Cayman Islands

Cayman Islands
Overseas territory of the ‌United Kingdom


Motto He hath founded it upon the seas
Anthem God Save the Queen


Capital	George Town

Status	Overseas territory
Monarch
- From 1952	Queen Elizabeth II
Governor
- From 2010	Duncan Taylor
Premier
- From 2009	McKeeva Bush

Legislature	Legislative Assembly

History
- May 31, 1962	Crown Colony
- November 6, 2009	Current Constitution

Area	264 km²

Population
- 2010	54,878
Density	207.8/km²

GDP	2010 (PPP)
- Total	US$ 2.4 billion
- Per capita	US$ 43,800

Currency	Cayman Islands dollar

West Indies
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The Cayman Islands is an overseas territory of the United Kingdom in the Caribbean.

Background

The Cayman Islands were colonized from Jamaica by the British during the 18th and 19th centuries and were administered by Jamaica after 1863. In 1959, the islands became a territory within the Federation of the West Indies. When the Federation dissolved in 1962, the Cayman Islands chose to remain a British dependency.^[1]

Economy

With no direct taxation, the islands are a thriving offshore financial center. More than 93,000 companies were registered in the Cayman Islands as of 2008, including almost 300 banks, 800 insurers, and 10,000 mutual funds. A stock exchange was opened in 1997. Tourism is also a mainstay, accounting for about 70% of GDP and 75% of foreign currency earnings. The tourist industry is aimed at the luxury market and caters mainly to visitors from North America. Total tourist arrivals exceeded 1.9 million in 2008, with about half from the US. About 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy one of the highest outputs per capita and one of the highest standards of living in the world.^[2]