Cayman Islands 

Cayman Islands country policy

Policy established 12 November 2009

• Case-by-case assessment

Country class: 2

Cayman Islands country facts

Atradius DSB Economic Research 
Country Report last updated :  15 October 2009
Country :  CAYMAN ISLANDS 

Political Situation
Stable

Head of state
QE II, represented by governor Stuart Jack.

Form of government
Government of the United Democratic Party, headed by p.m. McKeeva Bush.

 
Internal Economic Situation
In 2009 Economic Recession; Fiscal PROBLEMS

General situation
The Caymans are one of the world’s largest financial centres, well known as a tax haven. The three islands enjoy more registered businesses than inhabitants: > 6000 funds,  > 500 banks and > 65,000 registered companies. The government has enforced stricter banking regulations to counter money laundering. The economy is vulnerable to hurricanes (in 2004 Ivan damaged private properties and infrastructure with a total loss that even exceeded GDP) and the performance of the US-economy: since 2008H2 abating GDP-growth and in 2009 economic recession due to fallen tourism and less financial services. Real GDP-contraction may amount to 4%.

External Economic Situation
Good

Main sources of foreign exchange
Services. 

Main foreign markets
United States.

Main expenses of foreign exchange
Construction material.