Is it legal to open a bank account in the Cayman Islands?

Question

Can this be done if you live, work and pay taxes in the U.S.?

Answer 1

Yes, and easy.  However, the rules governing an offshore bank account have become much stiffer. Any bank account containing over $1,000 USD must be reported as income to the IRS, even if that bank account is in the Cayman Islands.

Some foreign banks may require a substantial initial deposit or other restrictions, but the benefits of a lower tax obligation or higher interest rate usually outweigh these hurdles.

Here's how:

http://www.wikihow.com/Open-a-Bank-Accou...

Answer 2

http://www.offshorelegal.org/newsflashes...

http://www.offshorelegal.org/asset-prote...

It is normally done in the form of a trust company.

Answer 3

I live in Cayman and yes it is legal to open a bank account here. I have a bank account here and so does my family that lives in the US. They're are International Banks that you can choose to bank with such as Royal Bank of Canada, UBS and Scotia jus to name a few.