Indian Chief Travel Guides

Grand Cayman

Just what makes Grand Cayman grand? Grand Cayman is, as the name suggests, the largest of the three Cayman Islands. This is true not only in terms of size, but also in the number of attractions it offers. The 76-square-mile island, approximately 22 miles long and eight miles at its widest point, is chock-full of luxurious hotels and condominiums, beach bars, fine restaurants, duty-free shops, and plenty of soft adventure ranging from sunset cruises to scuba diving with stingrays.

This is the center of Cayman’s tourism industry, the destination of most travelers. Within the island, most vacationers head to Seven Mile Beach, home to the lion’s share of hotels and condominiums. This legendary beach is one of the best in the Caribbean.

Offshore Banking

One of the first things you’ll notice about Grand Cayman is its affluence. Don’t look for beach vendors or hair braiders along Seven Mile Beach – they’re prohibited in this nation. The Cayman Islands enjoy one of the highest standards of living in the hemisphere, so expect to see nice cars, wellmaintained streets, and signs of prosperity. Much of that affluence comes from its successful tourism industry, 70% of its national product. Most visitors arrive from the States, although which part of the US varies by time of year. During the winter season, many come from the East and Midwest; in hot summer months a great number of Texans and Southerners make their way to these islands, which are cooler than their own home states during that time.

Offshore financial services play an integral role in the islands’ success as well. Grand Cayman has over 500 licensed banks (including 47 of the 50 largest banks worldwide). Banking secrecy laws passed in 1966 laid the groundwork for this profitable industry that today ranks the small island as the fifth largest financial center in the world, surpassed only by London, Tokyo, New York, and Hong Kong.

Offshore insurance companies are also a growing business. Nearly 400 offshore insurance or captive insurance companies make their base here (captive insurance companies are set up by a company or a trade association to serve its members or employees). Thanks to Cayman Islands’ generous tax-free status, many other companies choose to incorporate in the islands; currently almost 30,000 companies are registered here.

A Cayman Bank Account

Just what is a Cayman bank account? Some are, as might be expected, multi-million-dollar accounts, while others are much smaller in scale. Both take advantage of the tax-free status and confidentiality laws. These laws protect all reputable transactions as a means for earning tax-free interest. You can open an account once the Caymanian bank receives a reference from your home banker, then you can deposit funds (in US dollars, if you like). Unlike some countries, there is no exchange control and your money can be moved in and out of the country freely and privately.

Because of the banking and offshore insurance industries, you’ll notice that Grand Cayman has a different atmosphere than many other Caribbean islands. Here you’ll find many returning guests, folks who are required by corporate charter to meet several times a year on the island (what a tough break!). You’ll meet many Americans who own property on Grand Cayman and live part of the year on the sunny isle. You’ll also see many people combining a business trip with a few days of R&R.

Fun-in-the-Sun

But don’t think that this is a suit-and-tie island; Grand Cayman is as laid-back as any other fun-in-the-sun site.

So where to start? If you arrive by air or cruise ship, you’ll start off in George Town, the capital of the island and the center of its business, transportation and shopping industries. From George Town, most visitors head to Seven Mile Beach, the center of the tourism industry, filled with luxury hotels, condominiums, restaurants, dive operators, and more.