Cayman Islands corporate bank accounts in 2024

Since 2003, Healy Consultants Group helps our multi-national Clients with multi-currency corporate bank account solutions in every country on the planet.

Without bank signatory travel to the Caribbean, our banking team will project manage the multi-currency corporate bank account opening process.

• Table of Cayman Islands banking problems and solutions

  No	Cayman Islands banking problems	Solutions
  1.	Because Cayman Islands is remote Caribbean nation, the banking sector is less sophisticated than developed economies like New York or Hong Kong. Consequently, 24/7 customer service is not available and the service is of poor quality.	Healy Consultants Group only targets international top tier banks and local banks with proven track record of customer service excellence. To receive the best internet banking and customer service, Healy Consultants Group recommends banking with Citibank;
  2.	Incoming or outgoing funds transfers over US$50,000 can raise red flags within Caribbean bank Legal and Compliance Departments.	Before the funds transfer happens, supply your dedicated bank officer with supporting documents that accurately and completely explain the transaction.
  3.	Some banks only offer USD corporate bank accounts with no pound sterling or euro accounts. Onboarding can be time consuming due to elevated compliance	We will open a multi-currency corporate bank account with a suitable banks offering pound sterling or euro accounts
  4.	The process to open a multi-currency corporate bank account can be slow to complete and physical courier of banking forms to the Cayman Islands is slow	Healy Consultants Group will project manage your engagement and aggressively complete banking onboarding procedures and ensure minimal Client involvement
  5.	Because of complex correspondent banking network, outgoing funds transfers have elevated transfer fees, even with top tier banks.	Some of our multi-national Clients' ask Healy Consultants Group to open corporate bank accounts in other countries including USA and UK and EU

• The Cayman Islands banking sector

  • There are no currency controls imposed in Cayman Islands. However, any transfers above US$50,000 will need to be supported by adequate supplementary documents, including invoices and contracts;
  • Currently the financial regulator in the Cayman Islands, CIMA has granted 94 banks licensed as of December 2022;
  • From these banks, 11 hold a Class A license and cater the local population and international Clients, while the remaining 83 hold a Class B license and are solely focused on international Clientele, both as private and retail banks;
  • In February 2021, the Cayman Islands made a strong political commitment to work with the FATF and CFATF with the sole purpose to significantly strengthen the effectiveness of its AML/CFT regime, especially in the fiscal and banking sectors;
  • The Cayman Banking sector follows the regulatory standards of the Basel Committee on Banking Supervision and the Cayman Islands is an active member of the Basle Committee’s Offshore Group of Bank Supervisors.
  • Cayman Islands is a signatory to the Common Reporting Standard (CRS), a global initiative to clamp down on tax evasion. As a result, Cayman banks share information on bank accounts and account holders with the tax authorities where the company/individual is tax-resident;
  • Similarly, under the Foreign Account Tax Compliance Act (FATCA), Cayman banks report information on US account holders to the US Inland Revenue Service (IRS).

  • Cayman Islands does not have a deposit guarantee scheme;
  • The region is sometimes affected by hurricanes which can lead to disruption of customer services and online banking;
  • The amount of consolidated assets held in the Cayman Islands banking sectors has lowered since 2010 demonstrating the diversification trends post the recent financial crisis;
  • Due to the extensive use of correspondent banks, the timelines of funds transfer execution and transfer receipt abroad can be longer and reputable international banks;
  • Healy Consultants Group recommends our multi-national Clients’ minimize the funds held with Cayman Islands banks.

• Healy Consultants Group fees

  • Our professional fees to open a Cayman Islands multi-currency corporate bank account is US$6,950 and our Client will not be mandated to travel during the engagement. Our banking Staff will secure multi-currency corporate bank account approval for an overseas LLC. For example, a Singapore LLC and Cayman Islands multi-currency corporate bank account with Scotiabank. Or Delaware LLC and Cayman National Bank.
  • Our multi-currency corporate bank account opening fees cover the following support services:
    • Creating a quality business plan for the Cayman Islands banks, explaining the purpose of the business and future banking transactions;
    • Securing welcome emails from multiple Cayman banks, inviting our Client to submit a multi-currency corporate bank account application;
    • Healy Consultants Group’s Banking Team completing, on our Client’s behalf, the multi-currency corporate bank account application forms and collating Know Your Customer (KYC) due diligence documents;
    • Over the following weeks, the bank officer reverting to Healy Consultants Group multiple times to prepare an accurate, complete multi-currency corporate bank account opening file. When the Cayman bank officer is ready, our Client will convene a Skype video call with the bank;
    • Following successful completion of the above, the bank officer submits a complete potential customer file to the bank Legal and Compliance Department;
    • After several weeks, e-mailing multi-currency corporate bank account numbers to our Client;
    • Within three weeks, arranging our Client to receive e-banking log in details, including corporate Visa debit cards and cheque books.

Conclusion

Contact us for assistance with opening an Cayman Islands corporate bank account.