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.
Ischgl is a small mountain village turned hip ski resort, with massive appeal among the party-hearty young crowds. It is... Read More
Andorra la Vella is its own little world, and not just because it’s a 290-square-mile independent principality (a fifth the... Read More
Bariloche (officially San Carlos de Bariloche) is the place to be seen. It is to Argentina what Aspen is to the... Read More
Aspen is America's most famous ski resort. And that's an understatement. For, as a ski complex, Aspen is unsurpassed. Its... Read More
Zermatt is a small but glamorous mountain resort town, with a population of approximately 5,700. It is one of Switzerland's... Read More
St. Moritz is a glitzy, alpine resort town in the celebrated Engadin Valley of Switzerland, with huge notoriety as the... Read More
Lake Tahoe is the premier lake resort of America, and the largest alpine lake in all of North America. It is an absolutely... Read More
St. Anton, Sankt Anton am Arlberg in German, is Austria's premier ski-bum resort! It's actually a small village cum... Read More
Kitzbühel, a small, Tyrolian resort town in the Kitzbüheler Alps, comes with international renown and huge snob appeal, and... Read More