Guide to opening a personal bank account for residents and non-residents of the Cayman Islands: paperwork, IDs, references and other requirements.
All banks in the Cayman Islands adhere to mandatory due-diligence requirements and will perform extensive checks before opening an account for you to ensure that you are thoroughly legitimate and that no money will be laundered. Each bank may have slightly different requirements:
Opening a Personal Bank Account – Resident
Though each bank may have slightly different requirements, most will request some or all of the following information from residents looking to open a bank account:
Opening a Personal Bank Account – Non-Resident
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. Also, local banks will often want a legitimate rationale for opening an account for an overseas resident. It is worth noting that a US citizen who has opened an account in the Cayman Islands will still need to declare the account to the Department of Treasury in the US, and declare any income earned on that account to the International Revenue Service (IRS). Banks will request some or all of the following information:
Opening a Business Bank Account
Opening a business bank account requires more information. Find out about opening a business bank account.
The following companies can provide you with banking services in the Cayman Islands: