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This section provides detailed information on Cayman banks; how to open a bank account whether for personal use or for a business; investing in Cayman and what the laws are; what it takes to get a local mortgage. We look at telecommunications in Cayman, internet providers and monthly costs; how to connect up your utilities whether electricity, water, cable, or cooking gas. We talk about postal costs and courier fees; Cayman's insurance scene and the costs of health, property and life insurance; the local laws on pensions and empoyer/employee contributions; how to renew your passort once you are here; Basically everything you will need to know about settling into the Cayman Islands!
Opening a Personal Bank Account
All banks in the Cayman Islands adhere to mandatory due-diligence requirements, meaning they will perform fairly extensive checks before opening an account for you. There are no social security numbers here and no credit checks are run, so the banks need to check thoroughly that you are legitimate and that no money is going to be laundered. They will request some or all of the following information:
> A reference from your current bank, addressed specifically to your choice of bank in the Cayman Islands. This document must include how long you have banked with your home bank (i.e. a minimum of three years), the average balance maintained and the manner in which your account has been conducted. The letter must be the original copy and, if a husband and wife are sharing an account, they both must be referenced in the letter. Please note it is much easier to get this letter organised before you leave your home country and bring it with you.
> A letter from your Cayman employer stating the origin of your funds and the position or job you have with the company;
> Your driver's licence and passport (they will photocopy your licence and the pages of your passport);
> One form of physical address confirmation, such as your local Cayman electricity bill;
> Your full name and residential address, phone and fax number, nationality, date of birth, occupation and the name and address of your employer.
Opening a Business Bank Account
For a company incorporated in Cayman, the bank or trust company will need the following:
> Full incorporation paperwork
> Bank references from a current bank
> Professional reference from an accounting or law firm
> All directors, members and signatories to supply information needed for a personal bank account.
Some banks will not offer chequing services to a new account holder who has just arrived on the Island. However, they will offer you a savings account and a debit card. If you change jobs while in Cayman, you must get a letter from your new employer stating how much you are earning and submit this to the bank.
LOCAL BANKS
Butterfield Bank (Cayman), Ltd.
PO Box 705, Grand Cayman KY1-1107
Tel: (345) 949 7055 Fax: (345) 949 7004
Email: info@ky.butterfieldgroup.com
Branches & Banking Hours: Butterfield Place (GT), Monday-Thursday 9am-4pm, Friday 9am-4.30pm; Compass Centre Branch (GT), Monday-Friday 9am-4pm; Governors Square Branch (SMB), Monday-Friday 9am-4pm and Saturday 9am-12 noon.
Branch services: accounts, online banking, ATMs, credit and debit cards, currency exchange, wire transfers, bank drafts, utility bill payment, night deposit facilities, safety deposit boxes, standing orders, Saturday banking, mortgage services and loans.
Other Services: credit references, home insurance, trust services and investment management.
Cayman National Bank, Ltd.
PO Box 1097, Grand Cayman KY1-1102
Tel: (345) 949 8300 Fax: (345) 949 7506
Email: cnb@caymannational.com
Branches & Banking Hours: Edward Street (GT), Monday-Thursday 9am-4pm, Friday 9am-4.30pm and Saturday 9am-1pm; Elgin Ave (GT) and Buckingham Square on West Bay Road (SMB), Monday-Thursday 9am-4pm, Friday 9am-4.30pm; Centennial Towers (WB), Monday-Friday 10am-6pm and Saturday 9am-1pm; Savannah, Monday-Friday 10am-6pm and Saturday 9am-1pm; Little Cayman, Mondays and Thursdays 9am-2.30pm; Cayman Brac, Monday-Thursday 9am-4pm, Friday 9am-4.30pm.
Branch services: accounts, credit and debit cards, online banking, ATMs, loans, mortgage services, currency exchange, wire transfers, bank drafts, utility bill payment, Saturday banking, standing orders and night deposit facilities.
Fidelity Bank (Cayman), Ltd.
PO Box 914, Grand Cayman KY1-1103
Tel: (345) 949 7822 Fax: (345) 949 4079
Email: bank@fidelitycayman.com
Branches & Banking Hours: Cayman Financial Centre, Dr. Roy's Drive (GT), Monday-Friday 9am-4.30pm; Fidelity Financial Centre (SMB), Monday-Friday 10am-6pm and Saturdays 10am-1pm.
