Altajir Bank has operated in Grand Cayman since 1978. Rosaleen Corbin, (who for the past 35 years has been in banking in three countries) has been the Manager from 1987.
Moving to the Cayman Islands, with her husband, in 1969 Rosaleen has watched Cayman’s financial industry grow from a sleepy haven to the 5th largest banking center in the world. As an active member of the Cayman Islands Bankers’ Association she has been involved with policy making since 1988, serving as President in 1991-93 and as Secretary from 1999 – 2001. She was also a member of the Financial Secretary’s Consultative Committee during some of those years.
Banking in Cayman has changed significantly from the early days when large amounts of cash were naively accepted. Progressively our laws have been strengthened to reflect what, we in the financial industries on these Islands, have been practicing for many years now. The financial community is determined to reinforce laws and procedures ensuring that only ‘clean’ funds from legitimate clients, who can provide ALL requirements for opening accounts, are accepted. This is a strong statement from the Government and the financial industries of these Islands, reflecting our efforts to prevent money laundering and other illegal practices from entering our shores and to ensure complete compliance with current international banking practices
Confidentiality and Tax Exchange Information
Prospective clients should seek advice in their own jurisdictions so as to obtain guidance in connection with the movement of funds offshore. Individuals are responsible for all filings with inland revenue authorities in their own countries. Periodic automatic reporting is made only to our own Monetary Authority and confidentiality is still protected by law. Every effort is made to ensure only legitimate ‘clean’ funds are deposited in the Cayman Islands and Banks are required by law to report to the Financial Reporting Unit (a branch of the investigating Authority for Commercial Crimes in the Cayman Islands) any suspicions about funds being derived from illegal sources.
In November 2001 the UK, including the Cayman Islands, and the Unites States signed an agreement on the exchange of tax information relating to the Cayman Islands. The Islands have committed to a programme of exchange of tax information with the USA effective January 2004 in respect of criminal tax matters and January 2006 in respect of all other tax matters. The taxes covered by the Agreement are federal income taxes. (The Agreement is consistent with the commitment on tax matters given by Cayman in 2000 to the OECD) This will not be an automatic exchange of information and fishing expeditions by the US Authorities will not be permitted. The laws enacting this agreement have to be passed into legislation in the Cayman Islands and an Authority will need to be set up to deal with requests from the US. The provision of certain basic information by the United States, including identity, will be a pre-requisite to co-operation. The Islands have a history of co-operation with the US dating back to 1986 under the Mutual Legal Assistance Treaty.
Deposits from $5000
Altajir Bank’s clients are the small to middle investor who want to earn some interest. You do not have to be a ‘high net worth individual’ to bank offshore! Deposits as low as US$5000 or equivalent, are accepted in four currencies – US Dollars, Sterling, Euro and Canadian Dollars – with interest being paid on a monthly basis, in arrears. Amounts over $10,000 or equivalent, can be placed on fixed terms for 6 months or 1 year, earning a slightly higher rate of return, with automatic roll over. With interest rates being at a historic low due to market conditions worldwide returns are minimal, however deposits still remain the safest investment in today’s volatile market. There are no exchange laws in effect in the Cayman Islands, therefore currencies can be switched to meet the individuals requirements.