Offshore Bank Accounts In The Cayman Islands And Their Contribution To Your Wealth

Banks in Cayman Islands offer a full range of financial services and products. Cayman Islands offshore bank accounts are very popular among individuals and various companies because there is no direct taxation. In fact, Cayman Islands is among the top ten international financial centers of the world and forty of the top fifty banks hold a license to operate there.

Currently 295 banks and trust companies are licensed by Cayman Islands Government to carry out banking and trust business. These banks and trust companies have been divided into two categories. Category A consists of 19 banks permitted to carry business with residents and nonresidents of the islands, whereas in category B, the remaining 276 banks and companies deal with offshore transactions with nonresidents.

By opening an offshore bank account in Cayman Islands maximum positive results can be achieved. Account holders can be sure of the confidentiality, security and professionalism of these banks. Cayman Islands banks render a very high level of services and ethics that make them most preferred and unique.

The various advantages that can be derived by opening a Cayman Islands offshore bank account are many. Some of the main advantages of offshore banking are:

1. Exemption of corporation tax, capital gains tax, withholding tax, property tax or income tax payable by employees. 2. Free transfer of funds outside the Islands with the freedom to open and maintain in any currency of personal choice. 3. No need to require reserve assets. 4. Hundred percent confidentiality of client information. 5. Highly competitive in Euro currency market.

The banks licensed by Cayman Islands are highly recognized, substantial and well-run. The list of Cayman Islands is full of highly reputed banks from all corners of the world. All these banks were given license under the Banks and Trust Companies Law (2001 Revision).

These banks not only deal in various accounts but offer a variety of services to their clients. The other services given by Cayman Islands banks are:

  • Tax consultations.
  • Wealth planning.
  • Inheritance planning.
  • Investments solutions.
  • Trust formation.
  • Asset protection.
  • Wealth management.
The various high profile banks licensed in Cayman Islands are:
  • Aall Trust and Banking Corporation Limited.
  • Ansbacher (Cayman) Limited.
  • Bank of Bermuda (Cayman) Limited.
  • Bank of Butterfield International (Cayman) Limited.
  • Bank of Nova Scotia Trust Company.
  • Barclays PLC (Cayman).
  • Cayman National Bank.
  • CITCO Bank and Trust Company Limited.
With no tax and higher interest rates Cayman Islands bank accounts are becoming among the most sought after offshore accounts. They are reaching new heights of popularity and attracting more clients. Cayman Islands offshore bank accounts are yielding high returns to their clients and efficiently shouldering the overall growth of the financial sector worldwide.