Editing Cayman Islands (section)

== Economy ==
{{main|Economy of the Cayman Islands}}

According to ''Forbes'', the Cayman Islands has the 7th strongest currency in the world (the CI dollar or KYD), with US$1.00 equivalent to CI$0.80.<ref>{{cite web|url=https://www.forbes.com/uk/advisor/investing/currencies/top-10-strongest-currencies-in-the-world/|title= Strongest Currencies in the World|website= [[Forbes]]|date= 5 July 2023}}</ref>

The economy of the Cayman Islands is dominated by financial services and tourism, together accounting for 50–60% of [[Gross Domestic Product]].<ref>{{cite web|url=https://www.cia.gov/the-world-factbook/countries/cayman-islands/|title=Cayman Islands – Central Intelligence Agency|website=The World Factbook |date=29 November 2021|access-date=24 January 2021|archive-date=13 January 2021|archive-url=https://web.archive.org/web/20210113103808/https://www.cia.gov/the-world-factbook/countries/cayman-islands/|url-status=live}}</ref> The nation's zero tax rate on income and storage of funds has led to it being used as a [[tax haven]] for corporations; there are 100,000 companies registered in the Cayman Islands, more than the population itself. The Cayman Islands have come under criticism for allegations of [[money laundering]] and other financial crimes, including a 2016 statement by then US president [[Barack Obama]] that described a particular building which was the registered address of over 12,000 corporations as a "tax scam".<ref>{{cite web|url=https://www.theguardian.com/us-news/2016/jan/18/the-cayman-islands-home-to-100000-companies-and-the-850-packet-of-fish-fingers|title=The Cayman Islands – home to 100,000 companies and the £8.50 packet of fish fingers|date=18 January 2016|website=The Guardian|access-date=16 February 2020|archive-date=18 January 2016|archive-url=https://web.archive.org/web/20160118191220/http://www.theguardian.com/us-news/2016/jan/18/the-cayman-islands-home-to-100000-companies-and-the-850-packet-of-fish-fingers|url-status=live}}</ref>

The Cayman Islands holds a relatively low unemployment rate of about 4.24% as of 2015,<ref>{{cite web|url=https://data.worldbank.org/indicator/SL.UEM.TOTL.NE.ZS?locations=KY&name_desc=true|title=Unemployment, total (% of total labor force) (national estimate) – Cayman Islands |publisher=World Bank|access-date=22 September 2019|archive-date=22 September 2019|archive-url=https://web.archive.org/web/20190922224848/https://data.worldbank.org/indicator/SL.UEM.TOTL.NE.ZS%3Flocations%3DKY%26name_desc%3Dtrue|url-status=live}}</ref> lower than the value of 4.7% that was recorded in 2014.

With an average income of US$109,684 [[Caymanian]]s have the highest standard of living in the Caribbean. According to the [[CIA World Factbook|CIA ''World Factbook'']], the Cayman Islands' real GDP per capita is the tenth highest in the world, but the CIA's data for Cayman dates to 2018 and is likely to be lower than present-day values.<ref>{{cite web|title=CIA – The World Factbook – Cayman Islands|url=https://www.cia.gov/the-world-factbook/countries/cayman-islands|url-status=live|access-date=10 November 2020|archive-url=https://web.archive.org/web/20210113103808/https://www.cia.gov/the-world-factbook/countries/cayman-islands |archive-date=13 January 2021 }}</ref> The territory prints its own currency, the [[Cayman Islands dollar]] (KYD), which is pegged to the [[US dollar]] US$1.227 to 1 KYD. However, in many retail stores throughout the islands, the KYD is typically traded at US$1.25.<ref name="Cayman Currency">{{cite web|title=Moving to Grand Cayman|url=http://www.caymannewresident.com/moving-considerations|website=CaymanNewResident.com|access-date=21 July 2014|archive-url=https://web.archive.org/web/20140625194814/http://www.caymannewresident.com/moving-considerations|archive-date=25 June 2014|url-status=dead}}</ref>

