The Cayman Islands is located in the Caribbean paradise where there are attractive combinations of high living standards and flexibility of business laws. The turquoise waters are among the other factors that are attracting thousands of expats to the area. The Island’s largest city has a population of 27 thousand people. The country has many companies that exceed the population which explains why business laws are flexible.
If you wish to move to the Cayman Islands, you will need to open a bank account. This article will guide you on the steps to take to open a bank account in the Cayman Islands.
What documents are necessary in opening a bank account in the Cayman Islands?
Opening a bank account is easy if you have the following documents, a valid passport and proof of residence like the utility bill. You may also be required to provide other documentation such as bank statements, reference letter and tax returns. English is the primary language in the Cayman Islands.
Is it possible to open a bank account as a non-resident?
You can open a bank account as a non-resident. You will be required to provide income statements, tax returns. You will be limited on the usage of your account and depositing funds may also be limited. To get the actual details, contact the individual bank or call the relationship manager of a particular bank.
Best banks in the Cayman Islands
Opening a business account is possible while abroad or while in the Islands. You can open an account as a worker since there are many retail banks that you might consider selecting. The initial fees are low and one is assured of getting all sorts of services. However, there are no free accounts in the country. Most of the banks in the Cayman Islands cater to the wealthy. There are still other banks that offer personal accounts and cashback services.
Here are the banks you might consider opening an account.
RBC Royal Bank
The RBC Royal Bank provides special offers to families and sales services on loans. It is a bank that will give you the best deal when you get there at the right time. It also offers debit and credit cards and other services depending on your stage of life. The bank has a vast network of branches and ATMs.
First Caribbean International Bank
The First Caribbean International Bank is among the best financial institutions which have close to 60 branches in the islands. The bank offers one on one shop banking experience. It also offers corporate banking, credit cards, wealth management, trading and investment banking. The bank enjoys the backing of Barclays and CIBC Toronto.
Fidelity‘s main aim is to help you acquire financial freedom. It is available in the Bahamas and in the Cayman Islands. Among the services it offer to its customers include insurance for individuals, contractors and businesses, banks cards, mortgages, pensions and cheques. The bank has well-disturbed branches and ATMs all over the islands.
Scotiabank has many offers on a day to day basis for its customers. It provides credit cards, borrowing, insurance, premium banking and investing. It is the only complete bank in the Caribbean. It also offers banking services to small businesses, corporate and commercial accounts. It has a vast network of branches and ATMs.