Bank account for Cayman Islands company

[VictorNab]

Hi,

I am looking to open a bank account for Cayman Island company which me and my partners opened 4 months back. We have been trying for last 2 months But haven't received any success yet. Euro Pacific bank is Puerto Rico declined us because of our investor is US citizen. For us, any bank works but we prefer a stable bank. Our company is an investment company and we invest in startups in India primarily. Can anyone with Cayman setup experience help me out here?

 

[CaptK]

Any American citizen involvement will be an issue to most banks. Most Americans use Nominee directors to bypass this but especially in these times where you cant fly to meet the banker you are gonna find it tough.

 

[VictorNab]

CaptK said:
Any American citizen involvement will be an issue to most banks. Most Americans use Nominee directors to bypass this but especially in these times where you cant fly to meet the banker you are gonna find it tough.
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Okay. That's not good news. The American citizen is just a shareholder but not the director of the company. American being a shareholder is also a problem?

 

[Sols]

Yes, any involved by any US person creates a FATCA headache for the financial institution. It's not impossible, it just limits your options significantly, especially if you're a smaller business and the financial institution might struggle to recuperate the extra overheads for managing a US client.

Normally, whoever you formed the company through would be able to place you with a bank.

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This is the probably the answer to your question.

 

[VictorNab]

Sols said:
Yes, any involved by any US person creates a FATCA headache for the financial institution. It's not impossible, it just limits your options significantly, especially if you're a smaller business and the financial institution might struggle to recuperate the extra overheads for managing a US client.

Normally, whoever you formed the company through would be able to place you with a bank.
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Okay. Yeah, our lawyer kind of messed this up a bit for us. He said he can only help in formation of company which we realized later is the easiest part.

 

[Ballyconc]

Please, how can I get a U.S PayPal account, I will be glad if anyone can help me out