Why is Cayman 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).

The other point to note about Cayman is that it has no income tax. So a large chunk of government revenue is raised through import duties. Importers then pass those costs on to the consumer (Cayman imports virtually everything), driving up retail prices. What are the main attractions of Little Cayman Island?

The Cayman Islands makes a substantial amount of money from fees associated with registering and renewing offshore companies and hedge funds. The financial services industry in the Cayman Islands generates roughly 55% of the nation's 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”.

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 economy depends on banking, tourism, and other services. 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.

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 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 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.

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.

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 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.

The Cayman Islands are a British overseas territory, listed by the UN Special Committee of 24 as one of the 16 non-self-governing territories.

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.

The tap water across all three Cayman Islands is clean, wholesome and very much safe to drink! All of the tap water we get on-Island is desalinated seawater produced using reverse osmosis.

Cayman Islands murder/homicide rate for 2020 was 4.46, a 47.38% increase from 2019. Cayman Islands murder/homicide rate for 2019 was 3.02, a 71.97% decline from 2018. Cayman Islands murder/homicide rate for 2018 was 10.79, a 128.65% increase from 2017.

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

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.

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 ...

The Cayman Islands don't have a corporate tax and act as a haven for multinational corporations to shield some or all of their incomes from taxation. The Cayman Islands do not impose taxes on residents and are considered tax neutral.

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.

TAX-FREE LIVING

Apart from the beaches, the tax-free life is what makes the Cayman Islands famous all over the world. All residents can enjoy the freedom of not being taxed for their income or consumption, which means you get to keep, save or invest in yourself up to 40% more of your income.

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.

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

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.