Cayman Offshore Banking
The Cayman Islands is the 5th largest banking center in the world, and is seen as an attractive offshore banking destination by many US citizens. It has a modern, developed infrastructure, and good communication links with the US and EU.
While other offshore banking centers have experienced social and political upheavals it has remained stable, and tax free. The Cayman Islands has voted consistently to stay a British dependent territory, despite pressure from the United Nations.
The Islands' highest official is the governor, appointed by the British Queen, who presides over an executive counsel. The highest court of appeal is in the UK.
There are some 550 licensed banks and trust companies, and 25 of the world's top 30 banks keep an offshore banking unit in the jurisdiction. Well regulated and licensed insurance management has made the Caymans one of the leading captive insurance centers in the world.
Cayman Taxes & Controls
- No corporate income taxes
- No individual income taxes
- No inheritance taxes
- No gift taxes
- No capital gains, sales or real estate taxes
- No exchange controls whatsoever
Banking Secrecy and Disclosure of Personal Information
Despite its highly developed offshore services, the Cayman Islands have dubious bank secrecy, and individual account holders especially from the US/UK/EU cannot feel 100% sure of their privacy.
Cayman bank secrecy looks good on paper:
The Confidential Relationships Law makes it a criminal offence for any person to divulge information that has been received under conditions that either express or imply professional confidence. Attorneys, accountants, bank employees etc. are prohibited from revealing or otherwise misusing client account information.
However these are not always followed in practice. In 2001, the Cayman bank Ansbacher agreed to hand over to Irish High Court Inspectors all information on any Irish person who had ever had an account with the bank.
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