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.
In addition to banking the islands have no direct taxation, making them a popular incorporation site, tourism is a mainstay, aimed at the luxury market and catering mainly to visitors from North America. Total tourist arrivals exceeded 2.19 million in 2006, although the vast majority of visitors arrive for single day cruise ship visits 1.93 million. 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. The Cayman Islands are one of the richest islands not only in the Caribbean but in the world.