Banking and Investment

Banking and tourism are the two main industries that fuel The Cayman Islands economy. We are considered to be the fifth largest banking community worldwide with approximately 600 banks operating in Grand Cayman. Some banks are quite visible with many storefront locations and others are not so visible with only a few employees.

The success of Cayman Islands in the financial world has been due to progressive legislation and a sound and stable financial community for many, many years. There is no restriction on the movement of funds. There are no taxes on income, no taxes on business profit, no taxes on death or estates, no annual property taxes, no withholding taxes and no capital gains. As a matter of fact, the only taxes are indirect ones on imported goods, hotel stays, travel, land transfers and foreign work permits. These indirect taxes pay for the island’s infrastructures.

In today's electronic world it is not necessary to carry traveler's checks or a lot of cash. You will get the best international exchange rate by using your credit card or ATM card.

Most banks are open Monday to Thursday 10am to 4pm and Fridays 9am to 4:30 pm with ATM and credit card services.

As a foreigner, it is very easy to set up your own accounts for personal banking and investment and trust services.