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Business Profile
Economy: The Cayman Islands have no direct taxation and have become important as an offshore financial centre and a tax haven. The finance industry has grown rapidly since the late 1980s when many companies relocated to the islands from Panama, which was racked by political instability. Good communications and infrastructure helped to sustain its growth, to the point where the islands are now the world’s fifth largest banking centre. A key agreement on information exchange signed with the US government in 1990 – extended in 2001 – has spared the Cayman Islands many of the problems (money laundering and large-scale tax avoidance) that have bedevilled other aspirant offshore financial centres. Nor has it been subject to the critical scrutiny of the OECD which has been leading the global assault on cross-border financial malpractice. Tourism is the islands’ other main source of revenue. There is little agriculture, and most of the foodstuffs for the islands are imported. Industry is confined to construction and food-processing. The standard of living on the islands is generally high, and the per capita income is the highest in the region. The healthy state of the economy attracted immigrant workers from Jamaica, Europe and North America who now make up 30 per cent of the working population. The USA is substantially the islands’ largest trading partner, followed by the UK, Japan and the Netherlands Antilles. The Cayman Islands have observer status at the Caribbean Common Market, CARICOM, and associate membership of the European Union.
Business: Business suits are recommended when calling on senior officials and local heads of business and also for semi-formal or formal functions. Exchange of calling cards is usual and letters of introduction are sometimes used. It is generally easy to gain access to offices of senior government officials, politicians and business executives. Civil servants are precluded from accepting gifts except for diaries or calendars at Christmas. Monetary gifts or expensive presents are not encouraged in the private sector. Office hours: Mon-Thurs 0930-1730, Fri 0900-1700.
Commercial Information: For advice contact the Cayman Islands Chamber of Commerce, PO Box 1000 GT, Grand Cayman (tel: 949 8090; fax: 949 0220; e-mail: chamber@candw.ky; website: cayman.com.ky/chamber).
Conferences/Conventions: Many hotels have conference facilities. Contact the Cayman Islands Department of Tourism for details (see Contact Addresses section).
Copyright © 2003 Columbus Publishing Ltd.
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