1. Introduction

A. History And Background

The Cayman Islands (the Islands) consist of three islands located 475 miles south of Miami and 180 miles west of Montego Bay, Jamaica. The capital of the Islands is George Town, which is located on Grand Cayman, the largest of the Islands.

The Islands are a British Overseas Territory and have a Governor appointed by the British government. The Islands have their own Legislative Assembly and are largely self-governed. Although it has the right to veto local legislation, the British government generally does not intervene in the legislative process.

B. Legal System

The law of the Islands is based primarily upon English common law and principles of equity. In addition, laws passed by the Legislative Assembly and a substantive body of local case law have provided the Islands with a modern legal framework. British legislation does not apply in the Islands, save where it has been specifically extended to the territory. The Islands have a Summary Court, a Grand Court and a Court of Appeal. The English Privy Council is the ultimate court of appeal.

The currency is the Cayman Islands Dollar (KYD), although the US dollar is generally accepted throughout the Islands.