Things You Didn’t Know About Cayman Islands
Did you know that Grand Cayman has the highest standard of living in the Caribbean? The residents are more British than their American counterparts, and there are more registered businesses on the island than people. Did you know that you can buy a house for a fraction of its price? Here are the other things to know about the Cayman Islands before visiting. Whether you want to relax on a beautiful beach or experience the cosmopolitan nightlife, you will enjoy living in this island paradise.
Bioluminescent Bay is arguably the world’s best beach.
If you are looking for a truly mystical experience, you can’t do much better than the Bioluminescent Bay in Grand Cayman. The Bay’s high concentration of plankton causes it to glow when disturbed at night, making it an unmissable sight. The best way to experience the Bay’s bioluminescence is to snorkel. Unlike kayaking, this activity will give you a clearer view of the underwater world.
For the ultimate Bioluminescent Bay experience, kayakers can paddle from Rum Point to the Bay. The light from these creatures, which glow when disturbed by sunlight, attracts predators. The glow is especially striking on nights and at new moons. The Bay is truly magical, and you will never want to leave! There are many activities on Rum Point and nearby and you may want to check out visitcaymanislands.com.
Grand Cayman has the highest standard of living in the Caribbean.
With the highest standard of living in the Caribbean, Grand Cayman is a desirable place to invest in real estate. It has high internet speeds, a diverse real estate market, and a burgeoning arts scene. In addition, the country is wealthy, with a GDP per capita of $33,516. However, it is a stable developing nation, and its economy is mainly based on tourism.
The Cayman Islands are made up of three distinct parts, each with its distinctive characteristics. Grand Cayman is the largest, with a population of approximately 55,000 residents. Moreover, the capital city, George Town, is a thriving economic center with numerous museums and galleries. One must not miss the Pure Art Gallery on Heroes Square. The island is also a financial haven, with many international corporations and elites choosing to live and work here.
The island is also known for its excellent rum. Residents are proud of their rum heritage and the prevalent drinking culture. While food and lodging are inexpensive, rent can reach up to $3,300 a month. Monthly expenses also include utilities and entertainment. Younger tourists often share apartments since rents can reach as much as $3,300 a month. Though the cost of living is reasonable, it may not be for everyone.
Residents are more British than the Britons.
The referendum vote on British citizenship is a big issue for Caymanians. Many Caymanians are British, and some even feel strongly about it. But British citizens living in the Cayman Islands are also BOT nationals with full British citizenship. In 1997, the British government issued a white paper granting all BOT nationals full British citizenship and the right to reside in the UK. So while Caymanians have taken up residency in the UK, the referendum vote affects ALL Caymanians. If Britain gives British citizenship to all its citizens, this could affect Cayman’s travel to Europe and residency visas for British citizens.
Politically, Cayman Island residents are more British than their counterparts. A constitution was approved in 2009, which creates a government and cabinet. The governor is a representative of the British monarch, and the Cayman Islands premier is a Caymanian who can serve two consecutive four-year terms. The governor has responsibility for defense and foreign affairs. He is assisted by a deputy governor who must be Caymanian. The governor leads the cabinet, including the Premier and six appointed members.
There are more registered businesses than people in Grand Cayman.
The Cayman Islands is a tax haven for companies. More than 20,000 companies are registered in its Ugland House office building, which is five stories tall. As a result, the island is a top destination for offshore investors. Cayman is also the world’s fifth-largest financial center, home to forty of the world’s 50 largest banks. Mutual funds were introduced in 1993, making Cayman the world’s leading offshore hedge fund jurisdiction. Many household names in the UK have accounts in the Cayman Islands, as do many international companies. As of 2010, more businesses are registered in Grand Cayman than people.
The economy of the Cayman Islands is based on tourism, banking, and other services. The country’s residents earn the highest per capita income in the Caribbean. The average household has $24,000 in revenue, making Grand Cayman a hotspot for international businesses. The country’s government has established the Needs Assessment Unit (NABU) to help alleviate poverty. The island is home to many national charities, including the Cayman Islands National Trust.