Offashore Banking.

How does the Cayman Island banking work? I have never really thought about it and just used regular banking however I have heard that you should use that for cash that may be sitting around you may not use.

If so what amount of money is suggested and what sort of returns may you get.

Thanks.

Ehh, you don't use the caymans to earn money, you use it to safeguard it, generally speaking, as the interest rates are really low and it only pays out once a month.

The interest rate I believe is 0.05%, as the returns are monthly they are very small. (unless ofcourse you have as much money as Hell_Fire ofcourse, but not really anyone does have that...)

edit: confused a name with another name.

I thought you also get rent over there, but this is so little, I guess it's not profitable unless you have a whole lot which you don't need. Probably investing in stocks, or banking everything in the normal bank will give you more money. The way I do it, is put everything I have in the bank (except like 100k to buy my items abroad) and everything I make in a week, pay my bills and save the rest in the bookie. Then after 1 week, the bank is finished, and I put everything I earned on my path in there. That is how I put my bank up to 2B (max in the bank)

I also had some money in Cayman's, I thought it was 10% each month or so.. so invest 3m, get 300k at the end of the month. Also I always had to travel 1 hour (lose time for training or whatever you do) to get back my money if I needed to buy something. I thought this wasn't good for me, so I stopped pushing money to caymans. I think in the end, it's up to you what you should do with your money, or think it's good to let your money stay there. I don't know about you, but I use all of my money, and not so rich yet that I have a big pile of cash just sitting there and doing nothing. Maybe for passive income, you could just set some money there, and let it rise while you age! Could also be fun to put in $1 and see where it'll bring you :')

Edit: Saw Harley's post, and probably I'm wrong about the %. Could be this less. I remember it was really little.

its 0.5%, but even that interest doesnt cover inflation (22% last year) so you effectively lose money

Right, thanks, been a while since I needed that number [:laughing:]

Thanks for the replies. I knew there must have been a reason why I had never used it [:wink:]