How To Open A Personal Bank Account In The Cayman Islands
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How to open a personal bank account in the
Cayman Islands:
The following is a copy of a
letter received from the Royal Bank of Canada
located in Grand Cayman outlining the
requirements for opening a personal bank
account.  Hopefully this will dispel many of the
myths that others have created on the internet.

Royal Bank of Canada
P.O. Box 245 GT
Grand Cayman
Cayman Islands, B. W. I.
Phone: (345) 949-4600
Fax: (345) 949-7396

Dear Sir or Madam,

Thank you for your interest in opening an
account with Royal Bank of Canada in Grand
Cayman.

PERSONAL ACCOUNT REQUIREMENTS
In order to open a personal account you must
be present and we must obtain the following
items:

1. An original bank reference letter addressed
to Royal Bank of Canada, Grand Cayman from a
bank that you have been dealing with for more
than three years. It needs to state when the
account was opened and that the account has
been held in a satisfactory manner.

2. An original employment letter (salary,
employment period & number of years
employed), addressed to Royal Bank of Canada,
Grand Cayman.

3. A photocopy of your current passport and
driver’s license.

4. A photocopy of your most recent utility bill.

5. All forms must be fully completed.
(Application forms cannot be faxed)

6. The minimum deposit to open a chequing or
savings account in foreign currencies is
$1,000.00.  The minimum deposit for a fixed
term deposit account in foreign currencies is
USD$25,000.00, CAD$25,000.00 and GBP
£5,000.00.

As an offshore branch of Royal Bank of Canada,
we do not offer residents of Canada, interest -
bearing accounts. Confidentiality is provided
under the local law, however, we nevertheless
encourage you to take independent tax and
legal advice in your home country before
opening an account with us.

Accounts here are not accessible from any
other Royal Bank of Canada branch for deposits
or withdrawals. Money can be deposited by
personal cheque or bank draft via the mail, or
you may wire transfer. We do not accept cash
deposits of more than $1,500.00 without
Manager approval and declaration of source of
funds. We would also like to mention that we do
not accept instructions via phone or fax to
transfer funds. As an alternative, we
recommend that you utilize a courier service for
speedy delivery of your signed request. Also, it
is against Bank policy to give account
information over the phone. You may obtain
account information by a signed fax request or
by utilizing our electronic banking services
available to you.  We trust that we have
provided enough information for you at this
time and look forward to doing business with
you in the future.

Sincerely
New Accounts Representative
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