George Town, Cayman Islands
| George Town | |
| Cayman Islands | |
|---|---|
| File:Cayman montage.jpg From top to the bottom and from left to right: The Lighthouse,West bay Road,Cayman National Bank,7Mile Beach,The Ritz-Carlton Hotel,7 Mile beach Road,Water Front,The Port,Owen Roberts International Airport. | |
| Location | |
| Data | |
| Population: | 30,600 (2006 est) |
| Local Government | |
George Town on the island of Grand Cayman, is the capital of the Cayman Islands, in the British West Indies. The town has a population of 30,600 (2006 estimates).
George Town is the heart of the Cayman Islands financial industry, with over 600 banks located there.
Geography
Located in George Town are the offices of Government. These include: The Legislative Assembly of the Cayman Islands, the Court Houses and the Government Administration Building. The Government Administration Building houses the offices of the Premier and other members of Cabinet, the Deputy Governor and his staff and other elected officials and Civil Servants.
Seven Mile Beach ("SMB") is a long crescent of coral-sand beach on the western shore of Grand Cayman island.
Camana Bay is situated on 500 acres stretching from the Caribbean Sea to the North Sound. It is a mixed-use masterplanned community. The Town of Camana Bay will be developed over several decades.
The Paseo is the pedestrian main street of the US$400 million Town Centre, which has stores, restaurants, and offices.
The Crescent has an amphitheatre and space for up to 2,000 people at outdoor concerts, street fairs and festivals. Camana Bay special events include live music performances, street theatre, book readings, farmers markets, Easter egg hunts and Christmas tree lightings.
Economy
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 currently ranks fifth internationally in terms of value of liabilities booked in the Cayman Islands 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. More than 9,500 funds are under licence with globally recognised legal, audit/accounting and fund administration services, including the Big Four auditors. Major law firms such as Maples and Calder have established themselves in the Cayman Islands. Similarly, large accounting firms such as KPMG, Ogier, Ernst & Young and Deloitte are also present. As a result, Cayman is a leader in captive domiciles, hedge fund registrations and an international banking centre.
Tourism
George Town is a popular Caribbean port of call. All ships calling at George Town, Grand Cayman, have to anchor offshore and ferry their passengers ashore by shuttle boats (tenders). Passengers disembark in Georgetown, in the centre of the Grand Cayman shopping district.