July 9: Is Investing In A Cayman Island Offshore Bank Account Risky

by David Jenyns on July 9, 2007

What are the top two risks involved in choosing a Cayman Island offshore bank account? Bookmark this article and we’ll give you some tips on how to successfully invest in these markets.

The first risk you face in choosing the right bank for your Cayman Island offshore bank account is finding one that will keep your money safe. You’ll need to choose a large well-known bank – preferably one that does not have any direct contacts back to your own country.

What is meant by direct contact is a bank that shares information with the corresponding offshore bank, or is on the same computer system and linked. The reason for using large banking institutions is so you can rest assured knowing that your money is safe.

The second risk involved in choosing a Cayman Island offshore bank account involves choosing a bank that will grant you the requisite anonymity while still protecting your investment. Quite a few of the smaller offshore banks offer complete secrecy and anonymity to their investors, and in many cases don’t even require identification to open an account.

My advice would be stay far away from these banks, because when they come under government scrutiny, the likelihood of all monies being frozen until all the beneficiaries come forward is fairly high.

Understanding these risks is particularly important, because choosing a fraudulent bank could be disastrous for you. Opening a Cayman Island offshore bank account can be a relatively easy procedure, but some unscrupulous people may open banks with names similar to that of a mainstream bank in an effort to separate the foolish from their money.

For example, I once came across the Chase Manhattan Asia Pacific Bank Inc. At first glance, the novice might assume that this bank was related to the Rockefeller-owned Chase Manhattan Bank, but closer inspection revealed that it was a Nauru bank with a Vanuatu PO Box (Nauru is an island in the South Pacific that is famous for the mining of bird do-do and the creation of shell banks).

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