Branch services: checking and savings accounts, credit and debit cards, online banking, teller services, ATMs, currency exchange, wire transfers, bank drafts, utility bill payment, loans and transfers.
FirstCaribbean International Bank
PO Box 68, Grand Cayman KY1-1102
Tel: (345) 949 7300 Fax: (345) 949-7179
Branches & Banking Hours: Downtown George Town, Monday-Thursday 9am-4pm and Friday 9am-4.30pm; Regatta, West Bay Road (SMB) and Plaza Venezia, North Sound Road, Monday-Thursday 9am-4pm and Friday 9am-4pm.
Branch services: checking and savings accounts, credit and debit cards, currency exchange, wire transfers, bank drafts, utility bill payment, teller services, online banking, ATMs, loans and transfers.
HSBC Bank (Cayman), Ltd.
PO Box 1109, Grand Cayman KY1-1102
Tel: (345) 949 7755 Fax: (345) 949 7634
Email: info@ky.hsbc.com
www.ky.hsbc.com
Branch & Banking Hours: HSBC House, 68 West Bay Road, Monday-Friday 8am-3.30pm.
Branch services: accounts, online banking, ATMs, credit and debit cards, cheque books, 24/7 call centre support, teller services, currency exchange, wire transfers, bank drafts, utility bill payment, night deposits, standing orders, mortgage services, loans, savings, investments and relationship management.
Royal Bank of Canada
PO Box 245, Grand Cayman KY1-1104
Tel: (345) 949 4600 Fax: (345) 949 7396
Branches & Banking Hours: 24 Shedden Road (GT), Monday-Thursday 9am-4pm and Friday 9am-4.30pm; Red Bay Branch (next to Grand Harbour), Monday-Friday 10am-6pm.
Branch Services: ATMs, credit cards, internet banking, term deposits and commercial banking services.
Scotiabank & Trust (Cayman), Ltd.
PO Box 689, Grand Cayman KY1-1107
Tel: (345) 949 7666 Fax: (345) 949 0020
Email: scotiaci@candw.k y
www.scotiabank.com/ky
Branches & Banking Hours: Cardinal Ave (GT), Monday-Thursday 9am-4pm and Friday 9am-4.30pm; Foster's Airport Centre (GT) and The Strand (SMB), Monday-Friday 10am-4pm.
Branch Services: full retail and commercial banking services, private banking, ATMs and online banking.
Electronic Banking, Online Banking & ATMs
All the banks offer online banking, but some are definitely more sophisticated and user-friendly than others. If online banking is important to you or it is what you are used to at home, then it is definitely worth asking about each bank's online capabilities. For example, it is currently not possible to transfer money online from a personal account to a bank account at another bank (without involving personnel at the bank and incurring a cost). At Butterfield, HSBC and FirstCaribbean, you can transfer money to another person's account if they also bank at the same bank (without involving bank personnel). What is really convenient is that with online banking, you can pay almost all your monthly bills, as well as many school fees and random expenses.
ATM machines are available at almost all bank branches and at all the supermarkets. You can use another bank's ATM machines to withdraw money, but you will incur a fee of around CI$1.25 for each withdrawal.
Getting a Mortgage
Any of the local Class A banks (as above) can lend money. It's sensible to shop around, however, as rates are getting more competitive and the percentage above prime (from 1%-5%) can be negotiated. The usual term for a mortgage is 20 years, and expatriates may be asked to provide 10% or more as a deposit. There is no such thing as an interest-only mortgage in Cayman as there is in other parts of the world. Definitely ask if you can pay bi-weekly (thereby paying less interest) and check if the bank charges a penalty for early repayment. Some banks charge one and some don't. New residents with no track record with a local bank might find they are charged a higher percentage than if they have been known to the bank for a few years. However, once you have established a good financial track record, the banks are often willing to renegotiate terms and give a more competitive rate.
When taking out a mortgage, it is also worth factoring in that you will be charged stamp duty on the money you borrow. Mortgages of less than CI$300,000 attract a 1% government stamp duty fee, while for mortgages of CI$300,000 or higher, figure on 1.5%. If you are using an attorney, they typically charge 0.5%, while the bank charges 0.5% on the cost of the mortgage.
If you think you will be here for a few years, buying can be a good investment and you may well pay less on your mortgage than if you rented the same property. However, always consider that when buying a property, the stamp duty is anywhere from 6% to 7.5%, and when selling the property, real estate agents charge between 5%-7.5%, depending on the value of the house.
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