tion Day (first Monday in July)

Constitution: 1959, revised 1972 and 1992

Legal system: British common law and local statutes

Suffrage: 18 years of age; universal

Executive branch:
chief of state: Queen ELIZABETH II of the UK (since 6 February 1952)
head of government: Governor and President of the Executive Council
John Wynne OWEN (since 15 September 1995)
cabinet: Executive Council (three members appointed by the governor,
four members elected by the Legislative Assembly)
elections: none; the queen is a hereditary monarch; the governor is
appointed by the queen

Legislative branch: unicameral Legislative Assembly (18 seats, 3
official members and 15 elected by popular vote; members serve
four-year terms)
elections: last held 20 November 1996 (next to be held NA November
2000)
election results: percent of vote-NA; seats-National Team coalition 9,
independents 6

Judicial branch: Grand Court; Cayman Islands Court of Appeal

Political parties and leaders: no formal political parties

International organization participation: Caricom (observer), CDB,
Interpol (subbureau), IOC

Diplomatic representation in the US: none (dependent territory of the
UK)

Diplomatic representation from the US: none (dependent territory of
the UK)

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

@Cayman Islands:Economy

Economy-overview: With no direct taxation, the Islands are a thriving
offshore financial center; 28,000 foreign companies do business with
the 600 registered banks and trust companies; banking assets exceed
$500 billion. 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 million visitors in 1995
and again in 1996. 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.

GDP: purchasing power parity-$860 million (1996 est.)

GDP-real growth rate: 4.5% (1996 est.)

GDP-per capita: purchasing