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Braden Murphy INFORMATIVE SPEECH OUTLINE (Mrs. Kathy Braun, CMST 240) Cayman Islands Purpose: To inform the audience about the culture and various industries of the Cayman Islands. Thesis: In order to better understand the Cayman Islands, it is important to examine the history and culture, the tourism industry, and the offshore banking and financial industry of the British Virgin island. I.

Introduction

Attention Getter: I want everyone here to imagine a place 37,000 times smaller than the United States. A place where you can lounge on the worlds most beautiful beaches and scuba dive in a sunken naval vessel, all while holding millions of dollars in offshore bank accounts. [VISUAL AID] Relevance/Intro: The Cayman Islands are a group of 3 British territories in the western Caribbean. The Islands are just south of Cuba and north of Jamaica and the Yucatan Peninsula. [VISUAL AID] The Cayman Islands are a very popular destination for a world class beach vacation, bringing in around 2.5 million tourists annually. The islands also serve as an offshore financial haven for some of the worlds wealthiest people. Credibility: Ever since I was 10 years old, my family and I have been traveling to Grand Cayman and we have fallen in love with the country. I have been there 7 times and by the end of this year that number will be 8. I have also spent much time extensively researching the small chain of Caribbean Islands. Thesis: In order to better understand the Cayman Islands, it is important to examine the culture, the tourism industry, and the offshore banking and financial industry of those British Virgin islands. Preview: So, lets dive into the history and culture, the industry of tropical vacationing, and the offshore banking hub of the Cayman Islands. Transition: First, lets learn a little about the history and culture of Cayman. II.

Body

A. History and Culture 1. Much like many other parts of the West Indies, the famous Christopher Columbus discovered the Cayman Islands in May of 1503 in his very last voyage. a. According to the Encyclopedia Britannica, after the treaty of Madrid in 1670, the chain of islands was ceded to Great Britain and became a territory. 2. The Cayman Islands did not have a fully complete Constitution and Bill of Rights until 1994, although living conditions up to that point were not necessarily bad or inhumane. Just to put that into perspective, the people of

Braden Murphy Cayman got a complete constitution when us Americans got Forrest Gump and The Lion king. 3. Even though the Cayman Islands are a British territory, the country is strongly Americanized. For Example, after my dad and I run on the beach some mornings, we like to go to Smoothie King and then pick up some Starbucks coffee for the rest of the family. 4. The people of Grand Cayman are kind and always welcome tourists as their own people. They value their beautiful beaches and love to fish and spend their time outdoors. Who wouldn’t with how beautiful the country is? Transition: Now that you all know a little more about Cayman and its people, lets look into what brings in those 2 million yearly visitors. B. Tourism Industry 1. Now when most people hear the words “Cayman Islands”, they immediately think of beaches. More specifically they should be thinking of Seven Mile Beach. [VISUAL AID] a. Bonnier Corporation’s Brooke Morton tells us in her article that although Seven Mile Beach is only 5.5 miles, it is packed to the brim with oceanfront property, fantastic restaurants, and of course, bars. 2. The Cayman Government makes it a priority to get native Caymanians involved in the tourism industry as tourism is a key economic component for the islands. b. According to David Shields, assistant director of marketing for the Cayman Islands Department of Tourism, developing human resource competency and making sure more Caymanians enter the tourism industry is crucial. The tourism industry accounts for 75% of the countries GDP. Just to give yall an idea of how that compares to us, The United States tourist industry accounts for only 2.8%!!!! [VISUAL AID] 3. In addition to what some call the “beach industry”, the scuba diving culture in Cayman is truly what makes vacationing there so unique and special. [VISUAL AID] Cayman is home to many world renown scuba diving locations. c. For example, my dad and I had the chance to scuba dive at the site of the sunken USS Kittiwake. A massive naval vessel at the bottom of the ocean. [VISUAL AID] 4. Tourism services in Cayman include watersports, hotel development, other oceanfront real estate, and other world famous attractions such as Stingray City. My personal favorite place on the planet. [VISUAL AID] Transition: Now that I have talked about the industry that occupies most of the nations economy, lets look at what takes up the rest. C. Offshore Banking and Financial Industry

Braden Murphy 1. When financial analysts discuss the Cayman Islands, they often use the phrase “Small place, big money”. The financial industry most definitely lives up to that phrase. b. Cayman is home to what is called an Offshore Financial Center, or OFC for short c. According to Jan Fitchner from the Political Science Department at the University of Amsterdam, banking represents the historical foundation upon which Cayman built its OFC. 2. During the 1960s, Cayman enacted a series of laws that made banking in the island very attractive internationally. a. Now I wont bore you with the long and detailed descriptions, but essentially these laws are unique because instead of establishing what is prohibited, they establish what is allowed. This makes the setting up of offshore bank accounts, mutual funds, and hedge funds relatively easy compared to if you tried the same thing in America. b. This is because strict regulation typically only comes with the presence of heavy misconduct. Many of you business majors in the room are aware of these regulations. 3. Cayman experienced rapid growth in offshore banking due to the liberalization and deregulation of finance. a. the benefits of using the using the Cayman Islands OFC include the following: [VISUAL AID]. Transition: In this speech, I have dived into…. III.

Conclusion A. Thesis/Summary: In this speech, I have dived into the history and culture, the tourism industry, and the offshore banking hub of the Cayman Islands. B. Memorable Close: As I mentioned in the beginning, the united states are 37,000 times larger than the Cayman Islands. So the next time you are planning a tropical vacation, I invite you all to think small. Thank you.

Braden Murphy References Cayman Islands Government . (2011, February 25). Cayman Islands Economy. Retrieved September 16, 2019, from http://gov.ky/portal/page/portal/cighome/cayman/theeconomy/economy Ebanks, E. P. E., Ferguson, J. A. F., Winker, C. A. W., & Encyclopedia Brtainnica. (n.d.). Cayman Islands - Government and society. Retrieved September 16, 2019, from https://www.britannica.com/place/Cayman-Islands/Government-and-society Elder, M. E., & Questex, LLC. (1997, September 15). Gale-Institution Finder. Retrieved September 16, 2019, from https://galeapps.gale.com/apps/auth? userGroupName=&origURL=https%3A%2F%2Fgo.gale.com%2Fps%2Fi.do&prodId=GVRL Fichtner, J. F., & The University of Amsterdam. (2016, October 19). The Anatomy of the Cayman Islands Offshore Financial Center: Anglo-america, Japan, and the role of Hedge Funds. Retrieved September 16, 2019, from https://www.tandfonline.com/action/cookieAbsent Morton, B. M. (2015, December 13). Gale-Institution Finder. Retrieved September 15, 2019, from https://galeapps.gale.com/apps/auth?userGroupName=&origURL=https%3A%2F %2Fgo.gale.com%2Fps%2Fi.do%3Fid%3DGALE%7CA432806940&prodId=GVRL\...