As one of the top financial centers in the world, Cayman is well-equipped when it comes to banking. Most of the world's offshore hedge funds call Cayman home, and finance is a big part of the island's economy.
Most banks offer CI & US dollar checking and savings accounts but will need a fair bit of information before allowing anyone to set up an account.
According to Butterfield Bank, to set up a personal account you will need the following information for the bank to review an application:
- An original financial reference addressed to the Bank indicating a satisfactory relationship of over 3
years, and quoting approximate average balances maintained over the past 6 months.
- For local residents, a letter from your current employer addressed to Butterfield Bank (Cayman)
Limited confirming your salary and employment. For overseas residents, an original character
reference addressed to the Bank from a Law or an Accounting firm indicating a satisfactory
relationship over 3 years.
- Details regarding the purpose of the account.
- Details regarding the nature and dollar volume of anticipated transactions through the account
including the source of funding/wealth of initial and subsequent deposits.
- A notarised legible copy of the passport photo page with clear details of full name, date of birth,
nationality, signature, photo and expiration date AND driver’s licence (with photo showing).
- Completed and signed Bank mandates.
- Confirmation of physical address; example, copy of current utility bill with clear details of
Both variable and fixed rate mortgages are available in the Cayman Islands and can range from 1-3% above the base rate.
Lenders will take into account your occupation, credit history, annual income as well as taking into consideration immigration status.
A number of banks in Cayman offer competitive rates for mortgages, if the application is relatively simple it can be processed within weeks.
According to CIREBA.com stamp duty rate on all three Cayman Islands is 7.5% on the purchase price (also termed the consideration) or the market value of the property, whichever is higher. Stamp duty is calculated in $CI.