Banking, Money and Taxes in Cayman Islands
The Cayman Islands has one the largest and most respected financial sectors and is home to more than 600 banks and 100,000 companies.
Because of its tax-free status on incomes, the country is famous as a host of offshore bank accounts. These accounts are transparent in nature, and the islands are well-known for being open about transactions, despite the somewhat shady opinion that flares up occasionally about offshore accounts.
Expats will find that banking is efficient and easy on the islands.
Money in Cayman Islands
The official currency is the Cayman Islands dollar (KYD) divided into 100 cents. It is commonly abbreviated as CI$ before the amount. The KYD is permanently fixed at an exchange rate to the US Dollar.
Notes: 1 KYD, 5 KYD, 10 KYD, 25 KYD, 50 KYD and 100 KYD
Coins: 1 cent, 5 cents, 10 cents and 25 cents
There are ATMs all over the islands and US Dollars are also widely accepted.
Banking in Cayman Islands
The islands are home to a sophisticated banking system and a large number of banks, making managing finances straightforward and accessible.
Opening a bank account
All expats looking to open a bank account will be subjected to a thorough check before being able to do so. Expats should note that some banks will not offer chequing services to a new account holder who has just arrived on the islands.
If an expat changes jobs while on the islands, they must get a letter from the new employer stating their salary for the bank.
Taxes in Cayman Islands
Whilst the islands are famous for being a tax haven, it is by no means completely tax-free. The government relies heavily on indirect taxes, pushing up the prices of everyday items that can make the cost of living very expensive. However there are no taxes on income, capital gains or wealth tax, which makes the islands an attractive destination for expats.