Open Bank Account

[iqemom]

Well my friend and thought opening a bank account in Grand Cayman would be cool, if for no other reason than saying "I have an account in the Caymans"...thoughts

[bookbabe]

More hassle than it would be worth, IMO. I know when we opened ours we needed a number of letters and documents from our bank at home, including employment info and financial records.

[Colorado Kat]

Though if you ever have plans on coming into several million dollars unexpectedly, it would be handy to have!

[drew sailbum]

It's too much of a pain. Not worth it.

 

You'll need:

• your passport for identification,
  
• reference letters from your bank detailing length of time you have been a customer, average account balance, and manner the account has been handled.
  
• reference letter from your accountant and/or attorney showing your physical address (not P.O. Box)
  
• a recent complete bank statement showing your physical address (not P.O. Box)
  
• a recent major credit card statement showing your physical address (not P.O. Box)
  
• a recent utility bill showing your physical address (not P.O. Box)
  
• letter from employer or other source of funds stating amount and frequency of payment of income. Letter must be delivered to the bank unopened.
  
• other proof of source of funds such as tax returns, investment portfolio statements, sales contracts, or purchase/sales agreements
  
• all above documents for any other party with signatory power on the account.
  

 

Proof of physical address is often a problem for legal residents of Cayman who are not homeowners. Many apartments are not rented with a lease because leases are subject to a stamp duty (tax). Additionally most apartments keep utilities in the name of the owner. Renters often do not receive the required utility bills that the banks request.

 

For non-residents all documents should be originals or notarized copies.

[drew sailbum]

Though if you ever have plans on coming into several million dollars unexpectedly, it would be handy to have!

 

Alas, Cayman has Tax Information Exchange Agreements (TIEA) with the United States, Canada, Mexico and many more countries. In short, your Cayman bank can and will report account information to your home country in order to deter tax evasion.

 

A partial list of countries Cayman has a TIEA with is available from the Organisation for Economic Co-operation and Development (OECD)

http://www.oecd.org/document/55/0,3746,en_21571361_43854757_44261367_1_1_1_1,00.html