The Economy

The Cayman Islands economy is dominated by three pillar of economy development: International Financial Service, Tourism and the Real Estate industry.

The Cayman Islands historically have been popular as a tax-exempt destination. Legend has it that Caymanians in 1788 rescued the crews of a Jamaican merchant ship convoy which had struck a reef at Gun Bay and that the Caymanians were rewarded with King George III's promise to never again impose any tax.

From the earliest settlement of the Cayman Islands, economic activity was hindered by isolation and a limited natural resource base. The harvesting of sea turtles to resupply passing sailing ships was the first major economic activity on the islands, but local stocks were depleted by the 1790s. Agriculture, while sufficient to support the small early settler population, has always been limited by the scarcity of available land. Today Caymanians enjoy one of the highest standards of living in the world.

The Cayman Islands economy has been affected by the global recession, which affected all three pillars to some extend. Tourism to the Cayman Islands also was in decline for the past couple of years however number of cruise ship arrivals and stay over tourist are on the rise. 2010 figures are the sixth-best in the past decade.

 

Key contacts

Ann Baxter

Ann Baxter

Office Manager

Savills Cayman Islands

+1 345 640 6400