Banking/Investment in Cayman Islands

Newbie Joined: 23 Feb 2005 Posts: 3

I did not see a topic for this so I started one myself. What's the deal with banking in the Cayman Islands. Can I come down for a visit and start a savings account? How would I manage it? Where would the statements come? Is it legal?

Posted: Wed Feb 23, 2005 9:59 am Post subject:

Cayman National Bank offers complete banking and investment services to offshore customers.

You can manage your account(s) online at their web site:

http://www.caymannational.com/index.cfm

The site should contain all of the information you need to get started.

As far as legalities and tax consequences, that is your responsibility. There are no taxes in the Cayman Islands. If you have any questions about local tax ramifications, I suggest you consult with a tax attorney.

Newbie Joined: 13 Mar 2005 Posts: 1

Excellent board, very informative. Just wondering why there is no banking section. Isn't that one of the things the Cayman Islands are known for?

Posted: Sun Mar 13, 2005 10:52 am Post subject:

There is a thread on Cayman National Bank here:

http://www.caymanactivityguide.com/forums/view-topic154.html

It hasn't received enough attention to warrant a separate cagegory. If it becomes more popular, I will create a banking/investment section. Maybe I could put Real Estate in there as well, but I am not seeing too much interest in that area either so far.

You are correct that the Cayman Islands are a popular investment destination. They are the 5th. largest banking location in the world.

Posted: Mon Mar 28, 2005 10:29 am Post subject: Real Eatate

Hi Joe. My first post. Great board you have here. Full of usefull information. I will be arriving April 18th and plan on spending at least 3 days looking at real estate. A real estate section would be great, pointing us potential buyers in the right direction.

Posted: Mon Mar 28, 2005 10:32 am Post subject:

Hi Cheesehead - Welcome to the forum. That is the second request for a RE section so I will do it. In the mean time, contact Bill Baldwin at Remax; he's a friend of mind and you will find them in our magazine. Let me know if you want his number beforehand. Wink

Posted: Mon Mar 28, 2005 10:35 am Post subject:

Thanks Joe. I'm already working with ReMax.

Posted: Mon Mar 28, 2005 10:42 am Post subject:

Joe,

Please count me in as someone interested in the real estate section.........I won't be doing anything other than drooling at it for a few years but it will give me an idea how much I need to beg, borrow or steal for when we DO move there!

Laughing

Celine

Posted: Mon Mar 28, 2005 10:44 am Post subject:

WELCOME cheesehead, and, by the way, that avatar was what I was originally trying to load for my posts..............figure that's the way I'm going to look diving..............stuck. :-D

Celine

Posted: Mon Mar 28, 2005 10:48 am Post subject:

Hi Celine. Must be a strong current that day. Looking forward to my trip and checking out the condos for sale.

Posted: Mon Mar 28, 2005 10:55 am Post subject:

GOOD LUCK and let us know how it goes.........Marriot is looking great again, eh?

Celine

Newbie Joined: 28 Mar 2005 Posts: 14

If I deposit $100k or so how am I assured that the IRS can not possibly find out about it?

Posted: Mon Mar 28, 2005 1:54 pm Post subject: I heard that IRS can find out

That is why the Bank of Switzerland pulled out.

caymancic

Frequent Flyer Joined: 17 Feb 2005 Posts: 26

If you are trying to hide from the IRS, please go elsewhere, Cayman is not looking for that type of business.

Oh, and who on earth is the "Bank of Switzerland" ? If you mean Swiss Bank, now known as UBS, funnily enough they still have a large office building right in George Town, they even light it up at night so you can be sure to see it as you drive past Smile

I am planning on opening an account in GC, but am not quite sure what type I need. My desire is to open an account where I can make regular deposits (after US tax) and have that money invested (mutual funds?) from Cayman so that I would be exempt from US tax on the interest earned, kind of like a Roth IRA (Which I already have, but Roth is limited in amount you can invest per year). My goal is to save and grow so that we will be able to buy/build a home in Cayman. Do I need a bank account? An Investment account? Are they the same thing? I only have a small amount of money to start (5K).

Any advice, suggestions, recommendations, etc. are greatly appreciated! I want to do as much information gathering as possible before I meet with the bank. I don't want to make a fool of myself!

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