Our company offers you the opportunity to remotely open a private deposit and savings account in Cayman with NCB (Cayman) Limited to keep your funds at the most attractive and flexible interest rates in one of the world’s top OFCs and a well-known tax haven.
NCB (Cayman) Limited is a subsidiary of National Commercial Bank Jamaica Limited, the largest commercial banking group, which established the bank in the Cayman Islands in 1992. Today NCB Bank is a highly reputable professional private bank that offers services to high net worth individuals and their businesses.
NCB (Cayman) Limited is a member of the Cayman Islands Bankers Association and is regulated by the Cayman Islands Monetary Authority.
The Cayman Islands is a flexible and thoroughly regulated jurisdiction with a robust legal system, political and economic stability, good reputation, and the presence of the Stock Exchange. With no direct taxation, the islands are a thriving offshore financial centre ranked the 12th among the largest international OFCs based on the value of its cross-border assets and liabilities (worth $658 billion in the third quarter 2019). It offers confidence and trust to international clients of its banks, insurers, and mutual funds.
Read this article, and if you need further details, our experts will consult you for free, so you are welcome to send your questions to info@qwealthreport.com. Moreover, we can assist you in opening the corporate account remotely for the fee of 3999 EUR.
Discuss the details with an expert
Check the list of required documents, and get the details of the process, terms, and costs.
Contact a consultantLet’s talk via messenger
Multi-Currency Savings Account with NCB (Cayman) Limited
The Bank provides multi-currency savings accounts (in USD, GBP, CAD, EUR, etc.) and guarantees the most attractive interest rates computed with the following considerations:
– The main current money market conditions;
– Interest rates depending on the minimum daily balance and paid quarterly on collected balance.
The service fee is US$50.00 if the account is closed within 90 days or sooner. In this case, the bank reserves the right to require 7 days notice of withdrawal.
The minimum deposit to open a savings account is US$2,500 or the equivalent in another currency.
Term Deposit Account with NCB (Cayman) Limited
In addition to the savings account, you can open a deposit in USD, GBP, CAD, or EUR with NCB bank for the period from 7 days to 2 years.
The minimum required amount to open a deposit account is US$100,000 or the equivalent in another currency.
Attractive deposit rates, similar to those for the savings account, are calculated with reference to several specific parameters and factors. For example, the rates on the Euro-dollar market, which directly impact the deposits, are very important. Moreover, higher rates are provided by the bank for long-term deposits, and they vary depending on the payment mechanism: monthly, quarterly, semi-annually, annually, or at the end of the deposit term.
As part of your agreement with the bank, you can give instructions to which accounts and which banks NCB bank should transfer your profit. Funds can also be maintained on your account until the deposit term expires.
The standard deposit period is from 1 to 24 months. The service fee is the penalty charged in case of premature termination of the contract.
Investment rates
Disclaimer: The rates given below are for your general reference only. The valid rates can be requested from our experts.
| USD | 1 month | 3 months | 6 months | 1 year |
| Under 100,000 | 0.0700% | 0.0900% | 0.1500% | 0.2700% |
| 100,000-999,999 | 0.0800% | 0.1000% | 0.0017% | 0.3200% |
| 1 mln and above | 0.0900% | 0.1700% | 0.2400% | 0.3700% |
| GBP | ||||
| Under 100,000 | 0.1550% | 0.2450% | 0.2750% | 0.3000% |
| 100,000-999,999 | 0.2175% | 0.3075% | 0.3375% | 0.3625% |
| 1 mln and above | 0.0900% | 0.1700% | 0.2400% | 0.3700% |
| CAD | ||||
| Under 100,000 | 0.2500% | 0.3000% | 0.4000% | 0.5000% |
| 100,000-999,999 | 0.3000% | 0.3500% | 0.5000% | 0.5500% |
| 1 mln and above | 0.3500% | 0.4000% | 0.5500% | 0.6000% |
Investment Products of NCB (Cayman) Limited
In addition to the NCB deposits and savings accounts, the bank also offers investment products such as a diversified portfolio of international bonds, mutual funds, and structured products.
