CONFIDENTIAL
Future Prospects and Action
2.
Even before the recent corruption scandals, which have set back the independence movement by several years, the TCI was some way from being granted independence. An unsuccessful attempt was made to strike a deal in 1979 with the party in power which, in return for certain aid concessions, agreed to campaign for independence at the 1980 general election. But it reneged on the agreement when it was seen to be electorally unpopular. Economically too, despite the success of the Club Med project, the islands are not yet sufficiently secure to feel confident about independence. After a period of retrenchment, and the hoped for restoration of good government following the report of the Constitutional Commission (now expected in late 1986), there is reason to expect that TCI would respond to a programme of the sort described in paras 27 and 29; and that with further economic diversification might be ready to seek independence by the year
2000.
V CAYMAN ISLANDS
General
Main Imports
Total Imports (1982)
Main Foreign Exchange
Earners
-
Foodstuffs, beverages, petroleum
$132m
Tourism, service and financial operations, turtle products
Total Foreign Exchange
Earnings
Main Industries
-
- N/A
-
- See foreign exchange earners, plus
real estate/construction
Economic
1. The islands have one of the highest standards of living in the Caribbean. The economy, based on tourism and its position since. 1966 as a tax haven, attracting the registration of over 17,500 companies, has remained buoyant even during the recent recession. The principal sources of Government revenue are import duties, company fees, stamp duty and bank and trust licences. There is
no income tax, companies tax, estate or excise duty. There is little arable agriculture due to the poor quality of the soil,
CONFIDENTIAL
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