Thre are many funds that are not domestically available and due to the ease of regulations in the Islands makes it an ideal investment destination. Account opening is generally easy and straightforward. There are KYC and reference checks that have become more standard in offshore banks in the last decade. Opening a company is generally recommended while the process for opening a private account or corporate account has slightly different requirements. The latter usually requiring company documents, as well as additional references and a longer time table and registration fee.
The minimum opening deposit for non-residents is 1, USD which can be opened in person or remotely, with the entire process completed in weeks. In addition to the variety of benefits mentioned above, it is also important to note that the Cayman Islands itself has a very stable economic and political environment along with a sound regulatory regime.
This is important when it comes to choosing a jurisdiction to place your assets, as it is an indicator of future viability. The Cayman Islands represents the premier Caribbean offshore banking destination. Its long-standing offshore finance tradition goes back many decades attracting capital from across the world due to its open regulatory environment, access to an attractive investment fund and financial services.
Not only does it attract individuals and corporations because of its banking sector, but it is a zero tax destination with no income, capital gains or any corporate taxation. There have been recent changes within the offshore sector with the advent of the economic substance reqrueiemnts, that force exepmted companies to either be qualified as a domestic company or must show that it pays taxes in another country.
This comes from the OECD in apart of a largely global trend to global tax transparency. While this has undoubtably affected the Cayman Islands, as well as other jurisdictions around the world there are still many advantages and competative markets that the islands continue to enjoy and i t's likely the Cayman Islands will continue to dominate the offshore banking sector in years to come. Without a customised legal strategy, you put yourself at risk. WhatsApp Chat. Telegram Chat. Skype Call Skype Chat.
Tax neutrality 2. Asset protection 3. Transparent and compliant Corporate Laws 4. Premier financial services in a stable banking system 5.
RBC Royal Bank Cayman are located in the Cayman Islands and offer a range of services such as chequing, savings and term deposit accounts. Operating in the Cayman Islands for over 53 years, they provide a range of financial products, solutions and advice. Quick Find. Opening a Personal Bank Account Guide to opening a personal bank account for residents and non-residents of the Cayman Islands: paperwork, IDs, references and other requirements.
By Joanna Boxall Last updated 30 September, Opening a Personal Bank Account — Resident Though each bank may have slightly different requirements, most will request some or all of the following information from residents looking to open a bank account: An employment letter addressed to the bank confirming your position, salary and expected length of employment A recent utility bill no older than 3 months or lease agreement in the individual's name as proof of address.
In the event of the latter, you will need to provide a copy of your landlord's utility bill Original passport for all countries of citizenship some banks may request a personal interview W9 forms for US citizens Original or notarised copy of Work Permit Letter, Cayman Status, Right to Work, or Naturalisation certificate Completed and signed application form Opening a Personal Bank Account — Non-Resident Local banks will often want a legitimate rationale for opening an account for an overseas resident.
Setting up a Cayman Islands company is a simple process and many foreign investors choose to set up a company here. Opening a business bank account is a subsequent step after the formation of the legal entity and individuals and entrepreneurs can choose between the various bank branches that offer their services.
In order to open a bank account in the Cayman Islands for a legal entity, registered either in the Islands or in another location, the applicant will need to provide relevant documentation. The Cayman Islands offer not only different business advantages, most notably the lack of tax for locally registered companies, but also a high level of banking safety and professional services.
The concept of banking secrecy is not necessarily the one understood by many who refer to the Cayman Islands as a tax haven. The Islands have signed a number of bilateral agreements for the automatic exchange of financial information and this is relevant to citizens for signatory states who open a non-resident bank account. The reporting obligations do not apply in case of countries that have not signed this type of bilateral agreement. The steps briefly described below apply to most business owners who open a bank account in the Cayman Islands :.
When the business of the company takes place in the Cayman Islands, a copy of the Trade and Business License will be required. A certificate of good standing will also be required for companies that are older than one year. The bank may require that the company documents are certified by a notary public.
Bank accounts can be opened by e-mail in most cases. The company directors can be involved in the process, however, one of our agents who specialize in Cayman Islands incorporation can handle this step as part of opening a company. Non-residents who wish to open a bank account in Cayman Islands for personal purposes apart from the one used for their registered business in the Islands can talk about this matter with one of our banking specialists.
Bank commissions in the Cayman Islands will include those related to the maintenance of the account, fees for wire transfers, those for issuing a debit or credit card and different other fees. The account can be opened in any international currency.
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