Page 482 - The British Big Four

he Cayman Islands historically have been a tax-exempt destina- successful. It is this mix of tourism and finance that has enabled the
nation to avoid the pitfalls of putting all its eggs in one proverbial
T tion. In February 1794, the Caymanians rescued the crews of a
group of ten merchant ships, including HMS Convert, an incident basket.

that has since become known as the Wreck of the Ten Sail. The ships I n 1999, thirty-three years after the establishment of the first
tourist Board, tourism figures spilled over the one million mark.
had struck a reef and run aground during rough seas. Legend has
it that King George III rewarded the island with a promise never

to introduce taxes as compensation for their generosity, as one of A renewed vision of tourism’s economic potential, coupled with a

the ships carried a member of the King’s own family, his son Prince long-term tourism management plan has taken the Cayman Islands

William, Duke of Clarence and St Andrews. There are no taxes on into the new millennium. This vision focuses on controlled growth

profits, capital gains, income or any withholding taxes charged and the preservation of natural, cultural and heritage sites. Among

to foreign investors. There are no estate or death duties payable numerous preservation projects are a green sea turtle breed and

on Cayman Islands real estate or other assets held in the Cayman release program that reintroduces green sea turtles into the wild.

Islands. These creatures that first caught the eye of Christopher Colum-

T he Cayman Islands are a major international financial center bus and sustained seamen and Caymanians for over a century will
and are the fifth-largest banking center in the world. Financial hopefully thrive and again swim freely in the safe haven of Cay-
man’s waters.

services generated 55% of the total economy, 36% of all employ- T he Blue Iguana Recovery Program is dedicated to preserving
ment and 40% of all government revenue The nation’s racial har- the world’s most endangered iguana, the Grand Cayman Blue
mony and strong social fabric, its decision to retain its strong links

with Britain, its minimal regulation of companies and trusts, and its Iguana; the program combines education, fundraising, and habitat

sound governmental policies that create an economically reward- enhancement to improve breeding success.

ing environment for the majority, have made the financial industry