Open a bank account in the Caribbean

BankINTRODUCTIONS.com

OPEN A BANK ACCOUNT
IN THE
CARIBBEAN

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 low taxes. The offshore banking world is becoming very competitive; there are many choices from various corners of the world now. BankINTRO.com (BI.C) has immediately identified three areas in the Caribbean for bank referral based upon our research of political stability, sound currency and banks, function able and logical legal system, and BankINTRO.com 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 growing concern for the entire region includes the issue of compromises with respect to bank privacy and tax related matters that have taken place over the last few years amongst the world’s banking centers. An area of further interest to BankNTRO.com is Barbados, a prosperous and growing money haven in the southeast Caribbean. However, our focus and theme of our information based web site remains currency diversification while investing globally maintaining your finances in several banking regions. BankINTRO.com does not support tax evasion.

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 is an investment option for some 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 is considered one of the largest domiciles of financial assets in the world today.
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 50,000 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 93,000 companies (year 2008) are based in the Caymans. There are approximately 285 banks (2008), 800 captive insurance companies doing business within the Cayman Islands and over 10,000 mutual funds (year 2008). 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 Caymans in June 2009 did sign a new double taxation agreement that primarily applies to citizens of European Union members countries.

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 = 1.22 US-dollar 'USD'). No exchange controls presently exist. There are no direct taxes in the Cayman Islands relating to individuals, corporations or trusts although import taxes, various license fees and stamp duties are in place for modest revenue. 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 43,000 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 further background information, please visit the Cayman Islands in the BI.C currency index listed on this BankINTRO.com web site.

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 Puerto 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 is 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. 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 apply 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.

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')." In January 2007, an updated British Virgin Islands Business Companies Act (BVI BC) was formally implemented replacing ‘IBC’ with a ‘BC’ (Business Company). The new BVI BC Act removes the differences for offshore and onshore legal entities. In essence, the updated BC now gives the owner to do business freely in BVI without any previous restrictions such as land ownership, etc.

BVI is a relatively inexpensive and ideal place to incorporate a BC, 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. A Business Company (BC) does not pay any tax on its worldwide profits to the British Virgin Islands authorities. As of year 2008, there were over 820,000 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 BankINTRO.com places the British Virgin Islands as a first class destination to diversify your wealth. BVI's banking framework of trusts & foundations, Business Company Act (BC), 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.

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 23,000 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 although import taxes, stamp duties and license fees are in place for modest tax collection purposes.

In 1973, the Turks & Caicos Islands 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 creates 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. In July 2005, TCI did implement the European Union’s Saving Tax Directive.

Turks & Caicos is responsive to the need of international investors; 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.

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. Those restrictions resulted in as many as 30,000 businesses closing shop or moving to other jurisdictions although in the long term this will strengthen the credibility of the Bahamas with sound enterprises being domiciled.

Moreover, banking secrecy has also been compromised to some degree within the Bahamas with the signing of the 'Tax Information Exchange Agreement' (TIEA) with the United States relating to civil and criminal issues. The net short term impact resulted in upwards of 200 private banks being closed in the Bahamas. At present, there are no direct taxes in the Bahamas such as income tax, capital gains tax, capital transfer tax, VAT and/or sales tax. There are import taxes, stamp duties and license fees for modest tax collection purposes.

Conversely, Barbados is a growing 'Business Haven'. BankINTRO.com will have further details on these banking regions at a later date. Please check back and visit our "WHAT'S NEW" section for the latest news. For further banking information on the Bahamas and Barbados, please email us directly here and BankIntroductions.com and also visit the currency index within this BankINTRO.com web site for further information on these Caribbean locations and their currencies.

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

Bank Introduction Services - BankIntroductions.com
If you are interested in establishing a bank account, a banking relationship, other financial services, then please send us an email to the following address with a description of your request:

Email: mbell@bankintroductions.com

Each individual and/or business has their own specific banking requirements. Here at BankIntroductions.com, we will be delighted to assist you with bank recommendations, bank introduction services and/or names/contact info of other financial intermediaries who can help to facilitate your request.

These services are fee determined and each situation will be quoted a ‘USD’ consulting fee based on the complexity of the request. Our firm is dedicated to pointing you to sound, reputable global banks and other financial institutions and/or other intermediaries, financial conduits.

Bank Accounts, Business Accounts, Online / Internet Accounts, Credit / Debit Cards,
Gold Accounts, Annuities, Investments, Trusts, etc.

PRIVATE EQUITY: Businesses to International Real Estate. Minimum funding amount is $4 million USD.

INTERNATIONAL MORTGAGES: Holiday Homes, Investment Properties, Second Homes for those properties domiciled in: Canada, United States, United Kingdom, France, Spain, Portugal, Hong Kong, Singapore, Dubai, Australia, and New Zealand

CURRENCY CONSULTING SERVICES: currency opinions, currency research

Send us here at BankINTRO.com a request at: mbell@bankintroductions.com

THANK YOU FOR YOUR CONSIDERATION!

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.