Because of its tax-free status on incomes, the country is famous as a host of offshore bank accounts. These accounts are transparent in nature, and the islands are well known for being open about transactions, despite the opinion that flares up occasionally about 'shady' offshore accounts.
The islands are home to a sophisticated banking system and a large number of banks, making managing finances straightforward and accessible.
All expats looking to open a bank account will be subjected to a thorough check before being able to do so. Expats should note that some banks will not offer chequing services to a new account holder who has just arrived on the islands.
If an expat changes jobs while on the islands, they must get a letter from the new employer stating their salary for the bank. While the islands are famous for being a tax haven, it is by no means completely tax free.
Though most of this change is driven based on international pressures, the effects are impacting Banks within the Cayman Islands and across the Caribbean. Various acts and directives within the US and the EU have led to complex regulation and legislation facing a lot of banks across the region. Throughout the international financial community, the Cayman Islands is recognized as a sophisticated, mature and diverse financial center.
As a premier financial services jurisdiction, the Cayman Islands attract the world's leading accounting, legal and investment firms, and the banking industry remains a cornerstone of Cayman's success. Currently, there are just under banks and trust companies in the Cayman Islands, including 43 of the 50 largest banks in the world.
Adherence to the regulatory standards of the Basel Committee on Banking Supervision is fundamental to the regulatory approach, and the Cayman Islands is an active member of the Basle Committee's Offshore Group of Bank Supervisors. As one of the first international accounting firms to establish an office in the Cayman Islands in , we have developed a long standing reputation as a leading service provider in the local Banking industry.
We provide a range of services from conducting annual financial statement audits, to impact assessment studies of new US tax legislation, to the implementation of processes to meet the new Basel II standards that become effective in Cayman on January 1, A global network can advise you on your operational and strategic business challenges and opportunities.
We offer professional services in audit, tax and advisory to clients of all sizes, at local, national and global levels, from the largest global banks to small regional savings and loan businesses.
With a wealth of industry experience and specialist knowledge, our local banking professionals can help you address your business needs. Perspectives offers unique insight and opinion on emerging customer trends and channel A reputation of sensible regulation comparable to other international financial centres coupled with a competent workforce of lawyers, bankers, and accountants, provides the base on which Cayman continues to build its clientele.
Licensees represent over 40 countries from across the globe. There are banks that will open accounts for people who do not reside in the jurisdiction.
You also have banks available that offer corporate, retail, and premier banking. There are also banks that act as a fiduciary and trust advisory, offering fund administration and investment management. Since these banks do not have foreign parent companies, they can operate independently, offering greater flexibility to depositors. Plus they are small enough in size to provide a personal touch to their clients. The interest rates on their accounts for a fixed deposit vary by currency and duration.
These CDs have durations between 7 days and 3 years as of this writing. Naturally, since interest rates fluctuate greatly over time, you can reach out and ask by using the number or form on this page. Cayman-based banks tend to be most favorable for asset protection purposes.
The reason is that local branches of foreign banks have been fined until the bank in the offshore safe-haven coughs up the funds. That is a big reason for using a bank that does not have branches in your home country.
Having your bank account held in an LLC that is, in turn, owned by an asset protection trust is the most secure way to title an offshore bank account.
Then you will want to make sure that the offshore bank does not have a branch under the control of your local judiciary. This combination in the Cayman Islands has provided asset protection for a multitude of wealthy business people who are victims of aggressive legal attack.
Do you want to set up a bank account for financial privacy or perhaps you want to protect the assets of your family? An LLC can serve as an extra layer of protection for you, protecting your identity and shielding your assets from seizure by creditors. One can set up Caymans LLC. So you can set up the company in one country and set up the bank account in another. This both creates an extra layer of security and allows you to use the best jurisdiction suited to your intended purpose.
Several documents are needed to set up a personal account. Some of the documents needed to open a personal account are identity verification documents, a current overseas address, the source of the funds going into the account, and banking reference letters from a current bank, in addition to the application itself. If the account is being created for multiple people, one must include reference letters and identification documents from all parties.
After setting up an account, some banks will not allow a checking account, but will offer a savings account and a debit card. Most banks do offer easy-to-use online banking platforms.
The Cayman Islands are most well-known for their services to companies, and the process of opening a business account at a bank begins before ever contacting the bank. Any bank or trust company wanting to set up an offshore banking account in the Caymans first needs to incorporate, either within the jurisdiction or abroad.
There are certain documents a Cayman Islands bank will need in order to open a corporate account.
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