Expert: Drew Wilmoth - 6/18/2007

Question
Hi there,

I'm just wondering if I worked in Cayman for 5 years and was ready to return to my country, if I would have problems taking back all the money that I saved in the bank out of the country.

Thanks

Answer
Any cash savings can be easily taken out of the country. Most practically this is done by wire transfer.  The Cayman Islands are a premier financial center with banking connections worldwide.

Movements of large amounts of cash or financial instruments may require you to complete mandatory reporting forms.  Similar reporting requirements govern such movements in many jurisdictions.

A bit more difficult is to receive savings that have accrued in a mandatory pension scheme.  Often this forms the bulk of a person's savings from working in Cayman.

Once a person has worked for a minimum of nine months in the Cayman Islands, the employer is required to enroll the employee in a pension scheme.  The employee must contribute a minimum of 5% of wages, and the employer must provide a matching contribution of 5%.  The employee may choose to save more, but the employer is not required to contribute more than 5%.

If a person leaves the Cayman Islands with less than US$1000 in their pension plan, they can receive an immediate payout.  If they have more than that amount, the person must wait a minimum of two years to receive a cash payout.  Prior to the two year mark you can choose to move those funds into a comparable pension scheme outside the Cayman Islands.  And, of course, if you have reached the retirement age for the pension scheme then you can immediately receive payments in accordance with the terms of the plan.