In this article, we’re exploring the banking and financial services that individuals and companies can access when opening a Cayman Islands bank account from abroad.
This will include an overview of the available services offered by Cayman banks, the services Cayman banks do not offer, and a comparison of the Cayman Islands and other banking jurisdictions.
The insights shared below are based on our team’s experience banking in the British Overseas Territory (BOI) of the Cayman Islands as well as helping our premium members successfully open (and benefit from) Cayman Islands bank accounts 100% remotely.
If you would like access to our free country guide and complete series on banking in the Cayman Islands, use the link above to unlock access now.
Alternatively, keep reading to learn more about the banking and financial services that you can access as a foreign non-resident when banking in one of the Caribbean’s most popular banking jurisdictions.
Table of Contents
- Cayman Islands Banking Services
- What Banking Services Are Available in the Cayman Islands?
- What Banking Services Are Not Available in the Cayman Islands?
- How Does the Cayman Islands Compare to Other Jurisdictions?
- What Are the Benefits of Cayman Islands Banks?
- Frequently Asked Cayman Islands Banking Questions
- Ready to Open an Offshore Bank Account?
Cayman Islands Banking and Financial Services
Cayman Islands banking and financial services include personal retail banking, local business banking, offshore banking for individuals and entities, payment cards, credit facilities, banking for trusts and foundations, private banking and wealth management, and investment banking.
In other words, depending on your client profile, you can access everything from commercial banking to retail banking and personal bank accounts in the Cayman Islands. That said, depending on which of the 96 banks in the Cayman Islands you decide to open an account with, the specific services you’ll be able to access will vary.
Not surprisingly, those banks with an International License will offer services tailored to foreign non-residents, like Cayman Island offshore banking services. On the other hand, the larger banks in the Cayman Islands are more likely to serve Cayman residents, citizens, and local businesses.
In the following sections, we will take a closer look at the specific services foreigners, non-residents, and foreign entities can access in the Cayman Islands. Additionally, we will also discuss the expected account opening fees and Cayman Islands banking costs for various account types.
But first, as a quick recap, here is a list of the Cayman banking and financial services that most customers can access.
Cayman Islands Banking and Financial Services
- Cayman Islands retail banking
- Local Cayman business banking
- Offshore banking for non-resident individuals
- Offshore banking for foreign and offshore entities
- Payment cards tied to Cayman bank accounts
- Credit facilities for Cayman investments
- Banking for trusts and foundations structured in Cayman and abroad
- Private banking and wealth management
- Investment banking
What Banking Services Are Available in the Cayman Islands?
Banks in the Cayman Islands tend to offer basic banking and investment services compared to other international banking jurisdictions. With this in mind, the Cayman banks that open for foreign non-resident individuals and entities are often suited to any applicants seeking offshore banking with exposure to USD and other major global currencies. Additionally, Cayman Islands banks may be a suitable option for anyone looking for banking with exposure to the Cayman Islands Dollar (KYD), the official currency of the Cayman Islands.
That said, the specific services that each Cayman bank offers will vary widely. So, if you are looking to bank in the Cayman Islands in order to access specific services, you should confirm whether they are available before applying. This is especially important if you are looking to open a commercial deposit account or a Cayman Islands business bank account, as the available services and costs can vary widely.
To help you better understand which banking services you can access in the Cayman Islands, we’ll break down the services that non-resident individuals, businesses, and entities can unlock in the Cayman Islands below.
We’ll also review a few of the non-banking and financial services that the Cayman Islands has to offer, which are important for anyone considering Cayman residency, Cayman Islands real estate investments, or starting a business in the Cayman Islands.
Foreign Non-Resident Banking Services in the Cayman Islands
The banking and financial services that foreign non-resident individuals can access in the Cayman Islands include:
- Basic Cayman checking accounts
- High-yield Cayman savings accounts
- Fixed-term deposits
- Domestic Cayman transfers
- International transfers
- International debit cards
- International credit cards
- Non-resident mortgages for Cayman Islands real estate
- Safe deposit boxes
If you would like to access these personal banking services, you can start by reviewing our guide on opening a personal bank account in the Cayman Islands. Alternatively, you can dig into the standard account opening regulations and Cayman Islands banking requirements by clicking here.
Cayman Islands Business Banking Services
The banking and financial services that foreign non-resident businesses can access in the Cayman Islands include:
- Checking accounts for Cayman and foreign entities
- Fixed-term deposits
- Domestic transfers
- International transfers
- International debit cards
- International credit cards
If you would like to access these business banking services, you can start by reviewing our guide on opening a business bank account in the Cayman Islands.
Cayman Islands Private Banking Services
If you are looking for top-tier financial services or private banking in the Cayman Islands, you will be able to access the following private banking and wealth management services:
- Fixed-term deposits in the Cayman Islands
- International investment accounts
- Special savings plans and accounts
- Accounts for Cayman and foreign trusts and foundations
If you would like to access these private banking services, you can start by reviewing our guide on opening a private bank account in the Cayman Islands.
