The islands boast the highest standard of living in the Caribbean, with an average wage of US$42,000 per annum. In the 1970s, tourism and finance became the economic mainstays, taking over the original economy which was centred around turtling and before that, rope making. Today, Grand Cayman is one of the worlds leading offshore financial centres.
Cayman has its own currency, the Cayman Island’s Dollar. One US dollar is equivalent to 1.227 Cayman dollars.
As Cayman is tax free, the Government’s primary source of income is gained from indirect taxation. Most goods imported into the Cayman Islands have an import duty of between 5% and 20%. A flat licensing fee is charged to financial institutions operating on the island and each tourist is charged a fixed fee of US$25.00 when leaving Cayman.
