Cayman banking

[ultimatemaniaccruiser]

Anyone ever open an account while in the Caymans? I'm thinking about it for my retirement plan. I figure I could use it to shelter myself so that I don't attract tax, get low income social programs but also get a nice income.

[rob.potter]

YES, I opened an account in the Caymen Islands in 1996. The minimum deposit then was $10,000 (Caymen $) and they would not take a standard check from my bank, so had to use a credit card transfer at the time.

 

I prefer the diversification argument and not the tax shelter reasoning you mentioned.

 

Good luck,

 

Rob