Status: UK Overseas Territory, with a substantial measure of self-government. Location: Western Caribbean, 200 miles north-west of Jamaica. The Cayman Islands are a group of three islands – Grand Cayman, Cayman Brac and Little Cayman. The Cayman Islands are situated only 480 miles south of Miami (US). Area: 264km2 Capital: George Town (Grand Cayman) Population: 36,600 (estimate 1997) Business language: English Currency: Cayman Islands Dollar (CI$) Time zone: GMT -5, EST, as for Miami and New York. There is no switch to daylight savings time in the summer months. Business hours: Mon-Fri 9am to 5pm. Banking Hours are Mon-Thurs 9am to 4pm, Fri 9am to 4.30pm. Climate: Tropical.
The average winter temperature (October to March) is 26.6ºc. The average summer temperature (April to September) is 28.5ºc. Total annual rainfall is 74.9 inches.
Thomas Russell, CMG, OBE
Cayman Islands Government Representative
Cayman Islands Office United Kingdom
6 Arlington Street
Tel: + 44 207 491 7772
Fax: + 44 207 491 7944
The Cayman Islands Monetary Authority
PO Box 10052 APO
Tel: + 345 949 7089
Fax: + 345 949 2532
EXPAT EMPLOYMENT DETAILS
Work permits must be obtained by expatriates, including EU nationals, before their arrival on the Islands. The cost of these licences ranges from US$300 to US$6,000.
There are regular flights to Miami, Houston, Tampa, Atlanta and Kingston, Jamaica from Grand Cayman. British Airways offers direct flights to London Gatwick also. The flight time to Miami is one hour. The Cayman Islands have excellent communications with the rest of the world. International telephone, fax, cable, Internet and email links are available, and airmail services to and from the Islands are good. Daily courier services are available to destinations worldwide and there are regular weekly containerised sea cargo services between Florida and George Town.
POLITICAL AND ECONOMIC STABILITY
As a UK Overseas Territory, the Cayman Islands are politically and economically stable. The executive and legislative power of the Islands is vested in the Governor, the Executive Council and the Legislative Assembly. The Assemble consists of three senior civil servants and 15 elected members who are elected every four years. The Cayman Islands have developed successfully as a base for offshore financial and business operations over the last 30 years.
The Cayman economy is based on tourism and international financial services.
ADVANTAGES OF CAYMAN ISLANDS
A well established legislative framework.
High standard of living.
No direct taxation.
No exchange controls.
Excellent professional services.
The content of this factfile is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances
This factfile also appears in the 'International Offshore and Financial Centres Handbook 1999/2000'. For further information about this highly informative guide to offshore centres, or to order your copy, please phone +44 (0) 207 820 7733 or send an email to email@example.com
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Virtual currency trading value and volume is soaring globally, but regulating virtual currencies and those who provide virtual currency exchange services (Exchangers) is challenging.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).