Offshore Banking Services in the Cayman Islands
The Cayman Islands offers a wide variety of banking products for both residents and non-residents.
Deposit, savings and checking accounts are available to clients at many banks with competitive interest rates that are offered in all major currencies. Time deposits are especially popular in Cayman, although interest rates correspond to prevailing international rates.
Other banking services are letters of credit, foreign exchange, safe custody, guarantees, mortgages and commercial loans.
Internet banking is available online at any moment.
The advantages of opening a bank account in the Cayman Islands are as follows:
- no capital gains tax, Corporation Tax, property tax, withholding tax, payroll tax or income tax payable by employees;
- no exchange control, freedom of transfer of funds in and out of Cayman in any currency, freedom to open and maintain accounts in any currency;
- no reserve asset requirements;
- competitiveness in the Euro currency markets;
- statutory confidentiality of client information.
Not all the banks in the Cayman Islands are dealing with moving billions in business operations around the world. Most banks also provide opportunities for investors on a smaller scale to take advantage of tax-free climate ensuring privacy for all reputable transactions. Many overseas investors take this opportunity and are satisfied with the results.