Cayman Islands International And Offshore BanksGeorge Town
Banks and Trust Companies Law (2013 Revision)
About Cayman Islands
Over the years, Cayman Islands has been one of the most popular places to open an offshore bank account. While offshore banking is not the same as it was years ago, Cayman Islands is still considered a top financial center for doing business.
The economy of the Cayman Islands, a British overseas territory located in the western Caribbean Sea, is mainly fueled by the tourism sector and by the financial services sector, together representing 70-80 percent of the country's gross domestic product (GDP).
When the Federation of the West Indies dissolved in 1963, the Cayman Islands made a smart choice by deciding to become a British Overseas Territory.
This allowed the islands to keep is close ties with Great Britain without facing direct taxation, a move that allowed the Cayman Islands to thrive and obtain one of the highest standards of living not only in the Caribbean, but in the world...more
BanksBank of Butterfield International (Cayman) Limited
Full-service bank offering retail and commercial banking services to private and corporate clients.
Bank of Nova Scotia Trust Company (Cayman) Ltd
Provides offshore trust and company formation and administration services.
Cainvest Bank and Trust Limited
Bank Cainvest is a fully digital bank offering services to individuals, external asset managers and institutional banking clients.
Cayman National Bank
Provides offshore financial services. As well as a full range of retail and commercial banking and trust services.
CIBC Bank and Trust Cayman
Provides individuals and corporations with a wide range of offshore financial and wealth management services.
Fidelity Bank (Cayman) Ltd
Provides personal and corporate financial services.
Provides offshore banking, investment and corporate services.
Royal Bank of Cananda Trust Company (Cayman)
Offshore banking and wealth management services.
Schroder Cayman Bank and Trust Company Limited
Asset management services.
Complete List of Cayman Islands Category A Banks (PDF)
Complete List of Cayman Islands Category B Banks (PDF)
List of Cayman Islands Offshore company service providers
List of Cayman Islands Offshore trust service providers
The Cayman Islands is a British Overseas Territory located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica.
Population: 52,560 (2012 est.)
Capital: George Town
Dialing code: 345
Currency: Cayman Islands dollar
There are no capital or exchange controls in Cayman.
Government: British Overseas Territory
Official language: English Language
English common law and local statutes
Banks and Trust Companies Law (2013 Revision)
Banks and Trust Companies Law (2009 Revision)
Banks and Trust Companies (Amendment) Law, 2012
Banks and Trust Companies (Amendment) (No. 2) Law, 2012
The Cayman Islands gained this status by marketing itself as a luxury tourist destination, which allowed them to charge higher rates, and sell high-end products to visitors who were willing to spend more for special treatment and pampering.
In 2003, the islands welcomed over 2.1 million tourists, with half of these guests arriving from the United States alone.
The financial sector is the second largest industry in the Cayman Islands.
The lack of taxation from Great Britain allowed the Cayman Islands to establish itself as one of the top financial centers in the world, and 40 of the world’s largest banks make their homes in the country.
At one point, more than 80,000 international companies were registered in the Cayman Islands.
Unfortunately, the global financial crisis has hit the Cayman Islands hard in recent years.
Not only has there been a decline in tourism because vacationers are choosing to budget travel over luxury travel in these financially trying times, but the U.S. government’s crackdown on off-shore banking has hurt the economy of the Cayman Islands.
International companies who participate in off-shore banking have been resigning their registration within the Cayman Islands, fearful of taxation from their home governments.
In 2010, Great Britain stepped in to help, proposing a three year plan to help regain the economy, and establish the Cayman Islands as a more trustworthy banking center.
Time will tell if these steps have aided in the re-establishment of the country as one of the best-off in the world.
For more information about the Cayman Islands’ economy, click here.