With over 200 banks and more than 9000 mutual funds, the Cayman Islands are the fifth largest financial centre in the world. A British overseas territory with efficient regulation and a judiciary system based on English common law, the Cayman Islands are an ideal location to establish an offshore bank account or a brokerage account.
Both individual investors and institutional businesses can benefit from the many advantages to the establishment of bank accounts in the Cayman Islands. Funds can be transferred freely in and out of the Cayman Islands, in any currency, thanks to the fact the country does not have exchange controls. Additionally, there are no reserve requirements for assets and client information is protected by confidentiality laws for all legal transactions. The country’s tax-neutral climate also enables the accrual of tax-free interest on funds in Cayman bank accounts. Individuals are, however, responsible for reporting income to the tax bureaus of their respective countries.
To support our clients’ businesses, Lainston leverages its unique understanding of the Cayman banking and brokerage environment to help clients identify and establish appropriate offshore bank accounts at local financial institutions. Our team also handles required administration such as preparation and submission of bank application forms, reference letters and notarised corporate documentation.