How many banks are in Cayman island?

111 banks
There are 111 banks in the Cayman Islands, the majority of which are branches (66) and subsidiaries (31) of international banks. The Cayman Islands is one of the leading international financial centers in the world.

How much money is deposited in Cayman Islands?

Morgenthau, published by The New York Times, states that the Cayman Islands has US$1.9 trillion on deposit in 281 banks, including 40 of the world’s top 50 banks, although official statistics published by the Cayman Islands Monetary Authority suggest the amounts held on deposit are actually around US$1.5 trillion.

Are Cayman Island banks safe?

But if you earned your money the traditional way, which is through hard honest work, you have nothing to fear. Your assets will be safe and secure in a Cayman offshore bank. It is perfectly legal for Americans to open and maintain a bank account in the Cayman Islands.

How many banks are there in the Cayman Islands?

The Cayman Islands banking and financial sector is very large. Financial and insurance services compise about one-third of GDP of the Cayman Islands. With its population of 63,415 in 2017 and 158 registered banks, there was 1 registered bank per roughly every 401 residents of the Cayman Islands.

Is the Cayman Islands an offshore financial centre?

The British Overseas Territory of the Cayman Islands located in the Caribbean Islands is a premier offshore financial centre for investing and banking services. The Cayman Islands is one of the world’s most popular offshore financial centres, holding a vast majority accounting for nearly 75% of the world’s offshore funds.

Can a non resident have a Cayman Islands bank account?

That said, non-resident individuals and businesses can still open a Cayman Islands bank account–in most cases, it can even be done remotely. But to open an account, you will need to provide certified documents, transparent records, and (as we’ll discuss) ties to the Cayman Islands.

How big is the population of the Cayman Islands?

Cayman Islands Banks. With a population of just under 60,000 and comprised of only three islands, Cayman Islands is a tiny Caribbean nation. But don’t let its size fool you. The Cayman Islands is a giant in the world of offshore banking.