About Cayman Island
Cayman Island
The Cayman Islands are a British Overseas Territory located south of Cuba in the western Caribbean Sea. This territory, consisting of Grand Cayman, Cayman Brac and Little Cayman, was first discovered by Christopher Columbus in 1503 (during his 4th and final voyage to the New World) – naming the islands Las Tortugas (The Turtles), due to the sizable sea turtle population there at the time. Sir Francis Drake, who came across these islands in 1586, named the islands “Cayman” (borrowing the Taino Indian word for “alligator”).
The British established the first permanent European settlement within these islands in 1661, and formally colonized what’s now the Cayman Islands in 1670. The Cayman Islands were governed as part of the British colony of Jamaica until 1962, when they became a separate crown colony, while Jamaica became independent.
These days, with the Cayman Islands becoming known as a popular tax haven (due to its lack of income taxes, capital gains tax, or any wealth tax), they became a major international financial center (possessing the fifth largest banking center in the world). The financial service industry generates 36% of the islands’ employment and 40% of all government revenue. Because of the prominence of its financial sector, as well as the islands’ liberal tax regime, the Caymans also have the distinction of having more registered businesses than people (with an estimated population of just 56,000, as of 2011). With an average income of US$57,000, the islands’ GDP per capita is said to be one of the highest in the world.
Aside from its thriving financial sector (with just under 600 banks and trust companies at Grand Cayman – including 43 of the 50 largest banks in the world), the Caymans have also developed an emerging tourism sector over the years, due to their tropical climate, beautiful beaches, water sports and scuba diving. It naturally attracts luxury tourists, due to the VIP accommodations often available there, one of the highest standards of living in the world, and USA-like infrastructure.
NOTES ON CAYMAN BRAC AND LITTLE CAYMAN ISLANDS
Cayman Brac gets its name from its main feature: a rugged limestone bluff (“brac” in Gaelic) that goes up the center of the 12-mile (19-km) island, pocked with caves and ending in a steep 140-foot cliff at its eastern end. The Brac, 89 miles (143 km) northeast of Grand Cayman, can be reached via Cayman Airways. It’s a serene destination for eco-tourists, providing world-class birding, scuba diving, bonefishing in the shallows or light-tackle and deep-sea angling, hiking, spelunking, and rock climbing. There are only 1,800 residents at Cayman Brac (known locally as “Brackers”), and it’s no surprise that this island has a small town vibe.
The third of the Caymans, Little Cayman, is the smallest, most tranquil of the three, with a population of just 170 residents. That island, just 12-square-mile (31-square-km) long, is still unspoiled with a modest sand-sealed airstrip, no official terminal building, and few vehicles. The speed limit remains 25 mph (40 kph), since “rush hour” is unheard of here. In fact, the island’s iguanas use roads more regularly than residents, with local artists posting signs that read: “Iguanas Have the Right of Way.”
With little commercial development, the island draws in eco-tourists who seek wildlife encounters, as well as off-shore endeavors. One such activity is the diving on Bloody Bay Wall and nearby Jackson Marine Park. The reefs and plummeting walls encircling the island have over 500 different species of fish and more than 150 kinds of coral. Other visitors pursue fly-, lake-, and deep-sea fishing, along with snorkeling, kayaking, cycling, and hiking.
Environmentalists will appreciate the bird life here. The National Trust Booby Pond Nature Reserve is a designated wetland of international importance, which protects around 20,000 red-footed boobies, the Western Hemisphere’s largest colony. It’s just one of many spots to witness avian aerial acrobatics.