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Banking in Cayman Islands
Banking in Cayman Islands
Does Banking in Cayman Islands Keep Your Money Safe: While banking the Cayman Islands is safe, if you are a US person, the foreign bank may still report the information to the US Government. In general, moving your bank accounts to the Cayman Islands is one of the safe Caribbean banking and investment hubs across the globe. In fact, when it comes to banking overseas, one of the most popular and sought-after countries are the Cayman Islands — due to the beneficial tax regime in the Caymans — and outside the prying hands of the IRS when you are an Expatriate and no longer a US Person. Due to the very lax tax rules and a reputation for shielding offshore funds, the Cayman Islands has plenty of positives that can make it a premier location for banking. While banking in the Cayman Islands can be a good choice, there are some cons to be aware of before investing in the Cayman Islands.
Cayman Islands Banks to Consider
So, you want to do some overseas banking at an institution in the Cayman Islands?
The first step is to determine which institution you prefer to bank with. Some of the more common banks within the Cayman Islands, include:
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Merrill Lynch Bank and Trust Company Ltd.
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Fidelity Bank Ltd.
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Alexandria Bancorp Ltd.
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Trident Trust Company Ltd.
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Alhambra Bank & Trust Ltd.
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VBT Bank & Trust Ltd.
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Sackville Bank
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Queensgat Bank
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Cayman National Bank
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Cainvest Bank and Trust Limited
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Types of Accounts and Investments in Cayman Islands
There are many different types of accounts and investments in the Cayman Islands. Investments include Bank Accounts; CDs; Mutual Funds and other Securities Accounts. In general, there is no tax in Cayman Island, so it is important to ensure if you are a US Person and seeking to expatriate, you consider the different tax implications pre-and-post expatriation.
Cayman Islands Tax Rule
In general, there are no income taxes levied on individuals in the Cayman Islands; it is pretty much that simple. BUT, if you are a US person, the United States taxes on worldwide income — so it is important to tax plan accordingly.
Interested in Expatriation from the U.S.?
Our firm specializes exclusively in international tax and expatriation.
Contact our firm for assistance with getting compliant.