Cayman Islands, B.W.I
The economy of the Caymans has traditionally been founded on two pillars – tourism and financial services.
The Caymans’ low-tax economy has drawn many foreign firms – especially banks – to the Territory, and the Cayman Islands is the world’s fifth-largest banking centre. As of 2014, around 90,000 companies were registered on the Islands.
In 1993 the Islands introduced the Mutual Funds Law, allowing hedge funds to operate in the Territory. Since the mid-1990s the Islands have become the world’s foremost offshore hedge fund base, and today around 10,000 such funds are registered in Territory.
To invite investment, and diversify the economy, the government has established the Cayman Islands Investment Bureau. In particular, the government is keen to develop the high-tech and healthcare industries.
Tourism is geared toward the high-end market. Around a million holidaymakers visit the islands every year.
Being so heavily dependent on international finance, the Cayman Islands have very little on the way of industry. Most goods are imported and the financial health of the Islands is intertwined with the health of the international economy generally.
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