Opening a Bank Account |
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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. 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?
Things to Remember in Opening an Offshore Bank AccountWith the increasing use of the internet and with extensive financial services offered on Grand Cayman, 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 for you to do offshore banking.
Research Online– Look up your preferred Cayman Islands bank over the internet or go through listings provided by your local embassy. In doing your research, specify “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 - Banks will require a notarized copy of your passport showing 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 - You may also be required to provide a character reference from a law or accounting firm, authenticating a satisfactory relationship of at least 3 years.
Other Documentation - Banks may well require additional information such as details regarding the purpose and intended use of the account, details on the source and anticipated volume of the dollar transactions through the account, and confirmation of your physical address through billing statements (e.g., utility bills).
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George Town
