Economic pillars of the Cayman Islands

Image source: cruisemapper.com

About 290 kilometers northwest of Jamaica and 160 kilometers south of Cuba, lies the British Overseas Territory of the Cayman Islands, one of the world’s leading offshore investment and financial services centers recognized by the biggest players in the global finance industry. The islands encompass three major regions: Little Cayman, Cayman Brac, and the Grand Cayman.

Aside from being a tax-efficient jurisdiction favored by giant multinational corporations and wealthy individuals, the Cayman Islands has a lot more to offer. Local residents are engaged in numerous industries and are all helping the region diversify into newer frontiers. Here are some of the sectors that have significantly helped boost the islands’ growing economy:

Tourism

Located in the Western Caribbean Sea, the Cayman Islands is a popular destination for international travelers. The largest island, Grand Cayman, is known for its pristine beach resorts and mesmerizing diving and snorkeling spots. On the other shores, Cayman Brac is a launch point for other activities like deep-sea fishing excursions. The smallest island, Little Cayman, is a sanctuary of diverse wildlife and is home to several endangered species such as iguanas and seabirds.

Banking

Banking in Cayman is a flourishing sector, thanks to multinational bankers that continuously rely on the region’s efficiency and client-centered policies.  Recent records reveal that there are 140 foreign banks currently operating in the Cayman Islands, and only 18 banks are domestic. Most of these banks are either branches or subsidiaries of international firms from Canada, United States, Europe, and Asia.

Insurance and Finance

The Cayman Islands is an important player in the global financial market, allowing legal and efficient transactions between the users, and their investment capital and financing providers. Thanks to its client-focused market leadership in the financial sector, the islands continue to attract new international clients from the developed world.