Background: The Cayman Islands were colonized from Jamaica by the British during the 18th and 19th centuries. Administered by Jamaica from 1863 they remained a British dependency after 1962 when the former became independent.
Flag description: blue with the flag of the UK in the upper hoist-side quadrant and the Caymanian coat of arms on a white disk centered on the outer half of the flag; the coat of arms includes a pineapple and turtle above a shield with three stars (representing the three islands) and a scroll at the bottom bearing the motto HE HATH FOUNDED IT UPON THE SEAS
Economy overview: With no direct taxation the islands are a thriving offshore financial center. More than 40,000 companies were registered in the Cayman Islands as of 1997 including almost 600 banks and trust companies; banking assets exceed $500 billion. A 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. Total tourist arrivals exceeded 1.2 million visitors in 1997. About 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy one of the highest outputs per capita and one of the highest standards of living in the world.