Original certified copy of Certificate of Incorporation. Annual fee due upon receipt of approval for the issue of a Unrestricted Trust Licence. An undertaking signed by the applicant that the information supplied in the application is true and correct.
An undertaking signed by directors to inform the Authority of any changes to the information supplied in this application should a Licence be granted. NOTE: In the event that the applicant is involved in business activities subject to regulation in another jurisdiction, please attach confirmation of good standing and a letter of no objection from the relevant regulatory authority as well as a copy of the last years audited financial statements.
List of Directors and the major corporate officers with full names, addresses, occupations and nationalities certified by the company's secretary.
Approval from parent supervisory authority where appropriate ; Assurance from parent supervisory authority of consolidated supervision and good standing of the applicant where appropriate. Any exemption from section 7. Give reasons for applying for an Restricted Trust Licence. Customer base - proposed name number and origin of trusts proposed to be managed by the applicant.
Completed copy of page one of the personal questionnaire in respect of each person that is a settlor of a managed trust. Source of trust assets for each managed trust. Police clearance certificate for each settlor. One 1 character reference in respect of each settlor. Range of applicants proposed services. A detailed statement setting out the following for the next two years: Asset structure type of assets The proposed initial assets Expected liabilities Expected income.
Details of management structure, personnel and responsibilities. An undertaking signed by the Applicant that the information supplied in the application is true and correct.
Give reasons for applying for a Nominee Trust Licence. If not a newly formed company details of the company's current business activities accompanied by the audited statements for the past two years.
A guarantee with respect to the liabilities of the Company up to C. Original Certified copy of Certificate of Incorporation. These groups provide a vital link to the Basel Committee. The accord addressed the difficulties experienced by banking supervisors in conducting effective supervision of the cross-border operations of international banks, and the flow of information between home- and host-country supervisors.
In keeping with the accord, the Authority conducts on-site examinations of licensees for which it is the sole supervisor i.
CIMA's Banking Supervision Division is responsible for processing applications for licences and making recommendations to the Management Committee on the issue or non-issue of a licence. The division is also responsible for ongoing supervision and regulation of the activities of banks.
It does so primarily through an integrated off-site and on-site monitoring, the actual processes of which are reviewed regularly in light of experience and changes in the global financial industry. But it is a possibility if you have connections. One profile that would match well with banking in the Cayman Islands are trust and investment entities.
Customers with trust funds to manage and invest, especially those with some tie to the islands can find banking options there. Simply having a lot of money to deposit or invest, or having a relationship with a bank can get you a foot in the door for banking in the Cayman Islands.
The US has significantly cracked down on reporting, especially in these well known tax havens, and you will need to report any interest or income earned in your Cayman accounts. There is no hiding anything. So to review, the general requirements for a profile that matches with banking in the Cayman Islands are having some kind of personal, business, or residential connection to the Cayman Islands, a relationship with a bank, or a lot of money to deposit or invest.
There are some general rules to know when opening up an offshore bank account , and the Cayman Islands are no different. Call your bank, get to know what they expect, and come well dressed and prepared to answer their questions. Gone are the days of hiding dirty money and creating shell companies to keep your name off of accounts. The first set of documentation a bank will ask for is your banking history. These include things like a rental agreement showing your income from rental properties or a letter from your job stating your salary.
Banks are serious about this requirement and will verify your claims. If your ties to Cayman are somewhat looser, this is where it would help to have a relationship with a bank or banker where sometimes they can be a little more lenient on what qualifies as a tie to the country.
As noted above, some banks offer services that allow non-residents to open bank accounts in Cayman without visiting the islands. You will be required to submit several certified documents to prove your identity, along with a current overseas address and extra documentation explaining the source of your funds. Many will guarantee you an account. Good luck. Opening an account there is getting harder and the compliance laws stricter.
Not everyone can do that. There are banks in the Cayman Islands, but not all banks operate the same or provide the same services. There are several different types of licenses a bank can get from the Cayman Island Monetary Authority. The other banks hold Class B licences and are mainly restricted to offshore transactions with non-residents. To see a list of the banks licensed in the Cayman Islands visit www. To help ease the burden for individuals, families and business, local banks have begun offering significant money saving initiatives.
Read on to find out what your local bank is offering customers. Offering banking centre services as well as private banking, asset management, trusts and estate planning, custody services and more.
Provides chequing and savings accounts, credit and debit cards, currency exchange, wire transfers, online banking, mobile banking and more.
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