Among the places considered being tax-heavens, Cayman Island figures on  top of the list. From all around the globe, big wigs are pushing money into banks in Cayman Islands. All this is because of Cayman Island government’s stand of 100% exemptions on personal tax, corporate income taxes, capital gains, withholding and estate. With exemptions on all these money-eating factors, Cayman Island banks are grooming and budding up like anything.

The small Island of Cayman has about 700 licensed banks. A recent estimate showed that for every 60 permanent inhabitants there is one bank to offer services. Well, the fact is that all these banks are not providing full customer banking services only few are known for it.

To start with the general trend, let me introduce you to “CI$” It is called Cayman Island Dollar and is official currency of Cayman Islands. CI$ is divided into 100 cents and value of each CI$ is fixed at US$ 1.25. You can exchange your US$, Pound Sterling or Canadian Dollar at the banks and at many hotels as well. US Dollars are preferred as exchange currency for traveler checks as well as for cash. On Sundays and Saturdays, the banks are closed but you can find Automatic Teller Machines (ATMs) at almost all major bank branches and other important establishments like Airport. All major credit cards and debit cards are widely accepted throughout the Cayman Islands.

Opening a bank account in Cayman is as simple or difficult as it is elsewhere. Cayman Islands banks are very cautious and guarded to open a bank account. They perform wide range of identification and other information checks on persons who are willing to open a bank account. To open a bank account in Cayman you will have to provide personal information documents to prove your identification. Generally a utility bill or a passport serves the purpose of identity confirmation document.

Now when we are talking about 700 banks in Cayman Island, we must specify the ones, which we consider, are providing full range of services. Well, I must name British American Bank, Royal Bank of Canada, Cayman National Bank, First Caribbean International Bank, Barclays Bank; Scotiabank and Butterfield Bank as my choice. Each of these banks is competing with one another to get maximum share of Cayman banking market. For this they are coming up with new offers and schemes every now and then for customers.

Cayman Islands even though small in size have exotic locations with thousands of tourists flocking each day offering great business to banks situated there. In return each bank is devising some or the other plan for its valued customers to give them a simple and convenient banking experience.

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