Banks and Trust Companies (Licence Applications and Fees) Regulations (2021 Revision)

Summary

This is the consolidated 2021 Revision of the Banks and Trust Companies (Licence Applications and Fees) Regulations, made under the Banks and Trust Companies Act. It sets out the procedural and financial requirements for obtaining and maintaining a bank and/or trust licence in the Cayman Islands: what information and documents must accompany a licence application (set out in the Schedule), and the fees payable for the first grant of a licence, for annual renewal of a licence, for registration of a controlled subsidiary, and for provision of registered office services.

The regulations apply to applicants for, and holders of, 'A' licences, 'B' licences, Trust licences, Restricted 'B' licences, Restricted Trust licences and Nominee (Trust) licences, as well as controlled subsidiaries of licensees and branches of foreign banks/trust companies seeking to operate in or from the Islands. Fee amounts vary depending on licence type, whether restrictions apply to carrying on banking business in the Islands, whether the licensee provides principal office/registered office services or Private Banking Services to residents, and (for certain 'B' and Trust licences held by branches or subsidiaries of foreign banks) the licensee's asset size measured on a quarterly-average basis.

Key Mechanics

• Branch applicants: Applicants from jurisdictions with equivalent AML/CFT measures may submit alternative information in place of certain Schedule particulars.
• Controlled subsidiaries: Must pay a registration fee at registration and an annual renewal fee by a fixed date each year.
• Registered office services: Licensees providing registered office services must pay a fixed annual fee.
• Governor's discretion: The Governor retains discretion to waive or reduce fees for persons in Cayman Brac or Little Cayman.

The document is a fee and application-content schedule rather than a standalone compliance framework, but is legally binding as an in-force regulation.

Key obligations

• Applicants for a bank and/or trust licence must submit the information, particulars and supporting documents specified in the Schedule to the regulations.
• Applicants must pay the prescribed first-grant licence fee corresponding to their licence type and any restrictions/permissions attached to it (ranging from $7,000 to $600,000).
• Licensees must pay the prescribed annual renewal fee for their licence type under section 6(8), with amounts varying by licence category, restrictions, and (for certain 'B'/Trust licences) asset size based on average total assets across the four calendar quarters.
• A controlled subsidiary must pay a registration fee of $7,000 at the time of registration under section 5(4), and a further $7,000 on or before 31 January every subsequent year during continuation of the registration.
• Licensees providing registered office services must pay an annual fee of $75 under section 15A.
• Branch applicants from countries designated as having AML/CFT measures equivalent to the Islands may, at the Authority's discretion, substitute alternative information for that otherwise required under paragraph 10 of the Schedule.
• Each applicant for a Nominee (Trust) licence must furnish a guarantee from its parent licensee (in a form approved by the Authority) guaranteeing liabilities up to $200,000, governed by Cayman Islands law with exclusive Cayman court jurisdiction, and pay an application fee of $2,000.

Applies to

banks, trust companies, 'A' licence holders, 'B' licence holders, Trust licence holders, Restricted 'B' licence holders, Restricted Trust licence holders, Nominee (Trust) licence holders, controlled subsidiaries, branches of foreign banks or trust companies

Deadlines

• on or before 31st January every year thereafter: Annual renewal fee of $7,000 payable for continuation of registration of a controlled subsidiary.

Related documents

• Banks and Trust Companies (Licence Applications and Fees) Regulations (2026 Revision) replaces this document
• Banks and Trust Companies (Licence Applications and Fees) (Amendment) Regulations, 2025 (SL 66 of 2025) amends this document
• Banks and Trust Companies (Licence Applications and Fees) (Amendment) Regulations, 2024 (SL 66 of 2024) amends this document