How to open a bank account in Antigua and Barbuda

Both an individual and a legal entity can open an account in one of the banks in Antigua and Barbuda. Banking services are available not only to citizens and residents of the country but also to foreigners. However, they need to provide more documents to get approval from the bank.

Banks in the Caribbean

To make getting approval to open an account easier, you can become a citizen of Antigua and Barbuda.

As a popular destination for international businesses and investors, Antigua and Barbuda is home to several reputable banks. Here are the top banks in Antigua and Barbuda, known for their strong reputation and services.

5 best banks in Antigua and Barbuda

1. ACB Caribbean (Formerly Antigua Commercial Bank) was established in 1955; it is one of the oldest and most prominent banks in Antigua and Barbuda. ACB provides a wide range of services, including personal and business banking, corporate banking, loans, credit cards, and investment services. The bank has a network of branches across the islands, ensuring convenient access to its services.

2. Caribbean Union Bank Ltd. (CUB) was founded in 2005; it is a relatively new addition to the banking sector in Antigua and Barbuda. With its customer-centric approach, CUB offers a range of financial products such as savings and checking accounts, loans, credit cards, and foreign exchange services. The bank focuses on providing personalized attention and innovative solutions to its clients.

3. Eastern Caribbean Amalgamated Bank Ltd. is a reputable financial institution established in 2010 in Antigua and Barbuda. ECAB offers an extensive list of banking services, including personal and business accounts, loans, mortgages, credit cards, and investment options. The bank is known for its modern banking facilities, competitive interest rates, and efficient customer service.

4. Global Bank of Commerce Ltd. was founded in 1983. It offers a great variety of banking services, including personal and corporate accounts, international banking, offshore services, trade finance, and investment options. The bank prides itself on its dedication to privacy, security, and individualized customer service.

5. CIBC FirstCaribbean International Bank (Barbados) Ltd. is a major regional bank that operates branches in various countries, including Antigua and Barbuda. With its headquarters in Barbados, the bank has a significant presence in the Caribbean, providing a variety of financial services to its clients. CIBC FirstCaribbean offers personal and business banking, wealth management, loans, mortgages, credit cards, and digital banking options.

The first four listed banks are members of the Caribbean Association of Banks, which speaks of their reliability. CIBC FirstCaribbean International Bank is not a member of the Caribbean Association of Banks, but its online banking in Antigua is licensed by Eastern Caribbean Central Bank.

Two international banks — Scotiabank and Royal Bank of Canada — were previously present in Antigua and Barbuda. However, in 2021, Scotiabank completed the sale of its operations to Eastern Caribbean Amalgamated Bank. Thus, ECAB takes legal ownership of Scotia Antigua online banking and other services.

In the same year, Antigua Commercial Bank was rebranded to ACB Caribbean. ACB online banking has also acquired the operations of Royal Bank of Canada in Antigua & Barbuda.

Selecting a bank, one should conduct thorough research and compare the available options based on specific services, fees, accessibility, and customer support. Only then can one make an informed decision and choose the bank that is most suitable for their individual needs.

Banks in Antigua and Barbuda open current, savings, trading and escrow accounts, and term deposits.

The main currency of Antigua and Barbuda is the Eastern Caribbean dollar — EC$ or XCD. It is pegged to the US dollar at a ratio of 2.7:1, so EC$1 always equals $0.37.

By default, accounts are opened in Eastern Caribbean dollars. All major banks have foreign currency accounts in US dollars. Accounts in euros, British pounds sterling or Canadian dollars can only be opened with some banks, such as the Global Bank of Commerce.

Current accounts in US dollars or euros opened for a legal entity allow companies to avoid currency control.

The cost of servicing accounts in different banks is different. The maintenance of current accounts in US dollars costs $7 per month for individuals and $10 for legal entities. In some banks, you can link a debit card with free service to your account. For using a credit card, owners pay from $50 per year.

The minimum amount to activate a current account for individuals and legal entities is $400, and for a term deposit it is $2,000. Savings account in US dollars is activated when transferring from $5,000, and in Eastern Caribbean dollars — from EC$50.

You can open an account with a bank in Antigua and Barbuda in person or remotely.

To open an account in person, you must come to the bank branch with a package of necessary documents and fill out an application. Instead of yourself, you can send a representative who will act by proxy. In some banks, you need to make an appointment in advance on their website, by phone or by email.

