Q&A for How to Open a Bank Account in the Cayman Islands

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How do you open an offshore bank account in Panama?

Andrew Lokenauth
Finance Executive
Andrew Lokenauth is a Finance Executive who has over 15 years of experience working on Wall St. and in Tech & Start-ups. Andrew helps management teams translate their financials into actionable business decisions. He has held positions at Goldman Sachs, Citi, and JPMorgan Asset Management. He is the founder of Fluent in Finance, a firm that provides resources to help others learn to build wealth, understand the importance of investing, create a healthy budget, strategize debt pay-off, develop a retirement roadmap, and create a personalized investing plan. His insights have been quoted in Forbes, TIME, Business Insider, Nasdaq, Yahoo Finance, BankRate, and U.S. News. Andrew has a Bachelor of Business Administration Degree (BBA), Accounting and Finance from Pace University.

Andrew Lokenauth

Finance Executive

Expert Answer

Contact the local bank in the country for more specific information! They can advise you on the next best steps to take in alignment with Panama's banking laws and regulations.

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Can I keep jewelry in my account?

Community Answer

To keep items there, ask the bank for a locker which you can rent yearly for free, or a fee according to the bank rules.

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Question

How do I get a savings account that pays good interest?

Community Answer

I've found that Credit Unions tend to have better interest rates for savings accounts.

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How do I open a current account in the Cayman Islands for a Cayman Incorporated company?

Community Answer

You will need the following: Full incorporation paperwork; bank references from a current bank; a letter giving an overview of the business and reason for needing the account; Articles and Memorandum of Association, certified by a notary public; register of members, officers and directors, certified by the registered office or a notary public; the minutes of the directors’ first meeting, also certified by the registered office; and the identity of each ultimate beneficial owner, director and signatory (this must be supported by a certified copy of their passports and proof of residential address).

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Can I have a list of offshore banks that do not ask for too much information and that have a low account opening fee or none?

Community Answer

Use the Grand Exchange, just be sure to be in the members-only world.

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What are typical interest rates for savings accounts in the Cayman Islands?

Community Answer

Interest rates could vary daily, although schedules can be obtained from many major banks. The minimum interest rate, however, should be about 0.010.

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How do I open an overseas US account from China?

Community Answer

Find a friend in America willing to open an account for you. Make sure you both agree you are to pay for any taxes due on the money, if any. Give the money to your friend to deposit and it isn’t a direct transfer. Have your friend send the checks and debit card to you. They can forward the statements to you via email.

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