Why is Cayman Island so rich?

The economy of the Cayman Islands, a British overseas territory located in the western Caribbean Sea, is mainly fueled by the tourism sector and by the financial services sector, together representing 50–60 percent of the country's gross domestic product (GDP).

Finance and Tourism are commonly referred to as the two pillars of the Cayman Islands economy.

Shimmering azure waters, white sand beaches, swaying palm trees, exotic marine life — it's all here. And in addition to this incredible natural beauty, the locals are friendly, warm, and welcoming. You will be sure to experience the meaning of “Caymankind”.

While expats are often drawn to the island for its tax-free salaries, the cost of living in the Cayman Islands is high. This is largely due to import taxes, while the island's popularity as a tourist destination pushes up travel and accommodation prices.

Tax Laws in the Cayman Islands

The Caymans have become a popular tax haven among the American elite and large multinational corporations with zero corporate or income tax on money earned outside its territory.

The Cayman Islands enjoy a relatively high standard of living, with one of the highest GDP per capita in the region and low poverty levels.

The chief occupations on the Cayman Islands are in clerical and service work and in the construction trades. Agriculture occupies only a small number of Caymanians, and most of the islands' food must be imported.

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...

Description. The official language of the Cayman Islands is English (90%). Islanders' accents retain elements passed down from English, Scottish, and Welsh settlers (among others) in a language variety known as Cayman Creole. Cayman Creole is not a language of its own, but considered a variety of English.

Cayman Islands, island group and overseas territory of the United Kingdom in the Caribbean Sea, comprising the islands of Grand Cayman, Little Cayman, and Cayman Brac, situated about 180 miles (290 km) northwest of Jamaica.

Cayman Islands Salary. $63,000 is the 25th percentile. Salaries below this are outliers. $100,000 is the 75th percentile.

Overall, the Caymans have seen residential prices rise, from an average of about $942,000 in 2019 to $1.16 million in 2020, according to data from CIREBA.

The Cayman Islands has a well-developed healthcare system, with several public and private hospitals and clinics on the islands. The public healthcare system is not free for all residents but is funded by the government. It does, however, receive a Government output for pensioners and indigent.

Kenneth Dart is an heir to the Dart Container foam cup fortune and an investor based in the Cayman Islands. Born in Michigan, he renounced his U.S. citizenship in 1994, obtained citizenship from Belize and relocated to the tax-free Cayman Islands.

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.

EU AML list. As a technical result of being placed on the grey list, the Cayman Islands was added to the European Union's (EU) list of high risk third countries for AML/CFT purposes (the EU AML list) on 13 March 2022.

(CNS): While some reject the idea that homeless people are a significant issue in Cayman, more and more anecdotal evidence is emerging that there is a growing number of families and individuals who do not have a secure place to live.

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.

Statement on Homelessness in the Cayman Islands

Homelessness is a serious issue which has far reaching implications for our islands as a whole. The lack of safe and secure housing not only presents serious risks for those affected but can also engage a wide variety of an individual's human rights.

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.

Cayman Islands corporate structures allows Chinese clients to maximise the flexibility and other benefits of utilizing such structures in international finance transactions and/or investments: the ability to structure group businesses with a holding company to maximise investment and tax efficiency, effect IPOs, merge ...

Cayman's minimum wage of $6-an-hour was established in 2016.

Violent crime in the Cayman Islands is very low compared to other Caribbean islands. Virgin Islands (U.S.) It is important to note that all of the homicides in the Cayman Islands are committed between locals, and not towards tourists.

People are advised to take caution in areas where crime is known to occur, such as downtown George Town and parts of West Bay. It is rare to be the victim of a serious crime, but pickpocketing and having items stolen is possible.

The beach is also very clean and well kept. Because the Cayman Islands are flat coral islands without rivers, there is very little natural runoff to silt the water, unlike the mountainous volcanic islands in other parts of the Caribbean.

A close and personal friend 2. The object of one's affection. 3. a woman's pet name for a boyfriend or close male friend Eg. " I gah plenty guy friends but Derrick is my bobo."

Islam in the Cayman Islands is a minority religion.