How to Open a Bank Account in the Cayman Islands
Opening a bank account in the Cayman Islands is an ideal move to protect finances during political unrest or when an economic collapse is inevitable in your home country. These bank accounts are excellent tax shelters because the Cayman Islands has no tax on business, personal or investment income. If you want to open a bank account in the Cayman Islands, here is what you need to know.
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Things You'll Need
- Notarized copy of driver's license
- Notarized copy of passport
- Three to four character references
- Bank statements for three years
Instructions
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1
Present at least three years of bank statements to your chosen bank in the Cayman Islands. The bank uses the statements to evaluate your financial history with your current bank.
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2
Prepare a letter of intent. You must write a letter of intent explaining the reasons why you want to open a bank account in the Cayman Islands. The letter also must detail for what purposes you intend on using the account.
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Create a statement listing amount of your initial deposit. If you plan to make regular deposits, the statement must include how you received the money--your job, an inheritance or investment income, for example.
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Include notarized copies your driver's license and passport as part of your application.
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Get character references. Banks vary on the number of character references they require, but three to four is generally the norm. Have those you have asked to write a reference letter mail the letter directly to the bank.
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Confirm your address by making a copy of a utility bill addressed to your home.
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Tips & Warnings
Always contact the bank before mailing any information to them because requirements vary from bank to bank. Once you have chosen a bank in the Cayman Islands, call and speak to a bank representative to be sure you'll have all the documentation that specific bank requires.
