Foreign Affairs

The Cayman Islands are members of the following groups: the Caribbean Community (CARICOM), British overseas territories and crown dependencies, outlying territories of European countries, and the British Empire and Commonwealth of Nations.

Citizens of the US, Canada and of Britain and its dependent territories only need a passport or birth certificate plus photo ID, along with a return or ongoing travel ticket in order to enter the Cayman Islands. All other nationals are required to present a passport and a return or ongoing travel ticket to enter the islands. Visitors are allowed to stay for up to six months.

Foreigners without Caymanian status who wish to work in the Cayman Islands must apply for a work permit from the Immigration Board. It is important to note that not all applications are successful and work permits are approved for senior positions for a period of two to three years. Caymanian status is granted on a quota basis to citizens from the UK and British Dependent Territories, and several other countries including Ireland, the US, Australia and New Zealand.

The World of Business

The Cayman Islands have business and communication infrastructures that meet even the highest international standards. What’s more, the business environment is particularly in-touch with the needs of the finance sector. This is likely the result of the Cayman Island’s long-standing tradition of marketing itself as an international finance center as well as its carefully developed regulatory structure. It is important to note that the Cayman Island’s prides itself on its compliance with all the regulatory requirements of the G-7 Financial Task Force. The major drawback of the Island’s professional infrastructure is the high costs associated with it.

The Government of the Cayman Islands neither controls capital nor foreign exchanges. Moreover, offshore banking transactions are generally only regulated with the intention of preventing money laundry. Although large, undocumented cash transactions will be investigated, banks in the Cayman Islands offer a high degree of confidentiality. It is possible to repatriate capital, profits, and interest at will. The Cayman Islands does not tax withholdings.

Although the Cayman government does not offer many incentives for foreign investments on the islands as such, the government does encourage offshore activities in other ways. The government does not differentiate between Cayman citizens and foreigners with regard to investments and does not levy any taxes on the investment process as a whole.

Currency

Official name: Cayman Island dollar

Currency code: KYD

Abbreviation: KY$

Pegged with: US$ 1.2 = KY$1

Legal tender in: Cayman Islands

Subdivided into: 100 cents

Coins: 1, 5, 10, 25 cents

Notes: 1, 5, 10, 25, 50, 100 dollars

Central bank: Cayman Islands Monetary Authority

Website: www.cimoney.com.ky

Current exchange rates:

• http://finance.yahoo.com/currency,

• http://www.xe.com, and

• http://www.oanda.com

The Cayman Island dollar is the 10th highest value currency unit in the world as well as the highest valued dollar.