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.
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
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
|Type of account or card||Service fee|
|Term savings account||$3.45 per month|
|Demand deposit||$2.30 per month|
|Checking account||$2.30 per month|
|Credit card||$23 per annum|
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.
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 144 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.
Frequently asked questions
In order to open a bank account in Grenada, you need to fill out and submit an application form together with the required package of documents in person or remotely, in which case the documents can be sent by mail. Banks normally consider an application for up to two weeks. On approval, you can connect to the bank’s online banking system, transfer money to your account and get a bank card.
Individuals need to provide their passport, income statement and a utility bill. To open an account for a legal entity, the following company information needs to be submitted: the company’s certificate of registration, articles of association, information about directors and shareholders, the resolution on the issue of shares and other documents.
No, you can open a bank account in Grenada remotely. The application can be submitted online, and the package of documents can be sent by mail or transferred through a trusted person by proxy.
At one of the best banks in the country, the Republican Bank of Grenada, maintenance of a personal and checking account costs $2.30 per month and a fixed-term savings account costs $3.45. There are no charges for servicing a debit card and there is an annual servicing fee of $23 for a credit card. Other banks may have different terms and conditions.