How to open a bank account in Dominica

All major banks have designed online and mobile banking applications that allow managing accounts without visiting the bank’s branch. Through mobile banking, it is possible to:

• pay bills;

• transfer money to other customers’ accounts;

• receive account alerts;

• check account balance.

Through online banking, you can also transfer money to customers of other banks, including banks of other countries.

To open an account for individuals, citizens of Dominica need to submit the following documents:

• proof of identity, such as a passport, social security card, or driver’s license;

• proof of residential address, such as a utility bill, bank statement, driver’s license, or proof of employment;

• an application for opening an account, which indicates personal data and information about sources of income.

A bank reference is to be submitted by:

• Dominica citizens who open an account remotely;

• Dominica citizens who live abroad;

• foreigners.

A cover letter explaining the reason for opening an account in Dominica is to be provided only by foreigners.

Notarized copies of passport and completed account application are required from foreigners and citizens of Dominica who open an account remotely.

To open an account for a company, you are to provide:

• the company constitution;

• the certificate of incorporation;

• a Certificate of Good Standing;

• resolution of the directors to open an account and establishment of account signatories;

• identification for all beneficial owners, directors and signatories;

• proof of address for all beneficial owners, directors and signatories;

• bank references for directors and the company;

• a completed application for opening an account.

One can open a bank account in Dominica in person or remotely.

To open an account in person, you need to come to the bank branch with the required documents and fill out an application. All applicants undergo banking Due Diligence, a check on reliability. For citizens of Dominica, it often takes a few minutes, in comparison to a few days for foreigners.

When Due Diligence is passed, customers should activate their accounts by depositing the minimum required amount. Then, they can enroll in online banking.

To open an account remotely, one should first submit an application on the bank’s website and pass a preliminary check. Then required documents should be notarized and sent to the bank by mail or courier service. In this very letter customers may also send the amount of money required for activating an account. When the account is opened, clients register for online banking and manage their account without visiting the bank.

Account opening restrictions

• The Dominica Agricultural Industrial & Development (AID) Bank does not provide services to foreigners;

• the National Bank of Dominica do not allow foreigners to open an account remotely, and only companies registered in Dominica can open a corporate account;

• all the banks ask foreigners for more documents to open an account than Dominican citizens.

Individual cost calculation for Dominica citizenship

Get the cost calculation

Becoming a citizen of Dominica takes 2 to 6 months. It requires investment of at least $100,000 in the country’s economy. This is a non-refundable contribution to the state fund of the country.

If you double the amount of investment to $200,000, you can buy real estate. Investors purchase a stake in properties approved by the Dominica government. These investments are returnable, and thus the stake can be sold in 3 or 5 years.

Examples of properties in Dominica

Dominica, Portsmouth

$220,000 — $320,000

Share in a five-star resort managed by Autograph Collections (premium branded by Marriott)

1—2

Dominica, Portsmouth

$270,000+

Share in a five-star hotel managed by Intercontinental

Dominica, Portsmouth

$200,000+

Share in the hotel complex of 72 eco-cottages in the rainforest

Alongside the investor, citizenship can also be obtained by members of his family: a spouse, children under 30 years old, brothers and sisters under 25 years old, parents. The cost of obtaining a passport increases when family members are included in the application.

The Dominica passport makes traveling the world easier. Dominica citizens travel without visas to the Schengen countries, China, Singapore and Hong Kong. A ten-year B‑1/B‑2 visa to the USA is also granted for citizens of Dominica.