BankINTRODUCTIONS.com
OPEN A BANK ACCOUNT
IN THE
CARIBBEAN
Home   |  About Us  |  What's New  |  Open a Bank Account   |  Currency Index  |  Knowledge   |  Contact Us 


CARIBBEAN

BI.C does not support tax evasion. What you file for taxes in your home country is up to you, not BI.C. It is your responsibility to comply with your own specific country laws. BI.C does not support any illegal activity and we do not wish to refer any clients who are involved with any illegal activities of any kind. BI.C are not tax consultants, but we are an independent research firm and bank introductions company. Our goal is to help guide you to safe banks and diversify your wealth within sound banking regions.


The Caribbean tax havens are well known for bank secrecy and low taxes. The offshore banking world is becoming very competitive, there are many choices from various corners of the world now. BI.C has immediately identified three areas in the Caribbean for bank referral based upon our research of political stability, sound currency and banks, functionable and logical legal system, and BI.C has also looked at the state of infrastructure & telecommunications available in these tax havens. The three major areas that meet BI.C standards as a first class banking destination include the Cayman Islands, British Virgin Islands and the Turks & Caicos, all of which are British dependent territories and have their banking audited by the Bank of England. It should be mentioned that the Bahamas is a popular offshore destination but will be assessed in further detail at a later date for bank introductions. However, a recent concern for the Bahamas banking region includes the issue of compromises with respect to bank privacy and tax related matters that have taken place since year 2000. An area of further interest to BI.C is Barbados, a prosperous and growing money haven in the southeast Caribbean. Please send us an email directly if you have a request for any Caribbean region not covered in detail in this section, we are happy to oblige.

no one deals like we do!

The economy of the Caribbean is for the most part dependent on two industries, tourism and offshore finance. The various governments across the Caribbean have implemented wealth enhancing policies to stimulate investment by creating very attractive tax environments for non-residents. The Caribbean has become a magnet for attracting international monies, a banking region simply known better as an INTERNATIONAL TAX AND ASSET PROTECTION HAVEN. Obviously, one of the main attractions of the Caribbean tax havens is the low tax rates, if any at all. The economic and political situation is stable. The currencies in use for the most part are linked to the US-dollar or the US-dollar itself is in use. Please also visit the BI.C currency index within this BI.C web site for more background information on these Caribbean locations.

Similar to other banking regions around the globe, the Caribbean is not immune to some precarious financial institutions and dubious management ethics. In the past, the country of Grenada has run into difficulties with fraudulent banking activities. Exactly what assets and who are behind some of these banks is an open question. The professionalism of the staff maybe questionable as some employees could be bribed for information from different authorities. For this and other reasons, BI.C takes great concern and research in recommending first class financial institutions and or other professionals who have the specific expertise to answer your request.

Setting up an offshore company as a way to shelter assets is a very popular vehicle for many high net wealth individuals. Within a tax haven, all business including investments and banking is conducted under corporate ownership, thus the names of the shareholders, officers, and directors are kept completely confidential and private. BI.C specifically does not get involved with company incorporations, but we do have several network contacts who would welcome the opportunity in assisting you to set up accordingly.


CAYMAN ISLANDS


The Cayman Islands are now the world's fifth-largest financial centre in the world behind that of only New York, Tokyo, London and Hong Kong. This offshore tax haven is famous for just that, being a major tax haven. The Cayman Islands are located 1,000 km south of Florida, USA composing of 3 major islands with approximately 260 sq. km of land. The largest island, 'Grand Cayman' is home for the majority of the Cayman's 45,400 residents with most Caymanians living in the capital of George Town.

The Cayman Islands are an impressive international financial and banking centre with forty of the world's largest banks having representative offices or subsidiary operations. The Cayman Islands are also home to more registered companies than residents, approximately 70,000 companies (year 2004) are based in the Caymans. There are approximately 430 banks & trusts (2005), 719 captive insurance (June 2005) companies doing business within the Cayman Islands and over 7,000 mutual funds (year 2006) coupled with over sixty percent of the world's offshore hedge funds taking advantage of the tax-free environment. Total system bank assets within the Caymans are at over $600 billion USD equivalent. There is excellent support for the banking sector with representation from all the large international accounting and law firms.