To open an account remotely, you need to fill out an online application on the bank’s official website. In the application, you must specify all the required data, and sometimes attach scans of documents. Translated into English and certified copies of all documents must also be sent to the bank by mail or delivery service.

Procedure for opening a bank account remotely

1

Preparation of documents

2

Submission of an application for opening an account on the bank's website

3

Sending documents to the bank by mail

4

Consideration and approval of the application

5

Transferring money to the account for its activation

1

Preparation of documents

2

Submission of an application for opening an account on the bank's website

3

Sending documents to the bank by mail

4

Consideration and approval of the application

5

Transferring money to the account for its activation

After opening an account, you can connect to online banking. In some banks, this happens automatically when you activate your account, in others you need to register on the site to get a use ame and password. The most modern banks have not only a web service, but also mobile applications for iOS and Android.

With the help of online banking, you can find out the account balance and transaction history for free, receive an electronic account statement, transfer money and set up auto payments. If a bank card is linked to the account, you can apply for its blocking and reissue in case it is stolen or lost.

You can receive push notifications about transactions and account balances in mobile applications. You can also transfer data to a financial accounting application such as Quicken or Microsoft Money.

Online banking restrictions. It will not be possible to transfer money between accounts of legal entities, but you can replenish a company account from your account if they are linked.

It will not be possible to transfer money online to another bank account. However, you can leave an online request, which the operator will execute on a business day. The commission for such a transfer will be from $50.

Before opening an account, bank employees conduct a Customer Due Diligence. To do this, they request a package of documents: for individuals and legal entities, the requirements are different.

Individuals confirm:

• their identity with a passport and another document, such as a driver’s license;

• an address of residence with utility bills, a letter from another bank or a landlord, an envelope with a postage stamp.

• financial viability with a letter from the employer on the letterhead of the company indicating the place of work, position, length of service and salary. Self-employed and entrepreneurs submit invoices and income declarations.

• a source of income with account statements for the last year, a copy of the will, a contract for selling real estate, etc.

Foreigners also provide two letters of recommendation from another bank or a highly qualified specialist, such as a lawyer or doctor.

When opening an account for a legal entity, you must provide:

• two identification cards for each of the beneficial owners, two directors and persons with the right to sign;

• a certificate of registration of the company or its articles of association;

• a Certificate of Good Standing or its equivalent;

• the company’s financial statements for the last quarter;

• a certificate of the composition of shareholders and the appointment of directors;

• a letter of recommendation from another bank.

If the company is registered outside of Antigua and Barbuda, you must additionally provide a TIN — taxpayer identification number.

To make it easier to get approval to open an account, you can become a citizen of Antigua and Barbuda.

To become a tax resident of Antigua and Barbuda and reduce the tax burden, you need to spend at least 183 days a year in the country

The fastest way to obtain Antigua and Barbuda citizenship is by investment. The minimum investment amount is $100,000. If an investor wants to return the investment in 5 years, he needs to initially invest twice as much — from $200,000.

There are four options in the Antigua and Barbuda citizenship program: a non-refundable contribution to the National Transformation Fund, the purchase of the real estate, investment in business and a non-refundable contribution to the University of the West Indies Fund. The last option is available only for large families of six people.

Investment options under the Antigua and Barbuda citizenship program

• Contribution to the state fund — $100,000+

• Contribution to the university fund — $150,000+

• Purchase of real estate — $200,000+

• Business investment — $400,000+

Together with the investor, members of their family can also become citizens of Antigua and Barbuda: a spouse, children under 30 years old, parents, grandparents over 55 years old, and as well as the investor’s siblings.

Minimum investment amounts stay the same no matter how many relatives participate and what option you choose. But investors spend additional money on Due Diligence and other fees. For example, the Due Diligence cost for the investor is $7,500, and for married couples — $15,000. For a family of three or more — $2,000 per child 12 to 17 years old and $4,000 per adult family member.

The Antigua and Barbuda passport is a lifetime alternative to visas to 150 countries, including the Schengen area, the UK, Singapore and Hong Kong. Also, citizens of this country can get a 10-year visa to the USA and renew it remotely.

Citizens of Antigua and Barbuda can become tax residents of the country and not pay taxes on income, salary, capital gains and inheritance.