Cayman National Bank offers a variety of bank accounts to suit your needs. Over the last 30 years, CNB has been privileged to serve its customers in providing increased convenience and flexibility. With the Cayman National VISA debit card or MasterCard credit card, customers are free to carry less currency while saving on transaction fees. Learn about 24-hour access to your account using self-service channels to access your bank account online or via the telephone. Access your Cayman National bank accounts 24/7 with Cayman Express ATMs, Cayman In-Touch (telephone banking) and Cayman Global (Internet banking). Minimum Opening Deposit for Personal Account $100 for residents / $1,000 for non-residents Accounts may be maintained in CI$, US$, CAD$, STG₤ or other major international currencies. Refer to Schedule of Fees for applicable service charges. Apply for your Cayman National checking or savings account by completing one of the following account opening forms and delivering it, by mail or in person, to one of our convenient customer service centers. For overseas customers, notarized copies of all required documents can be mailed as instructed in application form. Benefits of Banking in the Cayman Islands: The Cayman Islands financial services industry encompasses banking, mutual funds, captive insurance, vessel registration, companies and partnerships, trusts, structured finance and the Cayman Islands Stock Exchange. As of December 2005, just over 70,000 companies were incorporated on the Cayman Islands including 430 banking and trust companies, 720 captive insurance firms and more than 7,000 funds. Over 30 banks have a Category A license, which allows them to conduct business with residents and nonresidents alike. The remaining banks hold Category B licenses, which restricts them to offshore transactions with nonresidents. There are absolutely no capital gains, corporation, withholding, property, payroll, income or any other asset-based taxes. Absence of exchange control, allows the free transfer of funds in and out of the Islands, in any currency, with equal freedom to open and maintain accounts in any currency. There are no reserve asset requirements and mandatory statutory confidentiality of client information. Statutory confidentiality of client information is provided by the Confidential Relationships Law although in extremely rare circumstances, the Governor can authorize disclosure of information where there is evidence of criminality. This can apply to transactions effected outside Cayman if - had they taken place within the Islands, they would have constituted a criminal offense. In 1990 the Mutual Legal Assistance Treaty with the United States Government came into effect, which provides for the exchange of information required in the investigation of a range of criminal activity. However, it excludes tax matters. With no direct taxation, The Cayman Islands are a thriving offshore banking & finance centre. The Cayman Islands offer a full range of offshore financial services and products, including: asset management and protection; commercial banking, company formation, investment management; trust & fund administration; private banking; shipping & aircraft registry with financing support services. Both companies and individuals are assured that establishing a bank or placing assets in the Cayman Islands will provide them with the best opportunity to maximize the potential of their assets conveniently - with the added value of confidentiality, unparalleled professionalism and efficient regulation. This assurance is as a result of the high ethical standards in government and among financial service providers in addition to clear and fair laws and regulations. Cayman law is based on the English common legal system. While many of the banks in the Cayman Islands are involved in the movement of billions of dollars around the world in business operations, some major banks – such as CNB also offer opportunities for investors on a smaller scale, who wish to take advantage of Cayman’s tax-free environment, protected by a confidentiality law which ensures privacy for all legitimate transactions. Many overseas investors use Cayman Islands bank accounts as a secure and discreet place for depositing funds that earn tax free interest. There are no exchange control or reporting requirements in the Cayman Islands, thus funds may be converted into other currencies and easily moved in and out of the Cayman Islands. CNB will open an account for a new depositor on receipt of a reference from the depositor's home banker. They will not accept large sums in cash. Funds can be deposited in US dollars or other currencies and can be delivered by check, which takes about two weeks to clear; or by banker's draft or wire transfer. Checking or savings accounts may be opened, but the most popular method is the fixed-interest or on time deposit (usually for a minimum of US$5,000) paying the interest quoted on receipt and for an agreed time. Interest rates on the various currencies may vary daily, and are published at the CNB website, available to all of their customers. The Cayman Islands have recently implemented laws to protect and enhance the reputation of the islands as a base for offshore financial operations. They signed a Mutual Legal Assistance Treaty with the United Kingdom and the United States aimed at narcotics-related and other crime. However, it specifically excludes tax offenses. This has resulted in a consistent rise in the number and quality of banks seeking a license to maintain a presence in the Cayman Islands. At least 40 of the world's top 50 banks have branches or subsidiaries in the Cayman Islands, indicating the recognition of the islands' stature in international finance as well as its position as one of the leading centers of the global Euro-currency market. Some of the influencing factors include the Cayman Islands strong reputation for sensible regulation, professionalism, confidentiality, tax advantages, asset protection, political stability, good infrastructure and geographical location. Cayman’s Monitory Authority exists to protect the Cayman Islands status as a reputable international financial centre by strictly enforcing procedures for new licenses and consistently monitoring the existing licensees. Strict insistence on the submission of regular returns and compliance with all Government requirements, including an external audit by approved local auditors.