Cayman Islands Dollar (KYD)
The Cayman Islands is comprised of three islands (Grand Cayman, Cayman Brac and Little Cayman) and is located south of Cuba, northwest of Jamaica and east of Mexico. The Cayman Islands were mostly uninhabited until 17th century, although there is evidence of pirates and ship-wrecked sailors settling on the islands at different times. The islands, along with Jamaica, were placed under the control of England under the Treaty of Madrid 1670. The Cayman Islands continued to be governed as part of the Colony of Jamaica until Jamaica gained independence in 1962, following which the Cayman Islands became a separate Crown Colony.
The capital of the Cayman Islands is Georgetown, which is located on Grand Cayman. The Cayman Islands produces its own currency, the Cayman Islands dollar (KYD) which is pegged to the US dollar ar 1.227 US – 1 KYD. The Cayman Islands are globally acknowledged as a major offshore financial centre, and this is due to their indirect taxation. The majority of imports attract high taxation, but there is no income tax, corporation tax or capital gains tax. The average income in the Cayman Islands places their standard of living at the highest in the Caribbean. The official language of the islands is English, but Cayman Islands English is widely spoken. While Cayman Islands English bears hallmarks of creole, it not considered creole, despite having similar aspects to Jamaican and Central American languages/dialects. Persons from the Cayman Islands are known as Caymaians.
The Cayman Islands is a self-gverning overseas territory of the UK. The Legislative Assembly consists of 21 members, which are democratically elected every four years. A Premier is appointed by the Governor, and the Governor appointed by the Queen of the United Kingdom on the advice of the UK Government to represent the Queen