International Finance and Tourism
The Cayman Islands' tax-free status has attracted numerous banks and other companies to its shores.
More than 40,000 companies were registered in the Cayman Islands as of 2000, including almost 600 banks and trust companies, with banking assets exceeding $500 billion. Large corporations based in the Cayman Islands such as Semiconductor Manufacturing International Corporation (SMIC). The Cayman Islands Stock Exchange was opened in 1997.
Tourism is also a mainstay, accounting for about 70% of GDP and 75% of foreign currency earnings. The tourist industry is aimed at the luxury market and caters mainly to visitors from North America. Unspoiled beaches, duty-free shopping, scuba diving, and deep-sea fishing draw almost a million visitors to the islands each year. Due to the well-developed tourist industry, many citizens work in service jobs in that sector.
Read more about this topic: Economy Of The Cayman Islands
Famous quotes containing the words finance and/or tourism:
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)
“In the middle ages people were tourists because of their religion, whereas now they are tourists because tourism is their religion.”
—Robert Runcie (b. 1921)