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If you’re trying to find a place to open an offshore bank account where there are favorable secrecy and trust laws, look no further than the Cayman Islands. The Cayman Islands, like the Bahamas and Switzerland, is a financial haven that makes it almost impossible for any entity to raise a claim on your asset even in the event of great financial pressures. This ensures that you and your loved ones’ assets are secure and that you don’t have to worry about your future or your loved ones’. Below are some tips on how to open an offshore bank account in the Cayman Islands.
Why Open an Offshore Bank Account in the Cayman Islands?
The Cayman Islands is not just known all over the world because of its awe-inspiring beaches and dive sites. It is also a huge international financial center that is trusted by clients both big and small because of its favorable secrecy and trust laws. The banking sector is one of the largest employers in the islands, along with real estate.
Holding over a trillion dollars in banking liabilities, Cayman Islands is home to around 300 banks, including 40 of the top 50 banks doing business in international markets. Banks offer a wide array of products for both local and international clients, including credit, foreign exchange, guarantees, mortgages and commercial loans.
Things to Remember in Opening an Offshore Bank Account
With the increasing use of the Internet and with extensive financial services offered on the islands, it has become much easier to open an offshore bank account in the Cayman Islands. Here are some things to remember:
Check Tax Laws – Check the tax laws in your country of residence and determine if it is legal and possible at all to do offshore banking.
Research Online – Look up your preferred Cayman Islands Bank over the Internet or go through listings provided by your local British embassy. Remember that you are looking with an institution equipped with Internet services. In doing your research, specify that “Cayman Private bank account” if you are investing more than $300,000 since private banks specialize in investment and portfolio management.
Present Background Information – Physical appearance is not required in starting an account since these can opened by mail. However, according to The Banks and Trust Companies Law, which governs all banks, anti-money laundering policies are practiced in the islands, so be ready to present required personal and background information.
- Proof of Identity and Copy of Passport - For instance Butterfield Bank requires a notarized copy of the passport page showing with clear details of full name, birth date, nationality, signature, photo and passport expiration date plus a driver’s license with a photo.
- Source of Funds and Employment -- Butterfield Bank also requires a character reference from a law or accounting firm, authenticating a satisfactory relationship with the applicant of at least 3 years.
- Details regarding the purpose of the account
- Details on the source and anticipated volume of the dollar transactions through the account
- Confirmation of physical address through billing statements (e.g. utility bills)
Prepare all these items and you’re on your way to creating your first offshore bank account in one of the safest financial centers of the world, the Cayman Islands. Don’t hesitate to ask the help of professionals, like lawyers and accountants, if you’re not sure of what you’re doing. Remember though that in the Cayman Islands, your absolute security is their business and they would do everything to make sure your assets are safe, and that your vacation is the best you could ever have.
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