Background Note: Cayman Islands
PROFILE OFFICIAL NAME: Geography People Government Economy HISTORICAL HIGHLIGHTS Great Britain took formal control of the Cayman Islands, along with Jamaica, under the Treaty of Madrid in 1670. Following several unsuccessful attempts, permanent settlement of the islands began in the 1730s. The Cayman Islands historically have been popular as a tax-exempt destination. Legend has it that Caymanians in 1788 rescued the crews of a Jamaican merchant ship convoy which had struck a reef at Gun Bay and that the Caymanians were rewarded with King George III's promise to never again impose any tax. The Cayman Islands, initially administered as a dependency of Jamaica, became an independent colony in 1959; they now are a self-governing British Overseas Territory. ECONOMY From the earliest settlement of the Cayman Islands, economic activity was hindered by isolation and a limited natural resource base. The harvesting of sea turtles to resupply passing sailing ships was the first major economic activity on the islands, but local stocks were depleted by the 1790s. Agriculture, while sufficient to support the small early settler population, has always been limited by the scarcity of available land. The advent of modern transportation and telecommunications in the 1950s led to the emergence of what are now considered the Cayman Islands ' "twin pillars" of economic development: international finance and tourism. In 2004, there were more than 70,000 companies registered in the Cayman Islands, including 446 banks and trust companies. Forty of the world's largest banks are present in the Cayman Islands. It is estimated that financial services represent 40% and tourism between 30-40% of gross domestic product. Unspoiled beaches, duty-free shopping, scuba diving, and deep-sea fishing draw almost a million visitors to the islands each year. Education is compulsory to the age of 16 and is free to all Caymanian children. Schools follow the British educational system. The Government operates 10 primary, one special education, and two high schools. In addition, there is a university and a law school. GOVERNMENT AND POLITICAL CONDITIONS The Cayman Islands' political system is very stable, bolstered by a tradition of restrained civil governance, sustained economic prosperity, and its relative isolation from foreign policy concerns by virtue of its colonial relationship with the United Kingdom. Public discussion revolves around public sector expenditure and social services, the pace of additional economic development, and the status of the large foreign national community on the islands. Principal Government Officials U.S.-CAYMANIAN RELATIONS For U.S. and other foreign investors and businesses, the Cayman Islands ' main appeal as a financial center is the absence of all major direct taxes, free capital movement, a minimum of government regulations, and a well-developed financial infrastructure. With the rise in international narcotics trafficking, the Cayman Government entered into the Narcotics Agreement of 1984 and the Mutual Legal Assistance Treaty of 1986 with the United States in order to reduce the use of its facilities for money laundering operations. In June 2000, The Cayman Islands was listed by multilateral organizations as a tax haven and a non-cooperative territory in fighting money laundering. The country's swift response in enacting laws limiting banking secrecy, introducing requirements for customer identification and record keeping, and for banks to cooperate with foreign investigators led to its removal from the list of non-cooperative territories in June 2001.
Cayman Islands
Area: 259 sq. km. (100 sq. mi.) on three islands: Grand Cayman (76 sq. mi.), Cayman Brac (14 sq. mi.), and Little Cayman (10 sq. mi.).
Capital: George Town (pop. 20,626.
Terrain: Flat.
Climate: Tropical.
Nationality: Noun and adjective --Caymanian(s).
Population (2006 est.): 45,436.
Annual growth rate: 2.56%.
Ethnic groups: Afro-European 40%, African 20%, European 20%, other 20%.
Religious affiliations: United Church, Anglican, other Protestant, Roman Catholic.
Language: English.
Education: Years compulsory --to age 16. Literacy (age 15 and over)--98%.
Health: Infant mortality rate --4.8/1,000. Life expectancy --Males 77.45/Females 82.74.
Work force: 22,420.
Type: British Overseas Territory.
Constitution: 1972; called the Cayman Islands Order.
Branches: Executive --Governor and Governor-in-Cabinet (representing British monarch), Cabinet. Legislative --unicameral Legislative Assembly (15 elected, three appointed members). Judicial --Summary Court, Grand Court, Cayman Islands Court of Appeal, Her Majesty's Privy Council. Subdivisions: Eight districts.
Political parties: People's Progressive Movement, United Democratic Party.
Suffrage: Universal at 18.
GDP (2002 est., purchasing power parity): $1.9 billion.
Growth rate: 0.9%.
Per capita income (2002 est., purchasing power parity): $36,500.
Natural resources: Scenic beaches and underwater attractions, favorable climate.
Agriculture: Products --Minor production of vegetables and livestock, turtle farming, aquaculture.
Industry: Types --tourism, banking, insurance, mutual funds, finance, and construction.
Trade: Exports (2004)--$1.2 million: turtle products, manufactured consumer goods. Major market --United States. Imports (2004)--$722.4 million: machinery, manufactures, food, fuels, chemicals. Major suppliers -- U.S., Jamaica, U.K., Netherlands Antilles, Japan.
Official exchange rate (Nov. 2003): CI $0.82=U.S. $1.
The Cayman Islands remained largely uninhabited until the 17th century. A variety of people settled on the islands, including pirates, refugees from the Spanish Inquisition, shipwrecked sailors, deserters from Oliver Cromwell's army in Jamaica, and slaves. The majority of Caymanians are of African and British descent, with considerable interracial mixing.
Although Caymanians enjoy one of the highest standards of living in the world, about 90% of the islands' food and consumer goods must be imported.
The Cayman Islands' physical isolation under early British colonial rule allowed the development of an indigenous set of administrative and legal traditions which were codified into a Constitution in 1959. Although still a British Overseas Territory, the islands today are self-governed in nearly all respects. The Constitution, or Cayman Islands Order, that now governs the islands came into effect in 1972 and was amended in 1984.
Head of State--Queen Elizabeth II
Governor--Stuart Jack, since November 2005
Leader of Government Business--The Honorable Kurt Tibbetts, since May 2005
Although the United Kingdom is responsible for the Cayman Islands' defense and external affairs, important bilateral issues are often resolved by negotiations between the Cayman Government and foreign governments, including the United States. Despite close historic and political links to the U.K. and Jamaica, geography and the rise of tourism and international finance in the Cayman Islands' economy has made the United States its most important foreign economic partner. Following a dip in tourists from the United States after September 11, 2001, over 200,000 U.S. citizens traveled by air to the Cayman Islands in 2004; some 4,761 Americans are resident there (2005).
1 comment:
Most the Caymaninans are mixed with ugly British white people. Have you ever really looked at someone from the UK? They really are terrible for the eyes, and have bad genes in the looks department. Give it another 15 yrs and the original Caymanian stock will have perished in favor of ugly, "whitized", fat people who have to stay out of the sun before their melanian peeks through.
Cayman will be a white based island in no time with white "looking" Caymanians.
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