🇰🇾 George Town is the capital of the Cayman Islands. The Cayman Islands has more registered businesses than people. The majority of the population resides on Grand Cayman, followed by Cayman Brac and Little Cayman. The Cayman Islands is a self-governing British Overseas Territory, the largest by population, in the western Caribbean Sea. The 264-square-kilometre (102-square-mile) territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the south of Cuba and north-east of Honduras, between Jamaica and Mexico's Yucatán Peninsula. The capital city is George Town on Grand Cayman, which is the most populous of the three islands.
The Cayman Islands is considered to be part of the geographic Western Caribbean Zone as well as the Greater Antilles. The territory is considered a controversial major world offshore financial haven for international businesses and wealthy individuals, largely as a result of the state not charging taxes on any income earned or stored. The economy of the Cayman Islands is dominated by financial services and tourism, together accounting for 50-60% of Gross Domestic Product. The nation's low tax rates have led to it being used as a tax haven for corporations; there are 100,000 companies registered in the Cayman Islands, more than the population itself. The Cayman Islands have come under criticism for allegations of money laundering and other financial crimes, including a 2016 statement by former US president Barack Obama of a particular building as "tax scam" for housing 12,000 corporations.
Finance The financial services generated CI$1.2 billion of GDP in 2007 (55% of the total economy), 36% of all employment and 40% of all government revenue. The Cayman Islands ranks fifth internationally in terms of value of liabilities booked and sixth in terms of assets booked. It has branches of 40 of the world's 50 largest banks. The Cayman Islands are the second largest captive domicile in the world with more than 700 captives, writing more than US$7.7 billion of premiums and with US$36.8 billion of assets under management. There are more than 9,500 funds under licence with globally recognised legal, audit/accounting and fund administration services (incl. the Big Four auditors). Major law firms such as Maples and Calder and Ogier (law firm) have established themselves in the Cayman Islands. Similarly, large accounting firms such as KPMG, PwC, Ernst & Young and Deloitte are also present. As a result, the Cayman Islands are a leader in captive domiciles, hedge fund registrations and is considered a major international banking centre.
Tourism George Town is a popular port of call for the Caribbean with cruise ships anchoring in George Town Harbour Tuesday through Friday. Cruise ships calling at George Town anchor offshore and ferry their passengers ashore by tenders, also known as shuttle boats. Passengers disembark in George Town, in the centre of the Grand Cayman shopping district and usually remain anchored from early morning until mid-afternoon.
Activities available to tourists in George Town include submarine tours of George Town Harbour, glass-bottom boat tours, snorkelling, scuba-diving, parasailing, charter boat tours, rum distillery tours, art galleries, a historical museum, and of course, shopping and eating. For nightlife, Seven Mile Beach is host to numerous nightclubs and bars. George Town's waterfront is also home to a Harley-Davidson shop, a Jimmy Buffett's Margaritaville franchise, and a Guy Harvey art studio and restaurant. Ritz-Carlton Grand Cayman is the grandest hotel on the island.
George Town is rated Beta – by the Globalization and World Cities Research Network (GaWC) which evaluates and ranks the relationships between world cities in the context of globalisation. Beta level cities are cities that link moderate economic regions to the world economy.
George Town is the #80 city in the world according to the Global Financial Centres Index (GFCI) which evaluates and ranks the competitiveness of the major financial centres of the world according to a wide range of criteria – Human Capital, Business, Finance, Infrastructure and Reputation.
George Town was ranked #1262 by the Nomad List which evaluates and ranks remote work hubs by cost, internet, fun and safety. George Town has a population of over 40,200 people. George Town also forms the centre of the wider Cayman Islands which has a population of over 71,100 people.