NOTICE: ALTAJIR BANK IS NOT ACCEPTING ANY NEW CLIENTS AT THIS TIME.
In 1974 Altajir Bank was licenced in the Cayman Islands. In 1979, they increased the capital to twenty million dollars to give a solid base for the accommodation of outside clients. Altajir Bank offers all clients personal attention to be expected only of a private bank.
Altajir Bank is ideally placed to be useful to any person or company having funds arising offshore. We are a depository for United States Dollars, Canadian Dollars, Sterling Pounds, and Euro Currencies. Our interest rates are competitive in this market. We quote rates on a term basis, or on call. Our minimum is 50,000 for Call Accounts and 100,000 for Term Accounts. These minimum balances relate to all currencies.
Term deposits are for twelve months. We will automatically roll them over at each maturity unless otherwise instructed. Call accounts are payable on demand with interest credited annually. There is no deduction from interest paid. Unless some other arrangement is stipulated, statements on call accounts are mailed annually.
Law generally prohibits banks in the Cayman Islands from disclosing to third parties whether inside or outside the Cayman Islands, information about a client’s legal business affairs with that bank without the clients’ prior written authority. The bank’s supervisors, which are entitled to information for proper regulatory purposes, may release information if requested to do so by overseas regulators only for proper regulatory purposes and subject to safeguards. Law enforcement authorities will release information to their counterparts in other jurisdictions only if it is properly required for the investigation or prosecution in respect of money laundering or other illegal activities.
The Cayman Islands have recently signed intergovernmental agreements (IGA) with the US and the UK to implement the requirements under FATCA (Foreign Account Tax Compliance Act) which has been put in place to target non-compliance by US/UK taxpayers with foreign accounts. Therefore all individuals or corporate clients, who are considered taxable by the US or UK that have investments with any financial institution in the Cayman Islands will now be reportable to the Internal Revenue Service (IRS) in the US and its equivalent in the UK, which is referred to as HM Revenue and Customs.
We recommend that clients consult qualified and experienced advisors from their own jurisdictions in order to obtain the maximum relief from the impact of general taxation (including Death Duties and Inheritance Taxes) and also from exchange and other types of currency control on convertibility.