HistoryThe Cayman Islands – often (but never by locals) referred to as "the Caymans", "Caymen Islands", or just "Cayman" – were first sighted by Christopher Columbus on May 10, 1503 during his fourth and final voyage to the New World. He spotted Cayman Brac and Little Cayman and named them Las Tortugas after the numerous sea turtles in the waters. The first recorded visitor to the islands was Sir Francis Drake, who landed in 1586 and named the islands the Cayman Islands after the Neo-Taino nation's term (caiman) for crocodile (Zayas, 1914).
The first recorded permanent inhabitant of the Cayman Islands, Isaac Bodden, was born on Grand Cayman around 1700. He was the grandson of the original settler named Bodden who was probably one of Oliver Cromwell's soldiers at the taking of Jamaica in 1655.
The islands, along with nearby Jamaica, were captured by the Spanish, and then ceded to England in 1670 under the Treaty of Madrid. They were governed as a single colony until 1962 when the Cayman Islands became a British Overseas Territory and Jamaica became an independent commonwealth realm.
Grand Cayman was hit by Hurricane Ivan on September 11 - 12, 2004, which destroyed many buildings and damaged 90% of the island's homes. Power, water and communications were all disrupted as Ivan was the worst hurricane to hit the islands in 86 years. However, Grand Cayman promptly engaged in a major rebuilding process, and within two years its infrastructure had nearly returned to pre-Ivan levels. The Cayman Islands currently enjoy the highest standard of living in the Caribbean aided by thriving tourism and banking industries ...
more Cayman Islands history...Culture: Demographics & StatisticsThe latest population estimate of the Cayman Islands is about 51,992, from spring 2006, representing a mix of more than 100 nationalities. Out of that number, about half are of Caymanian descent. Caymanians are about 60% mixed race (mostly African-European). Of the remaining 40%, about half are of European descent and half are of African descent. The islands are almost exclusively Christian. The vast majority of the population resides on Grand Cayman. Cayman Brac is the second most populated island with about 2,000 residents, followed by Little Cayman with around 200 permanent residents. The capital and major city of the Cayman Islands is George Town, which is located on the southwest coast of Grand Cayman.
EconomyThe economy of the Cayman Islands was once centered on the turtling trade. However, this industry began to disappear in the twentieth century and tourism and financial services became the economic mainstays during the 1970s. The United States is the Cayman Islands ' largest trading partner. With an average income of around $42,000, Caymanians enjoy the highest standard of living in the Caribbean . According to the
CIA World Fact book , the Cayman Islands GDP per capita is the 8th highest in the world.
Tourism Tourism accounts for 70-75% of the annual GDP of the Cayman Islands. Of the millions of tourists that visit the islands annually, 99% visit Grand Cayman. George Town also serves as a major cruise ship port, welcoming 4,000 to 22,000 tourists a day, five days a week, depending on the number of ships in port.
One of Grand Cayman's main attractions is the world-famous Seven Mile Beach on which a number of the island's hotels, resorts and condominiums are located. Seven Mile Beach is regarded by many as one of the best beaches in the world. Historical sites in Grand Cayman such as Pedro St. James National Historical Site, a restored Caribbean ‘Great House'; Bodden Town's Mission House; and the Mastic Trail between the north and south coasts; give visitors an idea of what island life was like 100-150 years ago. The 'Sister Islands' of Little Cayman and Cayman Brac supply their own unique charm -- a more relaxed pace, no crowds, and a little bit of the “islands time forgot” feeling.
The Cayman Islands is regarded as one of the world's best SCUBA diving destinations because of its crystal-clear waters and accessible wall dives. Little Cayman is frequently chosen as a favorite dive destination. Divers can find two shipwrecks off the shores of Cayman Brac, including the MV Keith Tibbetts. The popular Stingray City, in Grand Cayman, gives snorklers a thrill by allowing them to swim with and feed relatively docile Southern Stingrays.
Other Grand Cayman tourism attractions include the ironshore landscape of Hell; the 24-acre marine theme park Boatswain's Beach, also home of the Cayman Turtle Farm; and the annual Pirates Week Festival. On Cayman Brac, nature trails, rock climbing, and exploring the Bluff's caves draw many enthusiasts. Little Cayman's aboundant wildlife attracts fishermen and nature lovers, especially bird watchers in search of the island's Red-footed Booby population and the endangered
West Indian Whistling Duck.
Financial Services & BankingThe Cayman Islands is widely recognized to be one of the world's leading offshore financial services centres.
The Cayman Islands financial services industry encompasses banking, mutual funds, captive insurance, vessel and aircraft registration, companies and partnerships incorporation, trusts, structured finance and the Cayman Islands Stock Exchange. As of December 2005, just over 70,000 companies were incorporated on the Cayman Islands including 430 banks and trust companies, 720 captive insurance firms and more than 7,000 funds.
A recent report released by the International Monetary Fund (IMF) assessing supervision and regulation in the Cayman Islands' banking, insurance and securities industries, as well as its anti-money laundering regime, recognized the jurisdiction's comprehensive regulatory and compliance frameworks. "An extensive program of legislative, rules and guideline development has introduced an increasingly effective system of regulation, both formalizing earlier practices and introducing enhanced procedures," noted IMF assessors. The report further stated that "the supervisory system benefits from a well-developed banking infrastructure with an internationally experienced and qualified workforce as well as experienced lawyers, accountants and auditors," adding that, "the overall compliance culture within Cayman is very strong, including the compliance culture related to AML ( anti-money laundering ) obligations...". The Cayman Islands had previously (briefly) appeared on the
FATF Blacklist in 2000, although its listing was thought to be harsh, and was criticized at the time.
Government The Cayman Islands is currently a British overseas territory, listed by the UN Special Committee of twenty-four as one of the last non-self governing territories. A fifteen-seat Legislative Assembly is elected by the people every four years to handle domestic affairs. Of the elected Members of the Legislative Assembly (MLAs), five are chosen to serve as government ministers in a cabinet headed by the governor. The head of the elected government is the Leader of Government Business, which is currently The Honourable Kurt Tibbetts.
A Governor is appointed by the British government to represent the monarch. The governor can exercise complete executive authority if he/she wishes through blanket powers reserved to him/her in the constitution. He/she must give royal assent to all legislation, which allows him/her the power to strike down any law the legislature may see fit for the country. In modern times, the governor usually allows the country to be run by the cabinet, which is made up of the five elected ministers and three high ranking civil servants: the Chief Secretary, the Attorney General, and the Financial Secretary. The civil service is managed by the Chief Secretary, who is the Acting Governor when the Governor is not able to discharge his usual duties for one reason or another. The current governor of the Cayman Islands is His Excellency the Governor Stuart Jack, CVO, and the current Chief Secretary is The Honourable George McCarthy, OBE, JP.
