It is being held at Fodele Beach Resort on the island's north coast.
There are 147 entries across seven sections, including 11 England-registered players.
The event, which has nine rounds, has several quirks, not least claiming to be a world championship.
Players are sorted into sections, according to their rating at the time of registration - the higher of Fide and national is used - but the games are not sent to the world chess federation for rating.
The time control is 40 moves in 90 minutes, an extra 15 minutes for the rest of the game, and a 30-second increment throughout.
Most games are at 10:00, but Thursday and Saturday are double-round days, with a free day on Sunday.
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