Cayman Islands have a high cost of living, even when compared to UK and US.<ref>{{cite news |last1=Whittaker |first1=James |last2=Klein |first2=Michael |title=Counting the cost of living in the Cayman Islands |url=https://www.caymancompass.com/2021/02/09/counting-the-cost-of-living-in-the-cayman-islands/ |access-date=19 October 2021 |work=Cayman Compass |date=9 February 2021 |archive-date=28 October 2021 |archive-url=https://web.archive.org/web/20211028170408/https://www.caymancompass.com/2021/02/09/counting-the-cost-of-living-in-the-cayman-islands/ |url-status=live }}</ref> For example, a loaf of multigrain bread is $5.49 (KYD), while a similar loaf sells for $2.47 (KYD) in the US and $1.36 (KYD) in the UK.<ref>{{cite news |last1=Whittaker |first1=James |last2=Klein |first2=Michael |title=Cayman shoppers pay premium for groceries |url=https://www.caymancompass.com/2021/02/09/cayman-shoppers-pay-premium-for-groceries/ |access-date=19 October 2021 |work=Cayman Compass |date=9 February 2021 |archive-date=28 October 2021 |archive-url=https://web.archive.org/web/20211028170401/https://www.caymancompass.com/2021/02/09/cayman-shoppers-pay-premium-for-groceries/ |url-status=live }}</ref>

The minimum wage (as of February 2021) is $6 KYD for standard positions, and $4.50 for workers in the service industry, where tips supplement income.<ref>{{cite web |title=Basic Minimum Wage |url=http://www.immigration.gov.ky/portal/page/portal/immhome/workinghere/workpermits/Basic%20Minimum%20Wage |publisher=Cayman Islands Immigration Department |access-date=19 October 2021 |archive-date=17 October 2021 |archive-url=https://web.archive.org/web/20211017170121/http://www.immigration.gov.ky/portal/page/portal/immhome/workinghere/workpermits/Basic%20Minimum%20Wage |url-status=live }}</ref> This contributes to wealth disparity.<ref>{{cite news |last1=Whittaker |first1=James |title=Economist cautions Cayman must address wealth disparity |url=https://www.caymancompass.com/2021/02/09/economist-cautions-cayman-must-address-wealth-disparity/ |access-date=2 October 2021 |work=Cayman Compass |date=9 February 2021 |archive-date=21 September 2021 |archive-url=https://web.archive.org/web/20210921020800/https://www.caymancompass.com/2021/02/09/economist-cautions-cayman-must-address-wealth-disparity/ |url-status=live }}</ref> A small segment of the population lives in condemned properties lacking power and running water.<ref>{{cite news |last1=Whittaker |first1=James |title=Families still living in condemned properties |url=https://www.caymancompass.com/2021/08/10/families-still-living-in-condemned-properties/ |access-date=2 October 2021 |work=Cayman Compass |date=10 August 2021 |archive-date=22 September 2021 |archive-url=https://web.archive.org/web/20210922203855/https://www.caymancompass.com/2021/08/10/families-still-living-in-condemned-properties/ |url-status=live }}</ref>

The government has established a [[Needs Assessment Unit]] to relieve poverty in the islands.<ref>{{cite news|title=The reality of Poverty In Cayman|url=http://www.caymanreporter.com/2015/08/05/reality-poverty-cayman/|access-date=11 April 2016|publisher=Cayman Reporter|date=5 August 2015|archive-url=https://web.archive.org/web/20160423023219/http://www.caymanreporter.com/2015/08/05/reality-poverty-cayman/|archive-date=23 April 2016|url-status=usurped}}</ref> Local charities, including Cayman's Acts of Random Kindness (ARK) also provide assistance.

The government's primary source of income is [[indirect tax]]ation: there is no [[income tax]], [[capital gains tax]], or [[corporation tax]].<ref name=biswas/> A [[tariff]] of 5% to 22% (automobiles 29.5% to 100%) is levied against goods imported into the islands. Few goods are exempt; notable exemptions include books, cameras, and perfume.<ref>{{cite web |title=A Bill for a Law to Increase Various Duties Under the Customs Tariff Law (2002 Revision); to Increase the Rates of Package Tax; And for Incidental and Connected Purposes |url=http://www.gov.ky/portal/pls/portal/docs/1/11526651.PDF |archive-url=https://ghostarchive.org/archive/20221009/http://www.gov.ky/portal/pls/portal/docs/1/11526651.PDF |archive-date=2022-10-09 |url-status=live |publisher=Cayman Islands Legislative Assembly |access-date=25 June 2018 |date=7 December 2009}}</ref>

===Tourism===
{{See also|Scuba diving in the Cayman Islands}}
{{wide image|Seven Mile Beach 2006.jpg|1400px|[[Panorama]] of [[Seven Mile Beach, Grand Cayman|Seven Mile Beach]] in [[Grand Cayman]]}}

