About Cayman Islands
The coral tropical islands of the Cayman Islands are located south of Cuba and Miami and northwest of Jamaica, in the western Caribbean. The Cayman Islands territory is made up of just three island, namely, Cayman Brac, Little Cayman and Grand Cayman. The capital of the Cayman Islands is called George Town, found in Grand Cayman.
According to geographical and physical features, the Cayman islands are said to be created by coral heads which lie over the underwater ice age peaks of Cuba’s Sierra Maestra. There is a famous under water ridge known as the Cayman Trench. Collectively, Cayman Brac and Little Cayman are formally called the Sister Islands and sit around 80 miles east of Grand Cayman Island.
The estimated population of the Cayman Islands is 55,000 consisting of many immigrant populations. Over 60 per cent of the Cayman population is of European and African descent. The Grand Cayman is the most populous island, with a few populating Grand Cayman and less on Little Cayman and Cayman Brac.
The main religious denomination for the Cayman Islands is Christianity with Catholics and Presbyterians as the main religious groups. The official currency used in the Cayman Islands is the Cayman Islands Dollar, represented by the symbol KYD and valued at 1KYD to USD 1.25. As such, residents of the Caymans Islands benefit from a high standard of living in the Caribbean and the gross domestic product is ranked high internationally.
Economically, the Cayman Islands rely on tourism and financial services. The Islands are leading traveler destination thanks to a collection of historical sites, unspoiled beaches and urbanized hotel infrastructure. The Cayman Islands are ideally located for Americans and Canadians who are able to travel easily and affordable to the islands as the Cayman islands are a mere 450 miles off the coast of Florida. The international airport on Cayman Brac has the capacity to accommodate large jet aircrafts.
The offshore and financial services of the Cayman Islands are among the most diverse and include a host of sectors such as captive insurance, mutual funds, offshore banking, hedge funds and company formation, to the extent that the Islands are rated the fifth largest centre internationally for banking. In June 2008, the Cayman Islands were recorded to have 279 banks comprising 260 international banks and 19 domestic banks. Quality and successful offshore and financial operations in the Cayman Islands are attributed to major financial institutions, law firms and banks which are based in the Islands.
The Cayman Islands are among the few Caribbean Islands which are British Overseas Territories. The domestic affairs of the Cayman Islands are administered by a legislative assembly which is elected every four years by the people. The Queen of England, the monarch, is represented by a Governor who is appointed by the British Government. The Premier is head of government but the Governor is capable of exercising full executive power as prescribed by the constitution. The Cayman Islands have a cabinet comprising 5 elected members and 2 official members. The Premier is head of the cabinet.