Geography

Caribbean, three-island group (Grand Cayman, Cayman Brac, Little Cayman) in Caribbean Sea, 240 km south of Cuba and 268 km northwest of Jamaica - 19 30 N, 80 30 W

Capital

George Town (on Grand Cayman)

Time zone

UTC-5

Population

49,035 -  Note: most of the population lives on Grand Cayman (July 2009 est.)

Nationality

Noun: Caymanian(s) - Adjective: Caymanian

Languages

English 95%, Spanish 3.2%, other 1.8% (1999 census)

Government type

Parliamentary democracy

Legal system

British common law and local statutes

Economy overview

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. Tourism is also a mainstay, accounting for about 70% of GDP and 75% of foreign currency earnings. The tourist industry is aimed at the luxury market and caters mainly to visitors from North America. Total tourist arrivals exceeded 1.9 million in 2008, with about half from the US. About 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy one of the highest outputs per capita and one of the highest standards of living in the world.

Currency

Caymanian dollar (KYD)