Onshore bank account for Cayman Company

[1gn1t0r]

We have an offshore bank account for a Cayman Islands Company. We are running an investment fund.

This might be slightly off-topic, however we would like to open a good onshore bank account for the company.
I am based in Switzerland and we have had a hard time convincing banks.

Would UK (any other ideas?) Banks open an account for a Cayman company?

 

[1gn1t0r]

Thank you. Will contact them

 

[Martin Everson]

1gn1t0r said:
however we would like to open a good onshore bank account for the company.
Click to expand...

What do you consider to be onshore for a Cayman Island company?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[1gn1t0r]

Any stable first world country, but in the end what I am actually looking for is a good long-term banking solution.

Currently I am also looking at banks in Mauritius.

 

[Martin Everson]

Why are you not using Cayman National Bank in Isle of Man? They specifically offer Custody accounts for investment funds. You can also try their Dubai branch. I recommend them as they are unlikely to reject to Cayman Company 😉.

Fund Custody

btw do you really want an onshore account in the UK? I mean you will lose out on wealthy resident non-domicile UK investors who cannot remit their offshore money to UK without being taxed 😱. You want to bank somewhere neutral.

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[1gn1t0r]

Thanks I just phoned them. They actually wanted to know why a Cayman Islands company would want to bank in Isle of Man. Waiting to hear back.
I have contacted Banco Sabadell as well.

We currently have an offshore bank account, which we would use for offshore money, however some investors are more comfortable with non-offshore banks.
We also have strict AML/KYC and even though we would accept money from offshore, our current main market is Europe.

 

[Martin Everson]

It does show you how far extreme KYC wise things have gone when a Cayman Island bank branch based in Isle of Man is asking you from the gate why you want to bank a Cayman Islands company with them 🙄.

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[1gn1t0r]

Okay so we had little luck with Banco Sabadell. They said they would contact us back but we have not heard from them. Maybe a personal visit would be better.
Cayman National Bank in Isle of Man was also not interested, however we will try Cayman National Bank in Cayman.

Any other ideas? We are specifically looking for a good bank for a Cayman Islands Company that allows SEPA transfers if possible.

 

[Martin Everson]

That's worrying if a Caymans Island bank that offers custody services said NO to custodying a Cayman Islands investment fund ca#"!.

Good luck anyway and let us know if you find a solution. You may end up having to approach an EMI at this rate.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.