Caribbean Securities
The Bank actively offers government and corporate bonds, as well as other credit instruments, including alternative investment offers.
The alternative investment opportunities of NCB bank include the following products, which are available through NCB bank:
Portland Investment Counsel
This company provides services as an Investment Fund Manager, Portfolio Manager, and Exempt Market Dealer. The company has been operating since 1986 and successfully offers the following investment products:
- Private Equity Funds
- Private Debt Funds
- Sustainable Investing Funds
- Alternative Assets & Hedge Funds
- Public Separately Managed Account Mandates Performance
Mutual and closed-end investment funds from Portland Investment Counsel are available to retail investors. Besides, high net worth investors (HWNI) can benefit from discretionary managed accounts as well as alternative private investments.
Who Benefits from Cooperation with Portland Investment Counsel?
The following categories of investors (individuals, families, and institutions) benefit from cooperation with PIC:
- Investors that expect to be “investment partners”
- Investors that expect transparent investments that are based on “fair value”
- Investors that want to avoid the noise of the markets (effects of emotional trading and computer program trading)
- Investors that want “like-minded” investment partners – with expectations, time horizons, methods of measurement that are similar to those of Portland Investment Counsel
Man Investment Products
Man Investment Products is the second option for alternative investments via the NCB bank.
Man Group is one of the world’s largest independent alternative management companies and the leader in alpha investment strategies. The company offers relevant services with an absolute level of return on investment through advanced investment tools chosen according to the client capacity.
Depositary Services
Man Group provides custody for your investment portfolio, which includes:
– Investments registered with NCB bank;
– Settlement in any currency through a network of correspondent accounts;
– Collection of income (dividends, etc.);
– Notification of corporate actions;
– Detailed information for accounting.
Fees at NCB (Cayman) Limited
| Savings account | |
| Accounts closed within 90 days. Refund of cheques by other banksCheque depositingInterim statementTransfers between accountsLetter of Inactive Consultation | 100.00 in the account currency 50.00 in the account currency 5.00 in the account currency 5.00 in the account currency 10.00 in the account currency 50.00 in the account currency |
| Inactive account | |
| The account balance of less than 10.00 in each currency will be closed if there is no activity for 3 yearsCommission for inactive account | 1.00 in the currency of the account per quarter 100.00 in account currency per year |
| Term Deposit | |
| The commission applies if the deposit is terminated before the due date. | Penalty rate plus 200.00 in the account currency |
Steps to take remotely when opening a private savings or depositary account with NCB (Cayman) Limited
First, to receive the service of opening an account with NCB (Cayman) Limited, you should contact us at info@qwealthreport.com.
Thereafter, you will need to pay a fee for our facilitation in the remote opening of a depositary account with NCB (Cayman) Limited. The fee for services can be paid by card, via Western Union, WebMoney system, or by bank transaction. The fee for the provision of services is 3999 EUR.
Then, to open a depository account, you will need to provide the following package of documents about all account holders and signatories:
1. Filled in, printed and signed copies of the application form for account opening;
2. Notarized copy of the passport or other identification document, which contains the signature and photo pages.
3. Proof of Residence, which needs to include copies of utility bills or bank statements (credit cards) that show a valid residence address, which is necessary to confirm the domicile.
Please note: The data on utility bills at the time of filing for registration of the package of documents should not exceed 6 months, must be translated into English, be certified by a notary, and clearly reflect the address of a particular individual.
4. Proof of the legal origin of the funds (e.g. a salary/income certificate or a letter from your employer, lawyer, accountant, or financial advisor stating the source of your investment, property and official income);
5. Testimonials from some professional representative (e.g. a lawyer, accountant, director/official of an institution regulated by a recognized regulatory authority) addressed to NCB (Cayman) Limited and stating that you have been known in person for at least two years, plus a positive reference from a financial institution with which you have had a relationship for at least 3 years.
6. Description of your business activities.
Please note: All documents must be translated into English and notarized.
To start the process of opening a depository account with NCB (Cayman) Limited, please contact us by email at info@qwealthreport.com. We will help you open the right account to help protect and grow your savings.
