The Cayman Islands are a British Overseas Territory that incorporates three individual islands, Grand Cayman, Cayman Brac, and Little Cayman. The Cayman Islands are a popular destination for tourists and bring in thousands of visitors annually with their sandy beaches, stunning scenery, and lively cities. The Islands are the second-most populated British overseas territory after Bermuda with a population of just under 60,000. The capital, George Town is the most populous urban area on the islands.
The economy of the Cayman Islands is mainly focused around the tourism industry, and with an average of 2 million tourists annually this sector plays a large part in driving the Cayman Islands forward in growth. The tourist industry in the Cayman Islands mainly focuses on the luxury sector with a prime market of those visiting from North America. Additionally, the financial service sector also plays a large par and together these two industries represent 50-60% of the country’s GDP. The Cayman Islands have a tax-free status which attracts a large number of companies and banks to set-up there. As of 2014, the country is home to over 92,000 companies including 600 banks and trust companies. The Cayman Islands Stock Exchange was opened in 1997.
Recently, the Cayman Islands have set out to diversify their two main economic sectors and have begun to branch out with services in health care and technology taking centre stage. Health City Cayman Islands opened in 2014 and provides medical tourism services in East End. Due to the size of the Cayman Islands, many of their food and produce has to be imported, with many key trade routes and importations coming from America. Serviced apartments and corporate housing in the Cayman Islands allow business travel to be hassle-free, with more space, flexibility, and privacy provided during your stay in this accommodation option. Enquire today with SilverDoor Apartments to secure your corporate accommodation in the Cayman Islands.
Capital: George Town
Currency: Cayman Island Dollar (KYD)
Dominant religion: Christian
Time Zone: UTC -5
Main exports: Consumer goods
Internet domain: .ky
International dial code: +1