Cayman Islands

Banking in The Cayman Islands

About The Cayman Islands


The Cayman Islands is located in the Carribean, and is close to Jamaica and Cuba. The Cayman Islands is a top international finance and business location, and is an entity of Britain. The main ethnic groups are Afro-european, European and African. The citizens of The Cayman Islands are well known for their resilience, and dedication to hard work, that gets them through difficult times. They are very independent and spirited. Only just above 50,000 people live in the Cayman Islands.

An International Banking Hub

The Cayman Islands is an international banking hub with a variety of complex, yet convenient services for individuals, businesses, and large corporations. 43 of the largest 50 banks in the world, are located in the Cayman Islands, and the region attracts interest from the major corporations, insurance brokers, and financial institutions.

The appeal of the Cayman Islands is the advanced banking system, and the many services it can offer to its clients. It is a highly sophisticated system, that is trusted by the world’s largest organisations and over time, it has proven to be stable and reliable.

The Cayman Islands features innovative legislation and government support for the banking industry, as this industry has kept the Cayman Islands on the map, and brings a large proportion of the region’s income in. It keeps the locals in employment, and is fundamental to the existence of the Cayman Islands on an international level.


 

The Cayman Islands banking system is also recognised for its compliance with the regulatory standards of the Basle Committee on Banking Supervision. There are also benefits for businesses, as there are limited taxes, including corporate, income, capital gains, payroll and withholding. These conditions apply to both domestic and international banking clients.

Personal Banking Services

The Cayman Islands offers personal banking services, through these local banks. The services include savings accounts, loans, credit cards, and investments. When choosing a bank in the Cayman Islands, you will be wise to compare their services, ask questions, and select the bank and product that is most suitable to your needs.

  • Cayman National Bank
  • Fidelity Bank
  • First Caribbean International Bank
  • Royal Bank of Canada
  • The Butterfield Bank

Restrictions for banking in the Cayman Islands

While the Cayman Islands is an international business and banking hub, and attracts interest from all over the world, opening a bank account yourself in this region, is not a simple process. Banks in the Cayman Islands will want to know who you are, and require very specific and fine details of your life and banking history. You will need to present them with a lengthy amount of paperwork, and they will need to identify exactly who you are, and where you come from.

When you bank with the Cayman Islands expect to provide documentation, including your birth certificate, passport, proof of postal and residential addresses, and other papers that identify who you  are and where you live.

Also expect to provide details about the purpose of the account, or loan that you are applying for. If you are applying for a loan, you will need to supply relevant information to support your suitability, and ability to pay back the loan. You may need to support a positive credit history, and provide personal references from other financial institutions, including another bank you have had a positive relationship with for several years, or your accountant. The banking system in the Cayman Islands is very mature, and stable, however this is not a quick fix solution for individuals who are seeking to avoid accountability.

(Image credit: rcbodden/flickr)