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One of the world's largest financial centres and a well-known tax haven, this British overseas territory in the Caribbean has more registered businesses than it has people. Grand Cayman and its sister islands Cayman Brac and Little Cayman have natural attractions too. Beaches, coral reefs and abundant marine life make them a popular haunt for the wealthier visitor.
Overview
Once a dependency of Jamaica, the Cayman Islands came under direct British rule after Jamaica declared independence in 1962. Granted greater autonomy under a 1972 constitution, the islands are largely self-governing and economically self-sufficient. Tourism, banking and property are big money earners, having overtaken the traditional trades of fishing, turtle hunting and shipbuilding. More than 6,000 funds, nearly 600 banks and tens of thousands of companies operate through the islands. The industry has come under scrutiny and the government has enforced stricter banking regulation to counter money laundering. Hurricane Ivan Hurricanes are a natural hazard in the low-lying islands. In September 2004 Hurricane Ivan pounded the main island with winds of up to 200 mph. A national disaster was declared. The offshore finance industry quickly resumed operations. But the rebuilding of homes and other buildings - 70% of which were damaged - took longer. Christopher Columbus discovered the islands in 1503 and named them Las Tortugas, after the giant turtles that he sighted in the surrounding seas. The islands were later renamed Caymanas, from the Carib indian word for a crocodile. Once threatened with extinction from over-hunting, turtles are now bred - mainly for domestic consumption - at the Cayman Turtle Farm. The farm releases hundreds of turtles into the wild every year.
Facts
- Territory: Cayman Islands
- Status: British overseas territory
- Population: 47,900 (UN, 2008)
- Capital: George Town, on Grand Cayman
- Area: 260 sq km (100 sq miles)
- Major language: English
- Major religions: Christianity
- Life expectancy: n/a
- Currency: Cayman Island dollar
- Main exports: Fish, cut flowers
- GNI per capita: n/a
- Internet domain: .ky
- International dialling code: +345
Leaders
Head of state: Queen Elizabeth II, represented by a governor Leader of government business: Kurt Tibbetts The People's Progressive Movement, led by Kurt Tibbetts, won general elections in May 2005, defeating McKeeva Bush's governing United Democratic Party by nine seats to five in the legislative assembly. Mr Tibbetts said he hoped to usher in a new era of transparent politics. McKeeva Bush became government leader in late 2001 after Mr Tibbetts was ousted in a vote of no-confidence. The constitution provides for direct government, with a governor, a cabinet and a legislative assembly. A new constitution was drafted in 2002, proposing the creation of the office of chief minister, a full ministerial government and a bill of rights. Mr Bush and Mr Tibbetts discussed the draft with British officials, but agreement could not be reached and the review was put on hold. A fresh constitutional review was launched in March 2007.
Media
Four TV stations are on the air in the Caymans, two of them run by religious organisations. Cable and satellite offer a variety of US and international stations. Private FM radio stations operate alongside government-owned Radio Cayman. The press Television Radio
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