Banking services in the Cayman Islands
The Cayman Islands is one of the leading offshore jurisdictions for financial services, fund domiciliation and international banking. With its strong professional infrastructure, English common law framework, tax neutrality and stability as a financial centre, it’s no surprise the Cayman Islands are an attractive choice for private and institutional investors.
In addition to the political and economic strength, tax information sharing arrangements and responsive legal system, Cayman’s status as an overseas territory of the United Kingdom gives businesses confidence in this region’s solid foundations as an attractive jurisdiction for doing business.
Trustees seeking support with international banking requirements need expert providers who have strong with the major banks to offer their clients a seamless solution when it comes to their Cayman banking requirements.
Doing Business in Cayman: the benefits
The Cayman Islands continues to attract a wide range of clients including lawyers, accountants and professional providers and administrators due to its breadth of extensive services it can offer them. From trusts and family offices to structured finance to banking and insurance as well as asset management. And with its highly skilled workforce, expertise and professionalism, clients get everything they need when looking to do business in this small but booming finance hub.
Cayman’s regulatory body is the Cayman Islands Monetary Authority (CIMA) and is responsible for regulating and supervising Cayman’s finance sector as well as ensuring international standards are met.
And, when it comes to tax, the islands are tax neutral whereby the do not add an extra layer of taxes on transactions taking place in the jurisdiction. They’re committed to combatting tax evasion and money laundering, upholding transparency in all activities and ensuring strong cross-border cooperation.
Banking in Cayman
There are over 94 banks licensed in the Cayman Islands; 11 of these permitted to carry out local and international business whilst the other 83 are mainly restricted to offshore transactions with non-residents. Banking plays a pivotal part in Cayman’s finance industry, thanks to its sophistication and strong regulation, with over 40 of the world’s top 50 banks holding licenses in the region.
Cayman’s banking sector maintains strict anti-money laundering and counter-terrorism financing laws and is one of the leading offshore banking jurisdictions in the world. Offshore banking regulations have been in place in the Cayman Islands for many years and the Cayman Islands government has continually updated its policies and procedures to keep up with evolving international standards and best practices.
Having the right partners in place to support your banking requirements in the Cayman Islands will be advantageous for you and your clients.
ikyc can assist with expert international banking solutions
Established in Jersey since 2012, we assist regulated trustees and professional advisors with their banking needs by helping them open new local bank accounts through our network of over 30 international and offshore banks.
ikyc international banking services:
Banking solutions for regulated trustees, family offices and professional advisors (e.g. law firms)
Quick and efficient set up of international bank accounts
Treasury risk management
Designated banking and cash management
Multi-currency offshore and onshore bank accounts
Real estate financing and real estate lending options
Get in touch with us today to learn more about how we can support you with your international banking requirements in the Cayman Islands.