Independence for Bermuda, it causes a cheer in the Cayman Islands. As a result, a reader has sent us a 1994 BusinessAge special section on business in the Cayman Islands.

It is amazing how closely Cayman, which was once associated with Jamaica but chose to stay with Britain when Jamaica became independent, has been created in a very few years in the image of Bermuda. "Bermuda is undeniably the biggest market in captive insurance and Cayman the second biggest.'' However, there is one major difference. It is very hard to find anyone who wants Cayman Independence. "Being a British dependent territory, like Bermuda, gives clients, regardless of their nationality, a great deal of comfort,'' the story says.

In its introduction to the special report, BusinessAge says: "The Caymans enjoy a growing reputation because it has more regulation than any other offshore centre in the world. The British dependency status gives investors an added sense of security. Not surprising then, that it is impossible to find anyone on the Island who wants Independence. The islanders are not going to go down some radical Independence route. It is an extremely conservative Island.'' It also says Cayman has "always been about long term sensible planning''.

The extensive special supplement is littered with praise for the way Cayman works and with statements which are of interest to Bermudians.

"The Cayman Islands are a unique oasis. Here, society offers a reminder of the kind of standards that many Western societies have lost over the past three decades. The God fearing and very religious islanders wish it to remain that way.'' "It is unbelievable that in 20 odd years you can change a country where there weren't many jobs and most of the people were working either in the US or on a ship sailing around somewhere.'' "Expatriates are an integral part of Cayman society. As a result of that we can work together and pool ideas.

"You see there is no magic formula to the Cayman Islands but the difference is we don't have these issues associated with nationalism, colour prejudice and so on.

"Cayman was helped by the fact that the Bahamas financial services industry self-destructed after a socialist government took over. Cayman was the main beneficiary of that political change. Since then the Bahamas has played catch-up to Cayman.'' "The banks know that in the Caymans they have an almost idyllic situation. A perfect climate, reliable and friendly local people, zero tax regime, low crime rate, British dependency status and close proximity to the United States.

"With over 300 years of British rule, Caymanians have steadfastly maintained close ties constitutionally with Britain, content with provisions which fall short of full internal self-government. This stable political climate has contributed to a peaceful society which enjoys a high standard of living.'' "It is a level playing field with little crime and no corruption, something which is so prevalent in other countries. This is probably expressed most strongly by politeness on the roads.'' "Cayman is a living example of what can be achieved in a country with good government and management. Consistently good decisions have delivered a high level of prosperity for not just a few but for all its citizens.''