Caymand Islands, Offshore Bank Account

There are about 500 banks and trust companies licensed by Cayman Islands government to do banking and trust business in the Cayman Islands. About 30 banks have the A category license which means that they are allowed to make business with residents and nonresidents and the rest of banks have the category B license which means that they are restricted to bank transactions for nonresidents of Cayman Islands. Following taxes do not apply in Cayman Islands: Capital gains tax Corporation tax Withholding tax Property tax Payroll tax Income tax payable by employees Further benefits of offshore banking in Cayman Islands are: No exchange control Free transfer of funds in and out of the Cayman Islands Freedom to maintain offshore bank account in any currency Confidentiality of client information provided by Confidential Relationships Law