• The Cayman Islands consist of three small islands located in the Caribbean Sea approximately 480 miles south of Miami, Florida. The islands are called Grand Cayman (the political and commercial capital of the country) and the tiny “Sister Islands” of Cayman Brac and Little Cayman.

• The economy of the Cayman Islands is based on two industries: Tourism and Financial Services.

• Grand Cayman is considered to be the fifth largest financial center in the world with approximately US$1.3 trillion in assets on deposit in the 350 banks and trust companies registered on the island.

• Approximately 80 percent of all of the world’s hedge funds, representing approximately US$1.5 trillion in assets, are domiciled in Grand Cayman. The island is also a world leader in insurance, company formation, and airline and shipping registrations.

• The Cayman Islands are a no-direct-tax jurisdiction. There are no payroll taxes, property taxes, sales taxes, inheritance taxes, or capital gains taxes. There are also no restrictions on currency exchanges. The Cayman Islands dollar is linked to the U.S. dollar. (CI$1 = US$1.25). Both currencies are universally accepted on the islands. Government receives its revenues largely through duties of 20 percent on most imported goods, stamp duties on land sales and transfers, and business permit and license fees.

• Approximately 50,000 people live in the Cayman Islands (48,000 of them in Grand Cayman, 1,200 on Cayman Brac, and perhaps 200 on Little Cayman). The standard of living in the Cayman Islands is considered to be one of the highest in the world.

• About half of the Cayman population is “expatriate,” meaning foreign workers who come from more than 100 countries. Many of these expatriate workers are professionals—attorneys, accountants, and managers—who make up the supporting infrastructure of the financial services industry.

• More than 3.3 million visitors (vacationers and business travelers) arrive on Grand Cayman each year by cruise ship, commercial aircraft, and private jets. Accommodations are world-class. A $500 million Ritz-Carlton Resort opened this year, joining The Hyatt, the Westin, the Marriott and others along Seven Mile Beach. A Mandarin Oriental hotel and Four Seasons resort are planned.

• The Cayman Islands are a politically and economically stable “British Overseas Territory.” A Governor, appointed by Her Majesty the Queen, oversees the jurisdiction. A democratically elected “Legislative Assembly” passes laws pertaining to local matters, and a “Cabinet” of elected “Ministers” sets local policy. A large civil service carries out the provision of Government services.

• Cayman Islands law is based on British Common Law with ultimate appeal possible to the Judicial Committee of the Privy Council in London.

• There is social and racial harmony and little crime in the islands. The population is well-educated (a 98 percent literacy rate) and speaks English. There is virtually no unemployment.

• Major airlines provide direct flights to Grand Cayman, including American, Delta, Northwest, Continental, British Airways, USAir, and others. Cayman Airways, the government-owned airline, has many daily flights to and from Miami and other U.S. cities.

• Broadband internet (both wired and wireless), digital cellular service, land lines and fax services are first-rate. Abundant potable water is produced via the process of reverse osmosis, and electrical power is as reliable as in any major U.S. or European capital.

• Life in the Cayman Islands is sophisticated and urbane. Much of the population is extremely wealthy, and multi-million dollar residences, including modern condominiums along Seven Mile Beach, are commonplace. Fine restaurants, cultural events, black-tie social affairs, and recreational offerings (golf, tennis, water sports) all contribute to the fabric of tropical Caribbean living at its best.