Do you know that Cayman Islands is considered as the Switzerland of the great Caribbean?
For generations (not decades, not centuries, or years) the island has seen foreign investors. The current volume of businesses in Cayman Islands is extremely high. In fact, it maintains a good relationship with Canada, Mexico, United States and United Kingdom. This increases the inflow of work and money into the Island. When it comes to safe, and a solvent environment for offshore banking – Cayman Islands tops the list.
A lot of people are curious to know why they need to open offshore bank account in Cayman Islands. First things first, this is a very safe destination for your investments. Meanwhile, the amount of time and money you need to invest in Cayman Islands is extremely low. In fact, the maintenance of accounts in the Island is extremely economic too. This makes Cayman Islands a perfect jurisdiction for your banking needs. Whether you are a professional, or an entrepreneur or a booming investor – this offshore destination has something interesting for everyone. Laws in Cayman Islands are extremely strict. It would be impossible to extract information about investors. In fact, there are special rules and regulations to control bank secrecy. This benefits investors who are within, and outside the country. If you are resident of a country that has not signed the Information Agreement (Bilateral) with Cayman Islands, fear not! The regulations of Cayman Islands will take care of you too. Even you will be protected by the offshore bank’s laws of secrecy. If the bank choses to violate this law, they will be forced to pay a hefty fine. This is an important reason why many wealthy families choose to open offshore bank account in Cayman Islands.
Moving on, the island is known for its sound technology. Many a times, people relate islands with holiday destinations. There is very little room for technology and science. Well, this is not how it works. The amount of science and technology involved in Cayman Islands is extremely high. Indeed, this is a sophisticated destination for making sound investments. Every now and then, the island invests in mega telecommunication projects. This converts the economic status of the country. It wouldn’t be an exaggeration if Cayman Island’s economy and security factors grow by leaps and bounds in the upcoming years.
About the Offshore Banks in Cayman Islands
A good majority of banks in Cayman Islands are engaged in online activities. Many offshore companies that are registered in the island make use of these online platforms. Improved levels of security, quick operations and very little bureaucracy in the laws can explain the primary reasons behind this. As mentioned previously, Cayman Islands is all about offering you the best banking services. If you are planning to safeguard your money in the Caribbean, or if you wish to do business in this part of the world – Cayman Islands is where you need to be! Over the past few decades, very few mistakes have happened in its offshore banking system.
When compared with many other banking networks, Cayman has a well-regulated environment. Almost all the major banks of the world have a branch in this island. This means, opening an offshore account in the Island is not a complicated process. In fact, you can open offshore bank account in Cayman Islands even without visiting the place. On an average, the entire process will take anywhere between 2 to 5 weeks. Yet, the quality of service is never compromised. You cannot compare the services offered by the Cayman Island’s offshore banking system with any other jurisdiction.
Automatic Exchange and Banking Secrecy Policies in the Cayman Islands
Before you open offshore bank account in Cayman Islands, there are few things you need to be familiar with.
At the moment, Cayman Islands has signed around 44 bilateral agreements of Information Exchange policies. The island works with many other countries to get rid of bank secrecy issues. Indeed, Cayman Island is heavily investing in steps that can eliminate common problems of secrecy, for both individuals and companies. These rules hold good for both non-residents and residents of the island. So, what does this actually mena?
On the 29th of October, 2014 an Agreement was signed in Berlin. The purpose of this agreement was to promote automatic exchange of information. The agreement focused clearly on non-resident accounts. This agreement is signed by nearly 100 different countries. If two countries are not connected by this agreement, they cannot share any details about the offshore bank account or account holders. The joint exchange of information cannot be forced between countries that don’t share this agreement.
Let’s understand this with an example: If Cayman Islands has signed the agreement, and if a country that has not taken part in this agreement requests for information – it will not be given. And, Cayman Islands has signed this agreement with 44 other countries.
Benefits of an Offshore Bank Account in Cayman Islands
Now, let’s learn more about the benefits of opening an offshore bank account in Cayman Islands:
- The act of opening an offshore account in Cayman Islands is completely legal.
- Anonymity and secrecy are inherent qualities of the offshore banking system in Cayman Islands. If your country is not a part of the bilateral agreement, your financial details will not be disclosed at any cost.
- You can open a personal offshore bank account, and a business account without visiting the island. The task can be accomplished remotely.
- When compared with many other jurisdictions, Cayman Islands is known for its high levels of expertise. The online banking platforms are flawless. And, you can choose to open an account in any currency.
- You will have access to a variety of offshore banking services. Even a normal offshore bank account in the Cayman Islands will grant you credit cards, international debit cards and trading opportunities.
- All the banks in Cayman Islands follow strict regulations.
- You need less than 5 weeks to open a fully functional offshore bank account in Cayman Islands.