Is my money safe in the Cayman Islands?

Its banks are regulated by the Cayman Islands Monetary Authority (CIMA), which has a reputation for being a strong and effective regulator. Account holders in the Cayman Islands are protected by strict bank secrecy laws, which provide an excellent level of privacy and security.

US Department of State Money Laundering assessment (INCSR)

Cayman Islands is categorised by the US State Department as a Country/Jurisdiction of Primary Concern in respect of Money Laundering and Financial Crimes.

There is no equivalent in Cayman to the US Federal Deposit Insurance, which means that deposits are not protected if a bank should be declared bankrupt.)

For US citizens who hold bank accounts in the Cayman Islands, FATCA requires that the bank report information about their accounts to the IRS. The IRS uses the data to ensure that US taxpayers correctly report their foreign financial assets and pay any taxes on these assets.

The Caymans have become a popular tax haven among the American elite and large multinational corporations with zero corporate or income tax on money earned outside its territory. 1 This includes interest or dividends earned on investments, making the Caymans especially popular among hedge fund managers.

The Cayman Islands is a leading offshore financial center with access to global markets and a wide range of financial products and services. Offshore banking in the Cayman Islands allows individuals and businesses to diversify their investments and assets, which can help reduce risk and increase returns.

Cayman Islands is categorised by the US State Department as a Country/Jurisdiction of Primary Concern in respect of Money Laundering and Financial Crimes. The Cayman Islands, a United Kingdom (UK) overseas territory, is a major international financial center.

First off, the Cayman Islands is considered one of the most stable and secure offshore financial centers in the world. Its banks are regulated by the Cayman Islands Monetary Authority (CIMA), which has a reputation for being a strong and effective regulator.

The Cayman Islands remains a high-risk jurisdiction for money laundering. The Cayman Islands has an established anti-money laundering/combating the financing of terrorism/counter-proliferation financing (AML/CFT/CFP) regime. The government is committed to strengthening its AML/CFT/CFP framework.

Completely legal: opening a bank account in the Cayman Islands is legal and it is not associated with an unlawful business.

Having an offshore bank can be necessary if you run a business in a foreign country or if you live in another country for part of the year. You may also choose to use offshore banking in a country that has favorable tax treatment.

The Cayman Islands remains a high-risk jurisdiction for money laundering. The Cayman Islands has an established anti-money laundering/combating the financing of terrorism/counter-proliferation financing (AML/CFT/CFP) regime. The government is committed to strengthening its AML/CFT/CFP framework.

As a place to conduct business, Cayman's appeal is obvious. The country, a British Overseas Territory, levies no income or corporate taxes, and, since the 1960s, it has become one of the world's most sophisticated banking centers.

Banks can impose a minimum average balance, for example $100,000, to be considered by those who open a bank account in Cayman Islands. The minimum average balance for personal banking can be $10,000.

Advantages of Cayman Islands Investment Funds

Cayman Islands is at the forefront of the investment funds sector largely because of the structural and operational advantages it offers, including: Political and economic stability. No exchange controls restrictions. Reputable professional service providers.

EU AML list. As a technical result of being placed on the grey list, the Cayman Islands was added to the European Union's (EU) list of high risk third countries for AML/CFT purposes (the EU AML list) on 13 March 2022.

US Citizens Using Cayman Island Bank Account

The Foreign Account Tax Compliance Act (FATCA) is a US federal law that requires foreign financial institutions, including banks in the Cayman Islands, to report information about their US account holders to the Internal Revenue Service (IRS).

The Cayman Islands government guarantees absolute ownership of each parcel of land, there are no restrictions on foreign ownership of a single property and there is zero income tax, zero capital gains and zero property tax.

Kenneth Bryan Dart (born 1955) is a Cayman Islands-based businessman and billionaire. He is also a citizen of Belize and Ireland. His wealth was estimated in 2013 at $6.6 billion.

The reason for the significant ownership is because Cayman has over 10,000 domiciled investment firms, many of which invest in US debt. Belgium (often considered a proxy for Chinese offshore holdings) and the Saudis also offloaded a significant proportion of their Treasury holdings in October.

The 20th Century: The Cayman Islands, initially administered as a dependency of Jamaica, became an independent colony in 1959; they now are a self-governing British Overseas Territory.

Cons: Very expensive, too built up (in some areas)which can lead to crowds & traffic(but easy to avoid), flat & not very picturesque (unless you're on the beach), crappy exchange rate. agree with all the previous poster's pros... beautiful, crystal clear water, easy to deal with...

Violent crime in the Cayman Islands is very low compared to other Caribbean islands. Virgin Islands (U.S.) It is important to note that all of the homicides in the Cayman Islands are committed between locals, and not towards tourists.

The Cayman Islands enjoy a relatively high standard of living, with one of the highest GDP per capita in the region and low poverty levels.

Non-residents can open bank accounts in Cayman without visiting the Islands (not all banks offer this service), but they must submit multiple certified documents to prove their identity, a current overseas address, the source of funds and bank references.