To most people the Cayman Islands conjures up an image of an idyllic holiday, and it's true that tourism accounts for around 70 to 75% of the annual GDP of the Cayman Islands, but it is also one of the world’s most important offshore financial services centre which includes vessel and aircraft registration, banking, mutual funds, companies and partnerships incorporation, trusts and the Cayman Islands Stock Exchange.
At the end of 2005 over 70,000 companies were incorporated on the Cayman Islands including 430 trust companies and banks and more than 7,000 funds. The Cayman Islands is also distinctive for having the highest standard of living in the Caribbean, as the average income here is $42,000 making GDP per capita the eighth highest in the world.
The islands are and overseas territory of the UK, and as such are largely managed from the United Kingdom, but the government of the Cayman Islands often resolves important issues without any intervention from Britain, and in recent years has developed a significant relationship with the US.
The government's main source of income is through indirect taxation, as locals and Cayman Island companies are not subject to any type of direct taxation. Import duty of 20% is charged against goods imported into the islands, and duty on imported cars can cost as much as 40% for expensive models.
The population on the islands is around 53,000, and more than 100 nationalities are represented here. Around half of the population is Caymanians and most of the residents reside on Grand Cayman. One of the biggest attractions on Grand Cayman is the world-famous Seven Mile Beach which has the reputation of being amongst the best in the world.
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