Cayman Islands Banks

2006-06-07 00:00:00 (GMT) (Caymanmama.com - Banks & Banking News)

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Although Cayman Islands is known for its spectacular and breathtaking sites, it is also acknowledged as an established financial centre. Apart from tourism, Cayman has seen growth in different sectors like real estate, insurance, financial services with banking industry acting as the backbone.

Cayman Islands recognition as a financial industry leader is recognized globally. As per Cayman Islands Monetary Authority, http://www.cayman123.com [Cayman Islands] are known to be one of the top 10 international financial centers of the world. There are over 300 active banks holding licenses in the Cayman with 45 of the top 50 international banks having their presence in the area.

There are a lot of banking products in offer for local and non resident clients in Cayman. Deposits, savings and checking accounts can be opened easily at many banks with competitive interest rates (in correspond to prevailing international rates) that are offered in different currencies. Time deposits are popular with residents of the Cayman and one of the most secured ways of adding interest wealth. Other banking services include letters of credit, foreign exchange, guarantees, safe custody, commercial loans and mortgages. The banking industry is one of the biggest sources of employment in the https://www.caymanmama.com [Cayman Islands].

The Cayman Islands Authority maintains a robust anti-money laundering regime which takes action against any kind of economic crime as defined under the ‘gateway’ legislation. The Cayman Islands welcome only recognized banks that take advantage of its modern amenities to carry out international business. It is necessary for these banks to be licensed under the Banks and Trust Companies Law (2001 Revision) Besides the internal infrastructure of Cayman is up to date and allows online access to world’s major markets to fulfill the needs of clients who ask for cross-border services matching those of New York on London.

Let us now discuss certain benefits of Cayman Islands Bank Account
· Zero capital gains tax, No Corporation Tax, absence of withholding tax, property tax, payroll tax, or income tax payable by employees.
· No exchange control that allows free transfer of funds in and out of the Islands, in any currency and equal freedom to open and maintain accounts in any currency.
· No reserve asset requirements.
· Statutory confidentiality of client information.
· Competitiveness in the Euro currency markets.
Regarding Statuary Confidentiality it is important to know that the Governor of council can order for disclosure of information where there is any evidence of criminality.

In spite of banks being involved in movement of billions of dollars, they still offer investment plans for smaller investors to take the advantage tax free environment and confidentiality law that can maintain their privacy. This is good for overseas investors who want to maintain privacy and earn interest free income for the deposits they make.

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