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:
- An employment letter addressed to the bank confirming your position, salary and expected length of employment
- A recent utility bill (no older than 3 months) or lease agreement in the individual's name as proof of address. In the event of the latter, you will need to provide a copy of your landlord's utility bill
- Original passport for all countries of citizenship (to be certified by the bank, meaning a personal meeting is required)
- W9 forms for US citizens
- Original or notarised copy of Work Permit Letter, Cayman Status, Right to Work, or Naturalisation certificate
- Completed and signed application form.
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:
- An employment letter addressed to the bank confirming your position, salary and length of employment
- An original bank reference addressed to the bank in Cayman stating how long you have banked with your home bank, the average balance maintained, and the manner in which the account has been conducted
- An original professional reference addressed to the bank from a Law or Accounting firm
- Curriculum Vitae (CV)
- A recent original utility bill (no older than 3 months) or a lease agreement in the individual's name as proof of address
- Certified copy of your passport(s) for all countries of citizenship (to be certified by the bank)
- W9 forms for US citizens
- If you own or rent property in Cayman then a certified copy of the Land Register agreement, a Transfer of Land document or a copy of a Rental Agreement
- Completed and signed application form.
Opening a Business Bank Account
Opening a business bank account requires more information. Find out about opening a business bank account.
Local Banks
The following companies can provide you with banking services in the Cayman Islands: