Opening a Bank Account in the Cayman Islands

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, all will request most 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. Or source of funds documentation
A recent utility bill (not older than three months) or lease agreement in the individual’s name as proof of address. In the event of the latter, you would 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 a bank account 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 most 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 (issued within three months of the date of account application) on the bank’s letterhead, including length of banking relationship (minimum three years), average balance held in the account(s) for the previous year, and the manner in which the account(s) has been conducted
Bank reference or character reference from a professional (attorney, accountant, teacher, notary public, JP, etc.)
Curriculum Vitae (CV)
A recent original utility bill (no older than three 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.