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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. The territory has transformed itself into a significant offshore financial center.

Location

Caribbean, three-island group (Grand Cayman, Cayman Brac, Little Cayman) in Caribbean Sea, 240 km south of Cuba and 268 km northwest of Jamaica

Natural Resources

fish, climate and beaches that foster tourism

Population - distribution

majority of the population resides on Grand Cayman

English (official) 90.9%, Spanish 4%, Filipino 3.3%, other 1.7%, unspecified 0.1% (2010 est.)
GEORGE TOWN (capital) 31,000 (2014)
Conventional long form
none
Conventional short form
Cayman Islands
Local long form
Local short form
parliamentary democracy (Legislative Assembly); self-governing overseas territory of the UK
Name
George Town
Geographic coordinates
19 18 N, 81 23 W
Time difference
UTC-5 (same time as Washington, DC, during Standard Time)
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. Nearly 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy a standard of living comparable to that of Switzerland.
Inflation
None%
Total tax rate (% of commercial profits)
None%
Real Interest Rate
None%
Manufacturing, value added (% of GDP)
0.889%
Current Account Balance
US$
Labor Force, Total
Employment in Agriculture
0.62%
Employment in Industry
12.94%
Employment in Services
86.10%
Unemployment Rate
4%
Imports of goods and services
US$
Exports of goods and services
US$
Total Merchandise Trade
%
FDI, net inflows
US$ 18,987,382,000
Commercial Service Exports
US$
vegetables, fruit; livestock; turtle farming
tourism, banking, insurance and finance, construction, construction materials, furniture
Commodities
turtle products, manufactured consumer goods
Partners
Commodities
foodstuffs, manufactured goods, fuels
Partners
Country Risk Rating
Business Climate Rating

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