S. debt. With a population of 70,000, the Cayman Islands own a towering amount of Treasury bonds to the tune of $284 billion. There are more hedge funds domiciled in the Cayman Islands per capita than any other nation worldwide.

The Cayman Islands remains a high-risk jurisdiction for money laundering. The Cayman Islands has an established anti-money laundering/combating the financing of terrorism/counter-proliferation financing (AML/CFT/CFP) regime. The government is committed to strengthening its AML/CFT/CFP framework.

Housing and Real Estate

Real Estate in the Cayman Islands can be expensive, particularly in highly desirable areas such as Seven Mile Beach, Seven Mile Beach Corridor, and South Sound. These areas are located on the western side of the island, which is home to the major business districts of Camana Bay and George Town.

Seven Mile Beach is the most expensive location in terms of real estate and tourist lodging on Grand Cayman. The area is well served by taxis and the public mini-bus system. George Town: The capital city of the Cayman Islands and center of its financial industry.

Seven Mile Beach

This idyllic stretch of sand is home to some of the most exclusive properties on the island. With high-end beachfront condos in high demand. Seven Mile Beach real estate is steps away from the shoreline but close to all the action.

Cons: Very expensive, too built up (in some areas)which can lead to crowds & traffic(but easy to avoid), flat & not very picturesque (unless you're on the beach), crappy exchange rate. agree with all the previous poster's pros... beautiful, crystal clear water, easy to deal with...

The Cayman Islands government guarantees absolute ownership of each parcel of land, there are no restrictions on foreign ownership of a single property and there is zero income tax, zero capital gains and zero property tax.