Cayman Islands Non-Banking and Financial Services
The Cayman Islands is synonymous with international banking, offshore structuring, and institutional banking clients. This reputation is thanks, in large part, to individuals (and some businesses) seeking offshore banking with wealth management and private banking services in the territory. Additionally, sophisticated bankers, wealth management experts, and world-class tax advisors have chosen to make the Cayman Islands home.
Here is a look at the non-banking and financial services that you can access through Cayman service providers.
- Corporate structuring of Cayman corporations
- Structuring of Cayman wealth management structures
- Nominee director services
- Accounting and professional services in the Cayman Islands
- Cayman Islands residency and citizenship services
Importantly, the level of service, communication, and competency can vary widely in the Cayman Islands when it comes to Cayman service providers. So, it’s important to seek out Cayman firms that specialize in your area of interest and have reviews from trusted sources.
Which Banking Services Are Not Available in the Cayman Islands?
While the Cayman Islands is an offshore banking hub, there are limits on the services that you can access in the country. Also, as mentioned above, the Cayman Islands is best placed to serve any applicants seeking offshore banking with exposure to USD and other major global currencies. With this in mind, Cayman banks and the services they offer, are aimed at individuals seeking offshore banking services, private banking, investment management, and related services. Here’s a look at the banking and financial services that can be accessed in the Cayman Islands.
Sophisticated Banking and Financial Services
As mentioned, banks in the Cayman Islands cater to individuals seeking offshore and private banking. Accounts can be opened with USD 10,000 to USD 250,000 from abroad and even less when opening in person. However, as mentioned, most individuals and entities looking to bank in the Cayman Islands are seeking offshore banking services, which require higher deposits. However, if you plan on making higher deposits, you will also be able to access a wide range of other international banking jurisdictions as well.
Support for Cross-Border Transactions
The ability of Cayman Islands banks to support cross-border transactions depends on where you plan to send money. Likewise, if you are looking to electronically transfer or send money to the Cayman Islands, the country of origin will impact your options. Of course, like elsewhere, Cayman banks are required to conduct due diligence on transactions being sent to and from the bank. While this does not necessarily impact opening Cayman bank accounts, it does mean that you should confirm whether banking in the Cayman Islands meets your transaction needs before opening accounts.
How Does the Cayman Islands Compare to Other Jurisdictions?
Compared to other international banking jurisdictions, the Cayman Islands is best suited to individuals seeking offshore banking, private banking, wealth management, and related activities. In this category, the Cayman Islands is a reasonable banking jurisdiction with strong banks. That said, the cost of banking in the Cayman Islands is high when compared to other jurisdictions. So, prospective applicants should compare the banking costs, financial services, credit exposure issues, and Cayman Islands banking directly before applying.
How Does the Cayman Islands Compare Regionally?
The Cayman Islands is significantly better placed to serve foreign non-resident individuals and entities than several other offshore jurisdictions in the Caribbean. This is especially true when you consider the strength and stability of Cayman Islands banks and the stability of Cayman correspondent banking relationships.
What Are the Benefits of Cayman Islands Banks?
In short, the financial service perks and Cayman Islands banking benefits available to you will depend on your client profile, desired deposit, expected transactions, your reasons for banking in Cayman, and the Cayman bank you decide to open with.
That said, there are general benefits that most people can expect when accessing banking and financial services in Cayman, which include the following.
Benefits of Opening With Cayman Islands Banks?
- Reasonable initial deposits of USD 10,000 to USD 250,000
- Remote account opening is available to most clients
- Accepting of most citizenships and residencies
Benefits of Banking in the Cayman Islands?
- Stable correspondent bank relationships
- Stable political environment
- Stable economic environment
These are just a few of the benefits you can access with the top respected banking firms and the best banks in the Cayman Islands.
Of course, if you would like to start exploring Cayman banking, you can use the free guides above. Alternatively, if you would like to explore a directory of financial firms or a list of the banks in the Cayman Islands that might be worth considering, you can use this link to access our curated guide. This list includes some of the biggest banking providers and the largest banks in the Cayman Islands, including both domestic and international financial institutions.
Frequently Asked Cayman Islands Banking Questions
Below are a few questions we receive from people exploring banking and financial services in the Cayman Islands. If you have further questions you would like answered about banking in Cayman don’t hesitate to contact us.
How Is Banking Regulated in the Cayman Islands?
Can Americans Open Bank Accounts in the Cayman Islands?
Yes, Americans can open bank accounts in the Cayman Islands. However, not all banks in the Cayman Islands will accept US citizens. So, it’s important to know which banks, bankers, and branches will accept Americans before applying. With that said, Americans and other foreign non-residents should expect to deposit between USD 100,000 to USD 250,000.
Why Do People Put Money in Cayman Islands Banks?
People put money in Cayman Islands banks because Cayman financial institutions have a strong reputation and are well-managed. Additionally, bankers in the Cayman Islands tend to be sophisticated and capable of navigating complex client profiles. And, banks in Cayman are qualified to work with individuals in need of wealth management and private banking services.
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