How to open a bank account in Grenada
Grenada is a small Caribbean island nation, ranked tenth in the list of the smallest countries in terms of area. At the same time, 18 banks operate in the country, including national banks of Grenada and branches of international banks.
Explains the nuances of opening bank accounts in Grenada
The Caribbean Association of Banks, an association of the most reliable banks operating in 35 Caribbean countries, includes only two banks in Grenada: the Republican Bank of Grenada and Grenada Co-operative Bank Limited. Branches of the Canadian Bank of Nova Scotia and the American Sterling International Bank and Trust Corporation also operate in Grenada.
Who can open a bank account in Grenada
Citizens of Grenada, residents of the country and foreigners are offered the services of banks in Grenada on different terms. When opening an account, non-residents need to provide more documents and clarify which operations will be accessible to them. It depends on the license and policies of the banks.
Individuals and companies can become clients of banks in Grenada. Individuals can open current, checking, savings and foreign currency accounts. Legal entities can open settlement, current, checking, savings and foreign currency accounts.
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Documents required to open an account
Individuals need to provide three main documents:
Personal identification document. A passport, resident card, NIS or social security card of a resident of Grenada, driver’s license, ID card and other documents. In some cases, two such documents are required.
A document confirming the applicant’s registered residential address. Recent utility bills are acceptable.
A document confirming income information. Employees can enclose a salary certificate or an employment contract, while entrepreneurs and self-employed persons must enclose a bank account statement for the previous year.
Additionally, the bank may request the following information:
Letter of recommendation from a bank where the applicant already has an account. The letter should indicate when the applicant opened the account with the bank and that the bank is satisfied with the manner in which the customer has used their account. In many cases, it is important for the bank account to have been operational for at least two years.
TIN or the taxpayer identification number is usually requested from non-resident applicants.
Legal entities must provide the following documents:
Documents confirming the existence of the company: the company’s registration certificate, charter or memorandum of association, and a Certificate of Good Standing or its equivalent. This is a document that indicates that the company complies with all legal requirements. It is issued by the trade register of the country in which the company is registered.
Documents confirming the board of directors and shareholder structure. Certificates confirming the appointment of directors and company secretary, the shareholder structure, the company’s register, and on the resolution on the issue of shares may also be requested.
Documents disclosing the beneficiary of the company: a set of documents for individuals: for example, a passport and utility bills. Information on the income of the beneficiary can be confirmed by a personal account statement, tax return, salary certificate or dividend payment from another company. If the beneficiary is not a shareholder, a Declaration of Trust from the shareholder (s) in the beneficiary’s favor must be provided.
Power of attorney for the account manager stating that they are authorized to open and manage accounts on behalf of the company.
The specific list of documents and the forms that need to be filled out differ between banks. Any copy of an original document sent to the bank by mail must be translated into English, apostilled and certified by a notary.
Terms and conditions for opening a bank account in Grenada
The East Caribbean dollar is the official currency in Grenada. Accounts are opened in this currency by default. Foreign currency accounts in US dollars, euros, pounds sterling and Canadian dollars are also available.
Using the example of Republic Bank of Grenada, we describe the process of opening an account in person or remotely.
In order to open an account at the branch in person, you need to prepare the required package of documents in advance, hand them over to the bank employee dealing with you and fill out an application for opening an account. When the application is approved, you need to return to the bank to connect to the bank’s online banking system, transfer money to the account and receive a bank card if applicable.
When you open an account remotely, the initial application must be submitted online on the website of the bank. The package of documents required and signed contract can be sent by mail or transferred through a representative by proxy. When the application is approved, you can connect to the bank’s online banking system.
Immigrant Invest’s specialists help clients who have obtained Grenada citizenship open an account with a bank in the country: they submit an application to the bank by proxy, prepare the required package of documents and correspond with the bank’s employees on behalf of the investor.
Procedure for opening a bank account
Preparation of documents: translation, certification, apostille
Submission of application for opening an account online
Send documents to the bank by mail
Consideration and approval of the application
Transfer money to the account and connect online banking
The bank considers the application for up to two weeks. On approval of the application, an account is opened for the applicant. Although there is no charge for opening an account, in some cases, a certain amount of money (sometimes as much as $10,000) must be immediately transferred to the account.
Online banking is available free of charge for all clients of the bank. Online you can find out your account balance, view your transaction history, get an account statement, transfer money between your accounts and pay utility bills. However, you cannot open a new account or transfer money to an account at another bank through the online application.
Services fees for accounts and cards
How to get Grenada citizenship and use any of the banks’ services
You can get a Grenada passport through naturalization, through marriage and by investment in the economic development of the country. Becoming a citizen through naturalization takes at least eight years and through marriage, about two years. In contrast, it only takes up to six months to get citizenship by investment.
The Grenada citizenship by investment program offers two options:
a non-refundable contribution of $150,000 to the state fund;
purchasing real estate for $220,000 and keeping it for five years.
Apartments in a seaside residential complex on the island of Grenada with an area of 35 m2 cost $350,000
The investor can include financially dependent family members in their application: spouse, children under 30, and siblings aged 18 and older, as well as parents and grandparents of any age. When family members are added, the costs of the citizenship program increase.
Grenada citizens can travel visa-free to 146 countries, including the EU, the UK, Singapore and China. Grenada passport holders can obtain a tourist visa to the United States for 10 years and an E‑2 business visa for 5 years. Entrepreneurs transfer their business to Grenada to reduce their tax burden and avoid foreign currency restrictions when settling accounts with their foreign partners.
Individual cost calculation of the Grenada citizenship
Immigrant Invest is a licensed agent for citizenship and residence by investment programs in the EU, the Caribbean, Asia, and the Middle East. Take advantage of our global 15-year expertise — schedule a meeting with our investment programs experts.
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