About our Offshore Professional and Personal Accounts
An offshore bank account, that is to say, an account outside your country of residence will allow you to easily optimize your financial assets and can become the cornerstone of more complex financial set-up.
The benefits of an Offshore Bank Account
The wide diversity of locations and the specificities of the different banks are often a brake on individuals and entrepreneurs wishing to open an account abroad. Other barriers such as language, geographical distance, and lengthy procedures can complicate these processes and thus discourage people interested in opening an offshore bank account. Once all these obstacles have been overcome, the bank can still refuse a file if it does not meet its selection criteria.
The role of Cayman Offshore Banking™ is to make you benefit from what the offshore world can offer you, with ease. Whether it’s opening a personal or professional bank account, we help you choose the most appropriate jurisdiction and offshore bank. Together, we define a strategy tailored to your needs and we take care of the administrative procedures. This ensures that your account will be opened quickly, without having to move.
Take benefit from attractive investment solutions
Economic and fiscal pressures generally justify the opening of a bank account outside the country of residence. The need for security of wealth and the lack of confidence in the banks and the government of his country can also be a reason. The economic stakes of opening an offshore bank account are large.
The confidentiality of the foreign banks makes it possible to place funds in safety, out of the reach of certain creditors of its country of residence. The fact that the bank account is located outside your country of residence is a real guarantee against a bankruptcy. The banks that are our partners offer much higher than average in regards to security and discretion.
Organize your activities more effectively
Our partners offer a complete range of investment products to make your assets grow according to the level of risk defined beforehand. These investment solutions are often more advantageous than those offered in your country of origin.
Are you an expatriate? Does your company trade internationally? You can open an offshore account with one of our partners in a different jurisdiction. This tip gives you the advantage of avoiding international transactions, decreasing transaction costs and processing time for your banking operations.
You can thus optimize your financial flows. You can also make transactions, make transfers and pay bills in local or foreign currency via your online banking and your card. The multi-currency accounts offered by several of our partners allow us to benefit from a very advantageous exchange rate.
We are aware that the success of our management lies fundamentally in the knowledge of the investor profile of our clients and in the proposal of innovative and competitive investment solutions.
Since its founding, Cayman Offshore Bank has been dedicated to managing assets based on its investment philosophy in the preservation of capital and in obtaining sustainable and consistent profitability in the medium and long-term.
These more than 85 years of experience have allowed us to progressively improve our management style, based on our own methodology that includes 5 phases of action:
- Thorough study of the profile of the investor and the needs of the client
- Definition of management objectives
- Development and definition of the investment strategy
- Implementation and implementation of investments
- Monitoring and control of results
Our ambition is to reach excellence in service. We are aware that the success of our management lies fundamentally in the knowledge of the investor profile of our clients and in the proposal of innovative and competitive investment solutions that fit in with the strategy defined for each of our clients.
At Cayman Offshore Bank, we are convinced that the key to our success as bankers is based on proper estate planning. We help our clients to design the management strategy that best suits their needs.
The design of these strategies is determined by:
- Optimization of the portfolio profile and heritage diversity considering the specific characteristics of each client. This question is fundamental for professionals who are dedicated to art, sports or clients with large patrimonial growths. At Cayman Offshore Bank each client is unique, so for us, it is especially important to define in a unique way the patrimonial planning of each client according to their particular characteristics.
- Choice of financial products that guarantee maximum profitability taking into account applicable taxation. The profitability of an investment is also determined by the taxation to which the yield obtained is subject. But not only the fiscal impact (tax rate) must be considered, but also the time in which it is subject to taxation.
- Succession planning that adapts to the true wishes of the client: assistance in the preparation of wills that guarantee trunk reservations or preparation of preventive powers.
At Cayman Offshore Bank we know that in the definition of a succession plan there are many variables to take into account, such as the strong affective load it entails or its direct relationship with civil law and tax regulations. These two issues have a direct impact on the path that the client is defining for that succession. For that reason, we believe that the definition of a succession plan is fundamental that is led by experts in the field.
We are 18 businesses under one roof,” says Stuart Frenkel, CFO of Canadian musical and audio equipment distributor, Jam Industries. For the past nine years, Frenkel has been part of a small leadership group that has evolved Jam from a domestic leader to a successful global enterprise. Today 60 per cent of Jam’s turnover is from outside Canada.
As they have grown, Frenkel and his team have stayed true to Jams’ entrepreneurial roots. They have structured their enterprise as a group of small speciality businesses, all sharing the same high-level management and back-end functions. “We strive to keep the entrepreneurial spirit,” says Frenkel. “Each group is like a small business fighting for its share of the market.” To stay true to this philosophy while expanding rapidly overseas, Jam has developed its global management capability and worked hard to ensure that the organization’s entrepreneurial culture is not diluted by growth.
Managing across borders
Orchestrating a complex international business is hard, and each new market brings its own challenges. For example, Jam acquired a struggling US company that they needed to rapidly restructure. Distance made this difficult. “We weren’t there on a regular basis. We were relying on others and setting up reporting systems, but we couldn’t really see or feel what was going on,” says Frenkel. In the end, it took too long to shrink costs and Jam absorbed some losses.
That experience ultimately proved invaluable. Frenkel and his colleagues went on to develop a more systematic approach to acquiring and running overseas firms. This included more face-to-face contact, with either one of the leadership team flying out or a local manager flying in. “Our reporting systems have improved as well,” says Frenkel, “We have more visibility that enables analysts to be more on top of things. They see if anything starts to veer off course. But we still do more visits than we did initially.”