Cayman Islands is one of the most popular offshore centers by investors. The bank secrecy is one of the main characteristics and attractiveness by Cayman Islands and it is considered as criminal offence if any of the bank officers don’t respect this principle.
The success of Cayman’s financial services industry has owed much to the country’s continued political stability and its connection to the United Kingdom as an overseas territory
The characteristics of the bank account in Cayman Island are the following:
- Cayman Bank account doesn’t require physical presence. All the procedure can be managed by email, post and telephone. The procedure to open the bank account is very simple.
- Banks in Belize issues Visa debit cards, Prepaid and Credit Cards in USD currency. Furthermore, the client can chose between personalized or non-personalized cards (no-name cards).
- Tax free for nonresident.
- It is very developed system and very simple and friendly use.
- Several currencies: EUR, USD, GBP or CAD.
- Initial deposit is required. The amount will vary depending on the bank entity chosen by the client
- Financial products: FX Transactions, Settlement of Securities, assistance in Corporate Action Events.
- Some offshore destinations are not accepted.
Procedure to open bank account in Cayman Islands and required documents.
- Download Dedalos checklist here. So we can have all the information and the details of the bank account.
- Send us Dedalos checklist and the required documents by email:
- Copy of the Legal Documents of the company certify by a Notary and apostilled.
- Certified copy of Passport by Notary or Lawyer.
- Original utility bill not older than 3 months (electricity, water, gas, telephone bill or bank statement)
- Original Bank Reference letter in English.
- Original Professional reference letter in English.
- If the Director, Shareholder or Secretary is a legal entity. The corporate documents must be submitted.
- In 24/48 hours Dedalos Banking Department will send you the bank application to be signed, and a report and questions that we can face with the Bank.
- You will e-mail the bank application form to us, together with all the documentation mentioned above. We will review it and we will liaising with Bank in Cayman Islands until all is as demanded.
- The whole procedure is taking around 2-4 weeks.
- Once the procedure has been finished, the client must sent all the original documents directly to the chosen Bank Institution or directly to us and we will take care of that.
- The procedure to open a bank account in Cayman Islands can vary depending on the banking entity chosen by the client.