The Cayman Islands: A look into the financial powerhouse’s foreign relations
The Cayman Island is home to the world’s most trusted offshore financial services industry today, and while it’s usually seen as a three-island nation located in the Western part of the Caribbean, it’s actually one of the many British overseas territories. In other words, the Cayman Islands is not only under British jurisdiction but also under the kingdom’s sovereignty. This factor determines how the nation interacts with other countries and how they build relations with foreign partners globally.
This means that most of the foreign interactions of the Cayman Islands are primarily overseen by the United Kingdom. However, the country does enjoy a level of autonomy and has the freedom to negotiate and form agreements with other foreign governments in terms of issue resolutions or international disputes. Regardless, its status as an overseas territory limits them from participating and assigning delegates to international communities and other organizations such as the United Nations.
However, due to its role as a leading offshore financial center in the world (it is home to international financial institutions such as LOM Financial), the Cayman Islands is one of the key members of the Central Development Bank. Other affiliations include being an associate member of UNESCO and Caricom, a full member of the International Olympic Committee, and also a participation in a sub-bureau of the International Police.
In the past, the islands have been friendly partners to Jamaica and Britain, but recent developments centered on the finance and tourism industry have resulted into forming a major reliance and partnership with two Western powers: the United States and Canada.
Although there are no American diplomatic offices located in the islands, the Cayman is a part of the US embassy-administered consular district in Jamaica. Moreover, consular agencies are present in the nation’s largest island, the Grand Cayman, catering to American citizens.