Editing Economy of the Cayman Islands (section)

==History==

From the earliest settlement of the [[Cayman Islands]], economic activity was hindered by isolation and a limited natural resource base. The harvesting of [[sea turtle]]s 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 arable land. [[Fishing]], [[shipbuilding]], and [[cotton]] production boosted the [[economy]] during the early days of settlement.  In addition, settlers scavenged shipwreck remains from the surrounding coral reefs.

The boom in the Cayman Islands' international finance industry can also be at least partly attributed to the [[British overseas territory]] having no [[direct taxation]].  A popular legend attributes the tax-free status to the heroic acts of the inhabitants during a maritime tragedy in 1794, often referred to as "Wreck of the Ten Sails".<ref>[http://www.caymanchamber.ky/visitor/poi.htm#wreck Points of Interest: The Wreck of the Ten Sails] {{Webarchive|url=https://web.archive.org/web/20081202011824/http://www.caymanchamber.ky/visitor/poi.htm#wreck |date=2 December 2008 }}. Cayman Islands Chamber of Commerce, 2003. Retrieved 11 September 2008.</ref> The wreck involved nine British merchant vessels and their naval escort, the [[frigate]] HMS Convert, that ran aground on the reefs off [[Grand Cayman]]. Due to the rescue efforts by the Caymanians using canoes, the loss of life was limited to eight.<ref>[http://www.nationaltrust.org.ky/info/eelight.html The East End Lighthouse Park] {{Webarchive|url=https://web.archive.org/web/20040409103339/http://www.nationaltrust.org.ky/info/eelight.html |date=9 April 2004 }}. National Trust of the Cayman Islands, 8 June 2006. Retrieved 11 September 2008.</ref> However, records from the colonial era indicate that Cayman Islands, then a [[Dependent territory|dependency]] of [[Jamaica]], was not tax-exempt during the period that followed. In 1803, the inhabitants signed a petition addressed to the [[governors of Jamaica|Jamaican governor]] asking him to grant them a tax exemption from the "Transient Tax on Wreck Goods".<ref>Smith, Roger C. (2000). ''The Maritime Heritage of the Cayman Islands''. University Press of Florida. {{ISBN|0-8130-1773-4}}, p. 172.</ref>

Sir Vassel Johnson, the second Caymanian to be knighted, was a pioneer of Cayman's financial services industry. Cayman Islands Past Governor Stuart Jack said. "As one of the architects of modern Cayman, especially the financial industry, Sir Vassel guided the steady growth of these Islands as the first financial secretary. His remarkable vision set the foundation for the prosperity and economic stability of these islands. Without his input, Cayman might well have remained the islands that time forgot."<ref>{{cite web |last1=Jack |first1=Stuart |title=Governor's Tribute to Sir Vassel |url=http://www.gov.ky/portal/page/portal/cighome/pressroom/archive/200811/governorstributetosirvassel |website=Cayman Islands Government |access-date=16 June 2018 |archive-url=https://web.archive.org/web/20180616115203/http://www.gov.ky/portal/page/portal/cighome/pressroom/archive/200811/governorstributetosirvassel |archive-date=16 June 2018}}</ref>