Cayman Islands bank account
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Location: Western Caribbean Sea
Capital: George Town
Population: (2017): 69,000
Status: member of the CARICOM (Caribbean Community) single market; not part of the EU
Currency: KYD (Cayman Islands dollar) and USD (United States dollar)
Official languages: English
Deposit guarantee: N/A
The Cayman Islands is a British overseas territory dependent on the United Kingdom and located 260 km northwest of Jamaica in the Western Caribbean Sea.
The country has a solid economy and an excellent infrastructure with good communication facilities and a well-developed transport system.
Based on the British legal system, the Cayman Islands offer their corporations many benefits including political and economic stability, fast incorporation, low registration fees, and the ability to own a corporation as the sole shareholder and director.
This lead to a booming in the tourism sector and financial services industry and making Cayman Islands one of the top most popular world destinations for tourism and doing business.
Recently the Cayman Islands Government enacted the Special Economic Zone (SEZ) Law in an effort to encourage further economic growth and attract additional international investment. Cayman Enterprise Cityis targeting companies in the following areas: technology, media, biotech research, global commodities and derivatives trading, and education fields.
The Cayman Islands is one of the 5 largest financial centers in the world by deposits and the world’s largest financial center for investment funds, with the presence of the global largest financial institutions.
Main financial services available in the territory are private banking, hedge fund formation and investment, trust services, structured finance and securitization, captive insurance, and international business company services.