cayman travel guide

Site Features
Home
Search & sitemap

Photo galleries

Cayman travel news blog
Choose an Island
Grand Cayman
Cayman Brac
Little Cayman
All about Cayman
Cayman FAQ
Shopping
Transportation
Tourism information
Weather
 

Offshore Banking in the Cayman Islands

One of the first things you'll notice about Grand Cayman is its affluence. Don't look for beach vendors or hair braiders along Seven Mile Beach -- they're prohibited in this nation. The Cayman Islands enjoy one of the highest standards of living in the hemisphere, so expect to see nice cars, well-maintained streets, and signs of prosperity.

Much of that affluence comes from its successful tourism industry, 70of its national product. Most visitors arrive from the States, although which part of the US varies by time of year. During the winter season, many come from the East and Midwest; in hot summer months a great number of Texans and Southerners make their way to these islands, which are cooler than their own home states during that time.

Offshore financial services play an integral role in the islands' success as well. Grand Cayman has over 500 licensed banks (including 47 of the 50 largest banks worldwide). Banking secrecy laws passed in 1966 laid the groundwork for this profitable industry that today ranks the small island as the fifth largest financial center in the world, surpassed only by London, Tokyo, New York, and Hong Kong.

Offshore insurance companies are also a growing business. Nearly 400 offshore insurance or captive insurance companies make their base here. (Captive insurance is a term used for insurance companies set up by a company or a trade association to serve its members or employees.) Thanks to

Cayman Islands' generous tax-free status, many other companies choose to incorporate in the islands; currently almost 30,000 companies are registered here.


| About Us | Press Room |Advertising | Privacy | Disclaimer | Contact Us |


CaymanTripper.com is a division of LT Media Group LLC
All rights reserved
No text or photos from this site may be used without permission of LT Media Group LLC