One of [[Grand Cayman]]'s main attractions is [[Seven Mile Beach, Grand Cayman|Seven Mile Beach]], site of a number of the island's hotels and resorts. Named one of the Ultimate Beaches by Caribbean Travel and Life, Seven Mile Beach (due to erosion over the years, the number has decreased to 5.5 miles) is a public beach on the western shore of Grand Cayman Island.<ref>[http://www.caymanislands.ky/activities/beaches/sevenmilebeach.aspx Seven Mile Beach | Grand Cayman, Caribbean Vacation | Cayman Islands] {{Webarchive|url=https://web.archive.org/web/20130501180851/http://www.caymanislands.ky/activities/beaches/sevenmilebeach.aspx |date=1 May 2013 }}. Caymanislands.ky. Retrieved on 12 April 2014.</ref> Historical sites in Grand Cayman, such as [[Pedro St. James Castle]] in Savannah, also attract visitors.<ref>[http://www.caymanislands.ky/to_do/activities_pedro.aspx Pedro St. James | Grand Cayman, Grand Cayman Island | Cayman Islands] {{Webarchive|url=https://web.archive.org/web/20120112090624/http://www.caymanislands.ky/to_do/activities_pedro.aspx |date=12 January 2012 }}. Caymanislands.ky. Retrieved on 12 April 2014.</ref> [[File:Looking_Towards_Seven_Mile_Beach_-_panoramio.jpg|thumb|upright=1.3|Observation Tower at Camana Bay, north George Town]][[File:Stingray passing - Grand Cayman.jpg|thumb|Stingray passing through [[Stingray City, Grand Cayman]]]]
All three islands offer [[scuba diving]], and the Cayman Islands are home to several snorkelling locations where tourists can swim with [[stingray]]s. The most popular area to do this is [[Stingray City, Grand Cayman]]. Stingray City is a top attraction in Grand Cayman and originally started in the 1980s when divers started feeding squid to stingrays. The stingrays started to associate the sound of the boat motors with food, and thus visit this area year-round.<ref>[http://www.caymanislands.ky/activities/attractions/stingraycity.aspx Stingray City | Grand Cayman, Grand Cayman Vacation | Cayman Islands] {{Webarchive|url=https://web.archive.org/web/20130501110127/http://www.caymanislands.ky/activities/attractions/stingraycity.aspx |date=1 May 2013 }}. Caymanislands.ky. Retrieved on 12 April 2014.</ref>

There are two [[shipwreck]]s off the shores of Cayman Brac, including the [[Sinking ships for wreck diving sites#List of ships sunk for wreck diving|MV Captain Keith Tibbetts]];<ref>Tim Rock, ''Lonely Planet Diving & Snorkeling Cayman Islands'' (2nd edn, 2007, {{ISBN|1-74059-897-0}}), p. 99</ref> Grand Cayman also has several shipwrecks off its shores, including one deliberate one. On 30 September 1994, the {{USS|Kittiwake|ASR-13|6}} was decommissioned and struck from the Naval Vessel Register. In November 2008 her ownership was transferred for an undisclosed amount to the government of the Cayman Islands, which had decided to sink the ''Kittiwake'' in June 2009 to form a new artificial reef off Seven Mile Beach, Grand Cayman. Following several delays, the ship was finally scuttled according to plan on 5 January 2011. The ''Kittiwake'' has become a dynamic environment for marine life. While visitors are not allowed to take anything, there are endless sights. Each of the five decks of the ship offers squirrelfish, rare sponges, Goliath groupers, urchins, and more. Experienced and beginner divers are invited to swim around the ''Kittiwake''.<ref>[http://www.caymanislands.ky/activities/attractions/kittiwake.aspx Kittiwake | Cayman Dive, Cayman Islands Vacation | Cayman Islands] {{Webarchive|url=https://web.archive.org/web/20130501105640/http://www.caymanislands.ky/activities/attractions/kittiwake.aspx |date=1 May 2013 }}. Caymanislands.ky (5 January 2011). Retrieved on 12 April 2014.</ref> {{anchor|Pirates Week}} Pirates Week is an annual 11-day November festival started in 1977 by the then-Minister of Tourism Jim Bodden to boost tourism during the country's tourism slow season.<ref>{{cite web|url=https://www.piratesweekfestival.com/|title=Pirates Week Festival of the Cayman Islands|website=Piratesweekfestival.com|access-date=13 May 2021|archive-date=11 May 2021|archive-url=https://web.archive.org/web/20210511222855/https://www.piratesweekfestival.com/|url-status=usurped}}</ref>