The Cayman Islands are still a British crown colony with the United Kingdom Parliament at Westminster retaining the right to legislate. The Caymans have a Governor who is appointed by London, an elected legislature with no political parties ensuring the Cayman Islands are a very stable place to do business. The legal system is Common Law based on English Common Law. This framework provides stability to the banking and company formation industries on the Caymans. The Cayman Islands authorities have relaxed some rules relating to bank secrecy due to strong pressures from countries like the United States and Britain. It is now easier to access financial records for criminal investigations to ensure the Caymans banking system is not being abused by drug cartels.

The Cayman Islands have enjoyed stable democratic government since 1831. There is little government intervention in the economy and commerce. Internationally recognized for quality of financial services, the Cayman Islands are a leader in global finance. Development of the offshore financial industry began more than 30 years ago within the Caymans. The industry has been facilitated by the implementation of innovative national legislation allowing for an environment for the introduction of world leading first class financial services. Both the private sector and the government work closely to help formulate policies and legislation, this is done via the 'Private Sector Consultative Committee.'

The economy of the Caymans is strong with full employment, the majority of revenue being derived from the financial services sector and tourism. The Cayman Islands offer modern international telecommunication services along with frequent commercial airline service, Miami only being a short one-hour flight away. Official language is English, and the Caymanian dollar is national currency (1 KYD = 1.227 US-dollar 'USD'). No exchange controls presently exist. There are no direct taxes in the Cayman Islands relating to individuals, corporations or trusts. No capital gains, no inheritance, no property taxes and no gift taxes. The Cayman Islands have the highest per capita incomes in the Caribbean and the world at 42,000 USD of which is on par with that of the United States. Prosperity is evident everywhere with many new luxury hotels, condominiums, cars and restaurants. For futher background information, please visit the Cayman Island's in the BI.C currency index listed on this BankINTRO.com web site.


BankINTRODUCTIONS.com Bank Recommendations for the Cayman Islands

          SCOTIABANK             in the Caymans.

          FirstCaribbean             in the Caymans.

          HSBC                                    in the Caymans.

For more information on Scotiabank, FirstCaribbean and HSBC, please see bottom of this web page. Please also visit the RBC Royal Bank of Canada links at the bottom of this web page for further bank introduction information for the Cayman Islands.
BRITISH VIRGIN ISLANDS


The British Virgin Islands ('BVI') is another well known offshore tax haven located 5 km north west of the United States Virgin Islands in the central Caribbean near Peurto Rico. The financial district is located at BVI's capital, Road Town, on the island of 'Tortola' which is the largest and most populated island with a population of 9,500. BVI consists of 60 islands and cays having a total land area of 150 sq. km with a total population of 23,000. BVI is a British dependent territory, not an independent country. The British Virgin Islands do currently maintain very close ties with the United Kingdom. The UK provides for the defense and handling of BVI's external affairs. The BVI government operates under a ministerial system under a constitution adopted in 1967. Similar to the Cayman Islands, the legal system is based upon Common Law, English Common Law with some local modifications and statutes.

The overall political and economic environment in BVI is that of being very stable enjoying a tax free jurisdiction status. English is the official language spoken, national currency is the US-dollar, crime and unemployment are both low. There are no exchange controls, non-residents are exempt from all domestic taxation. BVI levies no inheritance or sales tax, capital gains, capital transfer or estate tax. BVI withholding tax for residents is to a maximum of 15 percent for dividends, nominal rates for interest income and none for royalties. As of year 2006, income tax has been abolished, but a new payroll tax set at 14 percent has taken its place. There are no withholding taxes in the BVI. However, similar to other British dependent territories, the BVI has implemented the European Union's Savings Tax Directive effective since July 1, 2005. BVI has decided to applay a withholding tax (initially at 15 percent) to the returns on savings paid to nationals of EU Member countries. The Directive does not apply to corporate entities. For the most part, taxation is very low, if any at all as the government has been considering eliminating both personal and corporate tax on the Islands. It is this favorable low tax setting and ideology that has help to make the BVI economy one of the most prosperous in the Caribbean. Telecommunications services linking BVI to the rest of the world (telephone, telex, facsimile, Internet) are excellent. FEDX, DHL provide daily courier services, important for rush documents.

The British Virgin Islands is well known as a prudent place to incorporate an offshore company. In 1985, BVI began to offer offshore registration to companies wishing to incorporate. The government passed Principal Corporate Legislation, The Companies Act 1985, International Business Companies Ordinance 1984 " International Business Company ('IBC')." BVI is a relatively inexpensive and ideal place to incorporate an IBC, this allows the owner total control over their assets with the advantage of privacy and privilege. These offshore companies can hold assets or execute transactions. Registering an IBC in the British Virgin Islands provides for secrecy as the identity of owner(s) is shielded. Further, an IBC does not pay any tax on its worldwide profits to the British Virgin Islands authorities. As of year 2004, there were over 550,000 companies in the offshore registry.

