The Cayman Islands comprise three islands, Grand Cayman, Cayman Brac and Little Cayman, which are located in the western Caribbean about 150 miles south of Cuba. Grand Cayman, the largest of the three islands, has an area of about 76 square miles and is approximately 22 miles long with an average width of four miles. The Cayman Islands its own national air carrier, and in addition is served by American, Canadian and British airlines.
History and Government
The Cayman Islands is a British overseas protected territory with a Governor appointed by the Queen for a term of 4 years. There is an Executive Council and a Legislative Assembly. English is the official language.
Legal System
The legal system is based on the English Common Law. The judiciary is appointed by the Territorial Government. The ultimate appellate court is the Privy Council in London.
International Financial Services Centre
The Cayman Islands is an international finance services with a large offshore banking centre. It is a major base for captive insurance companies. It has the largest number of offshore hedge funds of any offshore centre. It has a vibrant trust sector with significant assets held in trust. There is no exchange control. There are no direct taxes. A report released by the International Monetary Fund (IMF) in March 2005 assessing supervision and regulation in the Cayman Islands ' banking, insurance and securities industries, as well as its anti-money laundering regime, recognised the jurisdiction's comprehensive regulatory and compliance frameworks.
