Everything you need to know about forming a company, banking and living in The Cayman Islands….
CAYMAN ISLAND COMPANIES
Cayman Island companies are not taxed on their profits. With the correct structure and ownership you can operate your Cayman Islands Company free of tax in any jurisdiction.
There is no requirement to have an annual audit or file accounts.
Only one shareholder and director is required for your Cayman Islands Company. This can be the same person.
If required you can get a tax exemption certificate. This certificate issued to your Cayman Islands Company guarantees hat it won’t be taxed for 20 years.
There are no minimum capital requirements for your Cayman Islands Company.
The Cayman Islands Company shareholders can remain confidential. There is no requirement for the Cayman Islands Company to keep a register of members.
There is no requirement for your Cayman Islands Company to hold Annual General Meetings. The Cayman Islands Company can be run from anywhere in the world.
The local currency is the Cayman Islands dollar. It is pegged to the US dollar. Most business is carried out in US dollars.
The Cayman Island’s legal system is based on the British system as it’s a British Overseas protectorate.
Opening a bank account for your Cayman Islands Company is relatively easy. There are a selection of international and local banks to choose from.
High net worth individuals can get a residence permit. This allows them to live on the Cayman Islands for 25 years. A net worth of $7.3m is required. You would be expected to invest $2.9m in a local business or buy local property.
Doing business in The Cayman Islands is straightforward as it has world class legal, banking and infrastructure.
There are excellent communication links between the Cayman Islands and the rest of the world.
The Cayman Islands are a respectable corporate and personal tax haven to live or conduct business.
Offshore Bank Accounts
The Cayman Island’s are home to some of the world’s strongest banks. It is fairly easy to open accounts on The Cayman Islands.
For confidentiality, depending on your country of residence, you should look into the requirements of FACTA and CRS. For more information on FACTA and CRS click here
All banks on the Cayman Islands will comply with FACTA and CRS for personal accounts. For advice on setting up corporate structures to keep your affairs private from government snoops contact firstname.lastname@example.org
How to Open an Offshore Bank Account in the Cayman Islands
You can easily open an account in the Cayman Islands for your Company or individually.
There are strong bank secrecy laws on the Cayman Islands with severe penalties for unauthorised disclosures.
To open an account you will need:
Copy Passport AND copy driver’s license or other ID
Utility bill AND another address confirmation like a bank or credit card statement
Bank reference letter from your existing bank.