why are the cayman islands so liked for financial purposes? and how can i open an account there?

Answer 1

It is annonymous and tax free... check out caymanbank.com

Answer 2

1. You have to answer on your federal income tax return whether you have a foreign account.
2. In the post-9/11 world the IRS does get information on US residents with foreign bank accounts.
3. A Cayman bank account in a Cayman trust may be legit asset protection, but it won't legally get you out of any taxes.