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Know the penalties and jail terms for avoiding local tax obligations through the use of offshore banking. If you are taxed on worldwide income, it is illegal to not report proceeds earned in an offshore bank/investment account, even though there may be no added tax from that country. If your intention in setting up an offshore account in the Cayman Islands is to skirt tax laws, you cannot do so lawfully. If you are caught skirting tax laws by depositing money into an offshore account, you may face a variety of civil and criminal penalties, including forfeiture of money and possible imprisonment. Having a bank account and an investment account are two different things, each having distinct tax implications. Offshore bank accounts are administered by banks and offer traditional services associated with holding a bank account: spending, receiving, and transferring funds, along with earning some forms of interest. If you just want to hold money in an offshore account, a bank account is probably your way to go. Offshore investment accounts are administered by investors and can hold money in different currencies, as well as stocks, bonds, and mutual funds. They provide greater flexibility than bank accounts, but may come with higher fees. If you want to hold assets in addition to cash overseas, an investment account may be your best bet. Accounts can be opened by mail, precluding the need for you to visit Cayman in order to open an account. Additionally a number of services such as internet banking, mail retaining, credit cards and investment options can be set up on these accounts. You can use the internet or write to your local British embassy for a list of Cayman Islands Banks. Use search terms like "Cayman Private bank account" if you want to deposit more than $300,000 or "Cayman bank account," "Cayman banking," "Cayman banks" for Cayman Islands banks that accept less for opening accounts. Cayman private banks are more about investment and portfolio management than normal banking. Ask each bank you talk to what kind of fees are associated with setting up a bank account. Use these fees to shop around for competitive pricing. These fees may not be insignificant. It may cost somewhere in the area of $500 to $1,000 to set up an offshore account. An apostilles stamp is a special kind of certification that you may need to provide as part of an international treaty. If you are required to show an apostilles stamp, you will need to visit your governmental office to obtain a state or national version of that stamp before continuing the application process. Requirements are usually set in place in order to avoid money laundering, fraud, or other legal or other illegal activities associated with the international transfer of money. These requirements may include: Financial statements from your current bank to prove a satisfactory relationship. Wage slip from current job. Proof of identity. Copy of your passport. (May be distinct from proof of identity.) Proof of residence. Description of the expected uses of the money. Banks that do not ask questions or require many documents exist for a reason: many people choose to consistently use them. If your intention in setting up a bank account in the Cayman Islands is to remain clean and lawful, you may find it in your interest to steer clear of these institutions.... Because of increased publicity and scrutiny over the years, offshore banks are starting to ask more questions and see more proof. For the following contingencies, be prepared to supply additional information: You may need to provide sales contracts if the money you're depositing is from a real estate transaction or significant business venture. You may need to provide a letter from your insurance company if the money you're depositing is from an insurance contract. You many need to provide letter from an executor of the estate if the money you're depositing is from an inheritance.

Summary:
Understand tax laws in your country. Understand the differences between an offshore account and an investment account. Realize that you don't need to go to the Cayman Islands to open the account. Find a Cayman Islands bank with competitive rates. Ask banks if they require an "apostilles" stamp. Ask for a list of requirements needed to set up an account. Note that some, not all, offshore bank accounts may require far fewer proofs and far less information. Prepare for other requirements sets up by banking institutions that act as safety measures.