Creating Cayman: How The Cayman Islands Built A Financial Centre

The creation of the Cayman Islands as one of the world's leading financial centres is a stunning development story that illustrates an economic strategy built on the rule of law, one which offers an important model for other nations. Providing the rule of law for international business benefits not just the Cayman Islands and Caymanians; it is a valuable service for the entire world. Caymanian entities play a key role in facilitating investment and international lending, financing major capital goods like aircraft, reducing insurance costs, and managing cross-border investments.

In 1960, the Cayman Islands' main economic activities were turtle fishing, remittances from Caymanian sailors in the US merchant marine, and thatched rope made by local women for sale to passing fishermen. Plagued by ferocious mosquitoes, the tourism industry struggled. By 1980, Cayman had passed Britain in GDP per capita, an amazing accomplishment; the mosquitoes were under control; and