Opening Bank Account in Cayman Islands

2006-06-15 00:00:00 (GMT) ( - Banks & Banking News)

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Banking industry in the Cayman Islands is one of the two main industries after tourism.
There are around 400 banks in the Cayman, out of which around 30 have category ‘A’ license which allows them to carry business with residents and non-residents. Rest of the banks have category ‘B’ license which restricts them to carry out offshore dealings with non-residents but can do business with the residents of[Cayman Islands].

Banks in Cayman are very cautious and perform a thorough verification of the people who want to open a bank account in Cayman Islands. Anyone who wishes to open a bank account in Cayman would need to furnish his personal details to confirm his identity as per the Cayman Islands Law.

There is a list of [general information] that all banks in Cayman would need before processing your application to open a bank account.

· Your full name, residential address, telephone numbers, citizenship, date of birth, place of birth, profession and address of employer if employed.

· A notarized copy of your passport or driving license with a photo that acts as address proof.

· You would need to furnish the purpose of opening an account in Cayman Islands

· An original financial reference pointed to the bank signifying an acceptable association of more than three years and quoting approximate average balances maintained during the last six months.

· The nature and amount of transactions and their source of income needs to be disclosed.

· For non –resident accounts , most banks would need character references directly from law firms

· Identification certificate is not needed in case the person has been personally interviewed by the bank authorities or if any of the bank personnel has personally collected the passport from the person opening the account.

All the licensed banks in Cayman adhere to all rules and regulations set by the government for the banking industry. Failing to do so may result in cancellation of license. The Cayman government closely monitors all activities of licensed banks to maintain its status of being an international reputable and reliable financial center.

Opening a bank account in Cayman is a step towards wisdom for the reason that there is no income tax, property tax, corporate tax and capital gain tax applicable on individuals. Furthermore, freedom to transfer funds in any currency is also allowed. The banks also offer to maintain confidentiality of the client but this is subject to certain policies set by the government.

Although, opening an account in Cayman can reap you large benefits, you need to careful of doing any malicious activities which can effect adversely and one may end up losing all his money if found guilty. For big investors there can be many options but for small investors, investing in time or fixed deposits is best. This can earn them interest income without any income tax liabilities. - Press Release Distribution Service


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