Cayman Islands IFC Recruitment site.

Are the Cayman Islands right for you?

The Cayman Islands which consists of Grand Cayman, Cayman Brac and Little Cayman are located in the western Caribbean sea about 150 miles south of Cuba, 450 miles south of Miami and 167 miles north-west of Jamaica. Christopher Columbus first sighted Cayman Brac and Little Cayman in 1503, naming them Las Tortugas as they resembled two rocks and were full of tortoises. Twenty years later a map identifies all three Islands as Largatos, meaning alligators or large lizards. By 1530, the name Caymanas, derived from the Carib Indian word for the marine crocodile known to have lived on the Island, is used.

Grand Cayman is the largest of the three islands, approximately 75 square miles in area and is twenty-two miles long with an average width of four miles. The island is low-lying with the highest point about 60 feet above sea level. Cayman Brac lies about 89 miles northeast of Grand Cayman. It has an area of approximately 15 square miles and is about 12 miles long with an average width of 1.25 miles. Little Cayman lies 5 miles west of Cayman Brac and is about 10 miles long with an averaged width of a mile. These two sister islands are only accessible by air.

Grand Cayman is best known as the fifth largest financial centre after New York, London, Tokyo and Hong Kong. The islands also boast a growing tourism industry, attracting visitors from across the globe to its beautiful beaches and world renowned dive sites. The Island has direct flights to numerous US cities including New York, Houston, Tampa, Orlando, Fort Lauderdale, Boston and Chicago. There are also flights via Bahamas to London and weekly to Toronto, Canada as well as direct charter flights to Mexico, Costa Rica, Dominican Republic, Cuba etc.

Population
In spring 2006 the estimated population was 51,993. Just under half of the population were non-Caymanians admitted under the work permit system which controls the inflow of foreign labour. The majority of work permit holders (80%) come from Jamaica, Philippines, the United Kingdom, Canada, United States and Honduras.

Political Structure
In 1863, the British Parliament formally made the Cayman Islands a dependency of Jamaica. Following Jamaica’s independence from Great Britain in 1962, Cayman chose to remain a Crown Colony, governed by an administrator who reports directly to Westminster in London. In addition to the Crown-appointed Governor, the constitution provides for a Legislative Assembly and a Cabinet. The cabinet comprises three appointed official members and five ministers elected from the fifteen elected members of the Assembly. While the Governor maintains responsibility for the defense, external affairs, internal security, civil service and the police, presidency of the Legislative Assembly was passed to the Speaker in 1991.

Infrastructure and Economy
The Cayman Islands is regarded as one of the world’s premier international financial centers offering services including banking, trust companies, mutual funds, company management, structured financing, vessel registration, accounting, insurance and securities listings on the stock exchange. Forty seven of the fifty largest banks in the world are currently licensed in Cayman. In addition, Cayman is home to the leading legal and accounting firms (including the big four accounting firms) and has become the leading domicile for offshore hedge and mutual funds.

Cayman continues to be the jurisdiction of choice for foreign investors and for legal, accounting and administrative professionals of the highest caliber who want to work in challenging and rewarding positions within the most respected and well-known legal and financial services organisations in the world.

Language
English is the spoken language in the Cayman Islands. The culture is a blend of traditional and modern with noticeable British and America influences.

Currency
The official currency is the Cayman Islands Dollar (CI$) which circulates throughout the three Islands. United States dollars (US$) but not coins are also in circulation and widely accepted.

Exchange Control
None.

Law
Common Law based on English Common Law.

Disclaimer The materials contained on this web page are provided for general information only and do not constitute any form of legal definition or advice. IFC Recruitment assumes no responsibility for the accuracy of any particular statement and accepts no liability for any loss or damage which may arise from reliance on the information contained on this site. References 1. Wikipedia profile: Cayman Islands 2. CIA World Factbook entry: Cayman Islands