CAYMAN ISLANDS  |  Grand Cayman, Cayman Islands Travel Guide
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Offshore Banking in the Caymans

Offshore Banking in the Cayman Islands

Financial Services and Insurance Companies

Offshore financial services play an integral role in the islands’ success as well. Grand Cayman has over 500 licensed banks (including 47 of the 50 largest banks worldwide). Banking secrecy laws passed in 1966 laid the groundwork for this profitable industry that today ranks the small island as the fifth largest financial center in the world, surpassed only by London, Tokyo, New York, and Hong Kong.

Offshore insurance companies are also a growing business. Nearly 400 offshore insurance or captive insurance companies make their base here (captive insurance companies are set up by a company or a trade association to serve its members or employees). Thanks to Cayman Islands’ generous tax-free status, many other companies choose to incorporate in the islands; currently almost 30,000 companies are registered here.

A Cayman Bank Account

Just what is a Cayman bank account? Some are, as might be expected, multi-million-dollar accounts, while others are much smaller in scale. Both take advantage of the tax-free status and confidentiality laws. These laws protect all reputable transactions as a means for earning tax-free interest. You can open an account once the Caymanian bank receives a reference from your home banker, then you can deposit funds (in US dollars, if you like). Unlike some countries, there is no exchange control and your money can be moved in and out of the country freely and privately.

Because of the banking and offshore insurance industries, you’ll notice that Grand Cayman has a different atmosphere than many other Caribbean islands. Here you’ll find many returning guests, folks who are required by corporate charter to meet several times a year on the island (what a tough break!). You’ll meet many Americans who own property on Grand Cayman and live part of the year on the sunny isle. You’ll also see many people combining a business trip with a few days of R&R.

Last updated August 28, 2008
Posted in   Cayman Islands  |  Grand Cayman
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