The Cayman Islands are located in the British West Indies approximately 500 miles due south of Miami, Florida. Grand Cayman, being the largest of the three Cayman Islands is a one hour flight from Miami and is conveniently in the same time zone as the East Coast of the United States of America. The Cayman Islands is one of the world's top five international offshore financial centres. The last three decades have seen the Cayman Islands emerge as a jurisdiction of choice for those seeking a sophisticated location from which to conduct international business. The lack of direct taxes, coupled with economic and political stability, good communications, professional banking facilities and flexible, sophisticated cutting edge legislation, has attracted the attention of the international business community.
The Cayman Islands is a British Overseas Territory and its Legal system is based upon English Law and the principles of Equity; it combines the English common law with local statutes and the Courts have assembled a quality judiciary to interpret and enforce the laws.
CIMA was established as a Supervisory and Regulatory body in 1997 and since has garnered a reputation for balancing the requirement for supervision and the needs of the International financial business arena.
The Cayman Islands Stock Exchange was also established in 1997, originally to provide an alternative to the Irish Stock Exchange for listing the Island's mutual funds. It was recognised by the United Kingdom as an official exchange in 2004.