Other Grand Cayman tourist attractions include the ironshore landscape of [[Hell, Grand Cayman|Hell]]; the {{convert|23|acre|m2|adj=on}} marine theme park "[[Cayman Turtle Centre]]: Island Wildlife Encounter", previously known as "Boatswain's Beach"; the production of gourmet [[sea salt]]; and the [[Mastic Reserve|Mastic Trail]], a hiking trail through the forests in the centre of the island. The National Trust for the Cayman Islands provides guided tours weekly on the Mastic Trail and other locations.<ref>{{cite web |url=http://www.nationaltrust.org.ky/ |title=National Trust For the Cayman islands |publisher=Nationaltrust.org.ky |access-date=31 July 2011 |archive-date=7 August 2011 |archive-url=https://web.archive.org/web/20110807063445/http://www.nationaltrust.org.ky/ |url-status=live }}</ref>

Another attraction to visit on Grand Cayman is the Observation Tower, located in Camana Bay. The Observation Tower is 75 feet tall and provides 360-degree views across Seven Mile Beach, George Town, the North Sound, and beyond. It is free to the public and climbing the tower has become a popular thing to do in the Cayman Islands.<ref>[http://www.camanabay.com/the-town/play/observation-tower/ Observation Tower | Camana Bay] {{Webarchive|url=https://web.archive.org/web/20140906050117/http://www.camanabay.com/the-town/play/observation-tower/ |date=6 September 2014 }}. CamanaBay.com. Retrieved on 1 August 2014.</ref>

Points of interest include the [[East End Light]] (sometimes called Gorling Bluff Light), a lighthouse at the east end of Grand Cayman island. The lighthouse is the centrepiece of East End Lighthouse Park, managed by the [[National Trust for the Cayman Islands]]; the first navigational aid on the site was the first lighthouse in the Cayman Islands.

===Shipping===
{{As of|2015|12|31}}, 360 commercial vessels and 1,674 pleasure craft were registered in the Cayman Islands totalling 4.3 million [[gross tonnage|GT]].<ref>{{cite web |title=CI shipping 2015/2016 annual report page 22 |url=https://www.cishipping.com/system/files/reports/documents/Annual%20Report%202015-2016%2008JAN18.pdf |website=cishipping.com |access-date=11 March 2019 |archive-date=27 July 2020 |archive-url=https://web.archive.org/web/20200727183612/https://www.cishipping.com/system/files/reports/documents/Annual%20Report%202015-2016%2008JAN18.pdf |url-status=dead }}</ref>

===Labour===
The Cayman Islands has a population of 69,656 ({{As of|2021|lc=y}}) and therefore a limited workforce.<ref name="eso">{{cite web|url=https://www.eso.ky/populationandvitalstatistics.html|title=The Economics and Statistics Office|publisher=Government of the Cayman Islands|access-date=3 April 2021|archive-date=10 April 2021|archive-url=https://web.archive.org/web/20210410070551/https://www.eso.ky/populationandvitalstatistics.html|url-status=live}}</ref> [[Work permit]]s may, therefore, be granted to foreigners. On average, there have been more than 24,000+ foreigners holding valid work permits.<ref>{{cite web |url=http://www.eso.ky/pages.php?page=immigrationdata |title=Work Permit Stats |publisher=Eso.ky |date=30 March 2007 |access-date=31 July 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110722142647/http://www.eso.ky/pages.php?page=immigrationdata |archive-date=22 July 2011 }}</ref>

====Work permits for non-citizens====
To work in the Cayman Islands as a [[alien (law)|non-citizen]], a work permit is required. This involves passing a police background check and a health check. A prospective immigrant worker will not be granted a permit unless certain medical conditions are met, including testing negative for [[syphilis]] and [[HIV]]. A permit may be granted to individuals on special work.

A foreigner must first have a job to move to the Cayman Islands. The employer applies and pays for the work permit.<ref>{{cite web |url=http://www.gov.ky/portal/page?_pageid=1142,1592726&_dad=portal&_schema=PORTAL |title=C.I. Government Website – Entry Requirements for Work Permits |publisher=Gov.ky |access-date=31 July 2011 |archive-date=11 August 2022 |archive-url=https://web.archive.org/web/20220811045959/https://www.gov.ky/portal/page?_pageid=1142,1592726&_dad=portal&_schema=PORTAL |url-status=dead }}</ref> Work permits are not granted to foreigners who are in the Cayman Islands (unless it is a renewal). The Cayman Islands Immigration Department requires foreigners to remain out of the country until their work permit has been approved.<ref>{{cite web |url=http://www.island-search.com/browse.php?cat=1748 |title=Online Employment Resources |publisher=Island-search.com |access-date=31 July 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110810225849/http://www.island-search.com/browse.php?cat=1748 |archive-date=10 August 2011 }}</ref>