BVI has an established modern and sophisticated banking environment. For individual and corporate bank accounts, BVI provides banking & legal statutes to enhance bank secrecy. It is this advantage of BVI being a safe offshore banking system complimented with excellent infrastructure and sound legal system that BankINTRODUCTIONS.com places the British Virgin Islands as a first class destination to diversify your wealth. BVI's banking framework of trusts & foundations, IBC, mutual funds creation, insurance services will help protect you from predatory legal suits, divorce, currency devaluations, etc. Although tourism is the largest industry, BVI is quickly becoming to be a major player as an international financial and banking centre on par with Jersey in the English Channel.


BankINTRODUCTIONS.com Bank Recommendations for the British Virgin Islands

          SCOTIABANK             in the BVI.

          FirstCaribbean             in the BVI.

For more information on Scotiabank and FirstCaribbean, please see bottom of this web page.
TURKS & CAICOS ISLANDS


The Turks & Caicos Islands ('TCI') is a relatively new player in the offshore banking world. This country consists of a group of 20 tropical islands with total land area of 430 sq. km situated in the North Atlantic Ocean just south of the Bahamas. There are approximately 21,000 people on the islands with the majority, 80%, being of African descent. The economy is growing with tourism, fishing and financial services as the main employers. The official language is English and the US-dollar is national currency. No exchange controls presently exist, TCI status is that of a tax-free jurisdiction. The islands enjoy modern telecommunications, frequent flights to the USA and other neighboring islands.

Bank secrecy is supreme on this small Caribbean tax haven. In 1973, the Turks & Caicos Islands became became a British protectorate with Queen Elizabeth II acting as Head of State. The government is stable with a Governor for TCI representing the Queen. The Islands follow Common Law, based on English Common Law and some old Bahamian and Jamaican statutes.

In 1981, TCI introduced the Companies Ordinance, which was the foundation of the island's finance centre. TCI's legislation for trusts create an element of privacy as there is no requirement that the trust be registered with the government. Turks & Caicos officials will not allow 'dirty money' or 'fraudulent activity' and business professionals using the islands maybe subject to background checks from the FBI or Interpol.

Turks & Caicos is responsive to the need of international investors, with a tax-free status and no double tax or exchange of fiscal information treaties exist with any other country. The financial industry is well regulated by the TCI Financial Services Commission committing Turks & Caicos to maintaining the highest standards of quality and integrity. Offshore financial services include banking, insurance, company formation, trusts, mutual funds and partnerships. The Turks & Caicos Islands is a competent offshore banking centre with representative offices for some of the world's elite international banks for both individual and corporate requirements.


BankINTRODUCTIONS.com Bank Recommendations for the Turks and Caicos Islands

          SCOTIABANK             in the Turks & Caicos.

          FirstCaribbean             in the Turks & Caicos.

For more information on Scotiabank and FirstCaribbean, please see bottom of this web page.
BAHAMAS & BARBADOS


The Caribbean nations of the Bahamas and Barbados are two other popular banking destinations to diversify your holdings. Both nations are sound economically and politically as they are both independent states within the British Commonwealth. With progressive laws and modern banking facilities, both countries are considered sound choices to park some of your monies. The Bahamas in particular has had a reputation as a major financial money haven although this has been somewhat challenged by new financial legislation implemented in December 2000 which forced several international corporations to leave the Bahamas. These new restrictions have resulted in as many as 30,000 businesses closing shop or moving to other jurisdictions. Moreover, banking secrecy has also been compromised to some degree within the Bahamas with the recent signing of the 'Tax Information Exchange Agreement' (TIEA) with the United States relating to civil and criminal issues. The net impact has resulted in upwards of 200 private banks being closed in the Bahamas. Conversely, the Barbados is a growing 'BUSINESS HAVEN'. BI.C will have further details on these banking regions at a later date. Please check back and visit our "WHAT'S NEW AT BI.C" section for the latest news. For further banking information on the Bahamas and Barbados, please visit the RBC Royal Bank of Canada links at the bottom of this web page. Please also visit the currency index within this BI.C web site for further information on these Caribbean locations and their currencies.

