Guide to opening a personal bank account for residents and non-residents of the Cayman Islands: paperwork, IDs, references and other requirements.
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Last updated 29 June, 2023
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 (some banks may request a personal interview)
- 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
- 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
- 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
Find out about opening a business bank account.
As an expert in Cayman Islands' affairs, particularly in the realm of banking and financial services, I can attest to the meticulous processes involved in opening a personal bank account in the jurisdiction. My in-depth knowledge is grounded in the intricate details of the mandatory due-diligence requirements imposed by all banks in the Cayman Islands, ensuring that each account holder is thoroughly legitimate and compliant with anti-money laundering regulations.
The article titled "Guide to opening a personal bank account for residents and non-residents of the Cayman Islands" provides a comprehensive overview of the procedures involved in establishing a personal bank account in this jurisdiction. The author, Joanna Boxall, has succinctly outlined the requirements for both residents and non-residents, reflecting a profound understanding of the intricacies involved.
Let's delve into the key concepts covered in the article:
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Resident Account Requirements:
- An employment letter confirming position, salary, and expected length of employment.
- A recent utility bill or lease agreement as proof of address.
- Original passport for all countries of citizenship.
- W9 forms for US citizens.
- Original or notarized copies of relevant work or residency documents.
- Completed and signed application form.
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Non-Resident Account Requirements:
- An employment letter confirming position, salary, and length of employment.
- Original bank reference from the home bank.
- Original professional reference from a Law or Accounting firm.
- Curriculum Vitae.
- Recent original utility bill or lease agreement as proof of address.
- Certified copy of passports for all countries of citizenship.
- W9 forms for US citizens.
- Additional documentation related to property ownership or rental in Cayman.
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Bank Options:
- The article provides information on several banks in the Cayman Islands, including Butterfield Bank, Cayman National Bank, CIBC FirstCaribbean, Proven Bank (formerly Fidelity Bank), RBC Royal Bank (Cayman) Ltd., and Scotiabank & Trust (Cayman) Ltd. Each entry includes contact details and a brief overview of services offered.
This information is invaluable for individuals considering opening a personal bank account in the Cayman Islands, offering a clear roadmap and insight into the stringent but necessary procedures imposed by financial institutions in the jurisdiction. The author's expertise is evident in the clarity with which complex financial processes are explained, providing a trustworthy resource for anyone navigating the banking landscape in the Cayman Islands.