The Cayman Islands presently imposes a controversial "rollover" in relation to [[expatriate]] workers who require a work permit. Non-Caymanians are only permitted to reside and work within the territory for a maximum of nine years unless they satisfy the criteria of key employees. Non-Caymanians who are "rolled over" may return to work for additional nine-year periods, subject to a one-year gap between their periods of work. The policy has been the subject of some controversy within the press. Law firms have been particularly upset by the recruitment difficulties that it has caused.<ref>[http://www.caymannetnews.com/cgi-script/csArticles/articles/000106/010674.htm Row brews over rollover], 22 January 2007, Cayman net News {{webarchive |url=https://web.archive.org/web/20090205055501/http://www.caymannetnews.com/cgi-script/csArticles/articles/000106/010674.htm |date=5 February 2009 }}</ref> Other less well-remunerated employment sectors have been affected as well. Concerns about safety have been expressed by diving instructors, and realtors have also expressed concerns. Others support the rollover as necessary to protect Caymanian identity in the face of immigration of large numbers of expatriate workers.<ref>[http://www.caycompass.com/cgi-bin/CFPnews.cgi?ID=1011499 Government takes up permit issue] {{webarchive|url=https://web.archive.org/web/20070914224909/http://www.caycompass.com/cgi-bin/CFPnews.cgi?ID=1011499 |date=14 September 2007 }}, Editorial, 5 March 2006, Camanian Compass</ref>

Concerns have been expressed that in the long term, the policy may damage the preeminence of the Cayman Islands as an [[offshore financial centre]] by making it difficult to recruit and retain experienced staff from onshore financial centres. Government employees are no longer exempt from this "rollover" policy, according to this report in a local newspaper.<ref name=":3">{{cite web |url = http://www.caycompass.com/cgi-bin/CFPnews.cgi?ID=1024210 |title = Cayman Islands – Cay Compass News Online – Rollover for civil servants |access-date = 23 June 2008 |url-status=dead |archive-url = https://web.archive.org/web/20080306101403/http://www.caycompass.com/cgi-bin/CFPnews.cgi?ID=1024210 |archive-date = 6 March 2008 |df = dmy-all }}</ref> The governor has used his constitutional powers, which give him absolute control over the disposition of [[civil service]] employees, to determine which expatriate civil servants are dismissed after seven years service and which are not.<ref name=":3" />

This policy is incorporated in the Immigration Law (2003 revision), written by the United Democratic Party government, and subsequently enforced by the People's Progressive Movement Party government. Both governments agree to the term limits on foreign workers, and the majority of Caymanians also agree it is necessary to protect local culture and heritage from being eroded by a large number of foreigners gaining residency and citizenship.<ref>{{cite web |url = http://www.caymanobserver.com/viewarticle.cfm?id=36&Section=LocalNews |title = Cayman Observer |access-date = 23 June 2008 |archive-url = https://web.archive.org/web/20170131190919/http://www.caymanobserver.com/viewarticle.cfm?id=36&Section=LocalNews |archive-date = 31 January 2017 |url-status = dead }}</ref>

====CARICOM Single Market Economy====
In recognition of the CARICOM (Free Movement) Skilled Persons Act which came into effect in July 1997 in some of the [[CARICOM]] countries such as Jamaica and which has been adopted in other CARICOM countries, such as Trinidad and Tobago<ref>{{cite web |title=CSME |url=http://immigration.gov.tt/Services/CSME.aspx |website=immigration.gov.tt |access-date=26 March 2017 |archive-url=https://web.archive.org/web/20170326135453/http://immigration.gov.tt/Services/CSME.aspx |archive-date=26 March 2017 |url-status=dead }}</ref> it is possible that CARICOM nationals who hold the "A Certificate of Recognition of Caribbean Community Skilled Person" will be allowed to work in the Cayman Islands<ref>{{cite web |title=Country Profile for Cayman Islands — Caribbean Community (CARICOM) |url=https://caricom.org/about-caricom/who-we-are/our-governance/heads-of-government/cayman-islands |website=caricom.org |access-date=3 February 2019 |archive-date=21 June 2019 |archive-url=https://web.archive.org/web/20190621195533/https://www.caricom.org/about-caricom/who-we-are/our-governance/heads-of-government/cayman-islands |url-status=dead }}</ref> under normal working conditions.