For many years the prosperity of the Cayman Islands depended largely on the earnings of Caymanian seamen. The turtle industry was also an important source of export income at one time. Agricultural produce is small although expanding and the bulk of the islands' food-stuff and consumer goods are imported.
The tourism industry is now the most important factor in the economy. There are many white sand beaches including the famous Seven Mile Beach, Grand Cayman. Most of the larger hotels and apartment complexes have been built along this famous stretch.
The Cayman Islands is well established as an important base for mutual funds, international banks, insurance and trust operations. The Trust Law, Companies Law and other legislation combined with the political stability of the Islands have all contributed to the rapid growth in popularity of the Islands as a low tax jurisdiction.
There is virtually no unemployment and a good standard of living is enjoyed by the inhabitants.
As there are no income taxes, the Government's revenues derive primarily from import duties that are generally at the rate of 20%. On goods brought back to the island by residents, import duty is payable on total goods in excess of CI$350 per person.
