Saturday, 8 October 2011

Cayman Islands History and Economy

Although the Cayman Islands were first sighted in 1503 by Christopher Columbus, it wasn't until several decades later that the first English visitor landed on the islands. Sir Francis Drake landed in 1586 and gave the islands their name. However they remained largely uninhabited until the 17th century, and there is no archaeological evidence to suggest an indigenous people.

England took formal control of the islands in 1670, and remained in control until 1962 when the Cayman Islands became a separate Crown colony. They are historically known for being a tax exempt destination, and much of their economy is due to the fact that they are major international financial centre and the fifth largest banking centre in the world with around $1.5 trillion in banking liabilities.

However the islands are also known for being a luxury tourist destination, especially the island of Grand Cayman which is home to the famous Seven Mile Beach along which a number of the island resorts and hotels are located. In spite of its name, the beach is only 5.5 miles long, but is well known for its beauty and has frequently been named the best beach in the Caribbean.

Tourists also visit the islands of little Cayman and Cayman Brac, and all three are popular with scuba divers. There are also several locations where tourists can swim with stingrays, with the most popular being Stingray City in Grand Cayman. The Cayman Islands make an ideal destination year-round, as temperatures are comfortably in the late 20s. The driest months are January to April, while the wettest months tend to be in autumn.

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