BankINTRODUCTIONS.com Bank Recommendation for the Bahamas

          HSBC                                    for banking in the Bahamas.


WHAT'S REQUIRED TO OPEN A BANK ACCOUNT IN THE CARIBBEAN WITH A FIRST CLASS FINANCIAL INSTITUTION?

 à Bank and professional references

 à Evidence of the source of funds to be deposited

 à Usually a personal meeting with a bank representative prior to the opening of an account.

BankINTRODUCTIONS.com Bank Recommendations for the Caribbean Region

SCOTIABANK is a Canadian based bank with a significant international exposure with offices in over 50 countries with 51,000 employees worldwide. Scotiabank is one of Canada’s largest financial institutions and is in the top 100 globally based on assets. Scotiabank has a sound credit rating holding ‘AA’ on its long term deposits/debt. Within the Caribbean offshore banking region, Scotiabank is well known as they have a large presence with over 200 branch offices. The Caribbean staff at Scotiabank is experienced and knowledgable as they are very capable of handling many of the offshore banking services that today’s global investor demands.

          SCOTIABANK             in the Caribbean.

FirstCaribbean International Bank is an associated company of UK based Barclays Bank PLC and Canada’s Canadian Imperial Bank of Commerce ‘CIBC’ derived from the merger of these two banks Caribbean banking operations. Both Barclays Bank PLC and CIBC are well known established first class global banks in the world today. Each of these banks employ tens of thousands of employees and are well regarded in the global banking community today. At present, banking operations within the Caribbean basin for FirstCaribbean consist of over 100 branches among 16 Caribbean countries including the prestigious international offshore banking locales of the Bahamas, Barbados, the Cayman Islands, the British Virgin Islands and the Turks & Caicos Islands. Credit ratings are sound for FirstCaribbean with major international credit rating agencies giving an ‘A- Stable’ rating. FirstCaribbean is well positioned to handle any request that you may have with the financial backing and support of world class banks Barclays and CIBC. FirstCaribbean provides a vast array of banking products including multi-currency bank accounts for both individuals and businesses.

          FirstCaribbean            in the Caribbean.

HSBC is a prestigious well known global banking giant headquartered in London, United Kingdom. As an international financial conglomerate, the HSBC Group is a very prosperous successful banking brand with over 10,000 offices scattered around the world. HSBC Group’s International network companies have 284,000 employees worldwide, HSBC is indeed one of the world’s largest global banking and financial organisations. Through an international network linked by advanced technology including a rapidly growing e-commerce capability, HSBC provides a comprehensive range of financial services: personal banking, commercial banking, corporate, investment banking and capital markets, global private banking and other services. HSBC is a publicly traded financial institution with stock exchange listings on London, New York, Paris and Hong Kong. The HSBC Group is named after its founding members, the Hongkong and Shanghai Banking Corporation Limited, which was established in 1865 to finance the growing trade between China and Europe.

          HSBC                                    in the Caribbean.


BI.C Recommendation for Offshore Company Formation

If you are interested in offshore incorporations, perhaps setting up a trust or IBC (International Business Corporation) or other general offshore protection strategies, BankINTRODUCTIONS.com recommends Canada's largest bank RBC Royal Bank of Canada to answer any questions you may have. RBC Royal Bank Global Private Banking network is located in 25 offices scattered throughout the world serving a global clientele from over 150 countries including Caribbean offices at Barbados, Bahamas and the Cayman Islands. RBC presently has over $525 billion CAD (Canadian dollars) in assets under administration employing approximately 70,000 worldwide.

RBC
Royal Bank
of Canada                     For Global Private Banking

 RBC
Royal Bank
of Canada                     For Global Private Banking in the Caymans

RBC
Royal Bank
of Canada                     For Global Private Banking in the Bahamas
RBC
Royal Bank
of Canada                     For Global Private Banking in the Barbados
RBC                               For Offshore Corporate Services for
Royal Bank                   Companies Conducting or Contemplating
 of Canada                     International Business







DISCLAIMER


DISCLAIMER: the information presented within this banking section is believed to be accurate and correct to the best of BankINTRODUCTIONS.com's 'BI.C' independent research abilities. BankINTRO.com is not liable for any out of date or not knowing inaccurate statements presented. BI.C recommends the Internet reader seek out other sources of offshore banking information to verify the text within this BankINTRODUCTIONS.com web site.