The ISO code of Cayman Islands is KY according to the ISO 3166 standard. The local name of the country is the same as its English name. Cayman Islands capital city is George Town. People in Cayman Islands speak the English language. In the year 1962, Cayman Islands emerged as a sovereign political entity.
Cayman Islands is located in the UTC -05:00 time zone, which is also called Eastern Standard Time or EST. The internet country code top-level domain (ccTLD) for Cayman Islands is .ky. The International dialing code for Cayman Islands is 1345. People in Cayman Islands drive on the left side of the road. Total land area of Cayman Islands is 264 km² (approx. 102 mi²). Cayman Islands is not a landlocked country. It means that is is bordered by at least one major body of water.
Cayman Islands is located in North America. Cayman Islands is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Cayman Islands faces various issues, including absence natural fresh water resources, drinking water supplies must be met by rainwater catchments.
Doing business in Cayman Islands
We offer various corporate services in Cayman Islands jurisdiction. These services can serve both, people coming from Cayman Islands and foreigners. If you plan on doing business in Cayman Islands you might be interested in contacting us.
To find out about starting your business in Cayman Islands click on company formation in Cayman Islands.
To find out how to open a bank account in Cayman Islands and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Cayman Islands.
Choose preferred service below or continue reading to find out more about Cayman Islands.
Demographics of Cayman Islands
The total population of Cayman Islands is 62,348 people. In Cayman Islands, the population density is 214 people per square kilometer (557 per square mile). Because of this statistic, this country is considered to be densely populated. Cayman Islands has approximately 1569 foreign immigrants. The median age is approximately 39.5 years. In Cayman Islands, 74.13 in every 100 people use internet.
The majority religion of Cayman Islands is Christianity, Cayman Islands is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Cayman Islands.
Culture of Cayman Islands
People in Cayman Islands speak the English language. According to data on inbound tourists in Cayman Islands, 345,000 tourists arrive in the country each year. One of the most popular national dishes of Cayman Islands is conch chowder. To read more click on culture of Cayman Islands.
Geography of Cayman Islands
Cayman Islands is considered to be a large nation because of its total area. Its total land area is 264 km² (approx. 102 mi²). Cayman Islands is located in North America. Its capital city is George Town. Cayman Islands has no land borders.
The highest point of Cayman Islands is The Bluff, with its official height being 46 m (151 ft). Including land mass and EEZ, the total area of Cayman Islands is approximately 264 km² (~102 mi²). The most notable natural resources found in Cayman Islands are fish, pleasant climate, beaches.To read more click on geography of Cayman Islands.
Economy of Cayman Islands
The currency of the country is Cayman Islands dollar. The symbol used for this currency is $, and it is abbreviated as KYD. 4.9% of population in the country are unemployed. The total number of unemployed people in Cayman Islands is 3,055. Each year, Cayman Islands exports around $0.01 billion and imports roughly $0.72 billion. The Gini Index of the country is 40. Cayman Islands is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are tourism, banking, insurance and finance, construction, construction materials, furniture.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Cayman Islands is $3 billion. Each year, consumers spend around $1,950 million. The ratio of consumer spending to GDP in Cayman Islands is 0%, and the ratio of consumer spending to the world consumer market is 0.0056. The corporate tax in Cayman Islands is set at 0%. Personal income tax ranges from 0% to 0%, depending on your specific situation and income level. VAT in Cayman Islands is 7%. To read more click on economy of Cayman Islands.
Infrastructure of Cayman Islands
In Cayman Islands, 90.9% of the population has access to electricity. There are 23,472 internet hosts in Cayman Islands. Cayman Islands has 3 airports nationwide.
The number of road motor vehicles per 1000 inhabitants in Cayman Islands is 71. To read more click on infrastructure of Cayman Islands.
Politics of Cayman Islands
Cayman Islands, is a parliamentary dependency under constitutional monarchy.
According to the World Bank Group, the government effectiveness index of Cayman Islands is 1.16. This indicates that the government of Cayman Islands is effective. Citizens enjoy well-organized public and civil services, and government efficiency is high. While some services may be lacking in certain areas, the overall environment fostered by government legislation is favorable.In Cayman Islands, the legislative power is vested in a Legislative Assembly. To read more click on politics of Cayman Islands.
Environment of Cayman Islands
Cayman Islands emits 10.3 metric tons per capita of CO2. The number of road motor vehicles per 1000 inhabitants in Cayman Islands is 71. To read more click on environment of Cayman Islands.
Company formation in Cayman Islands
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Cayman Islands.
When establishing a company in Cayman Islands, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Cayman Islands that will affect the establishment and growth of one's business. Contact us or click on company formation in Cayman Islands to read additional information when setting up a business.
Bank account opening in Cayman Islands
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Cayman Islands. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Cayman Islands, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Cayman Islands or contact us.