How to open a bank account in St Kitts and Nevis

Individuals can open current, foreign currency and savings accounts in St Kitts and Nevis banks. Mortgages, as well as educational and car loans, are also available to account holders. Legal entities can open current and trading accounts, as well as apply for business development loans.

Accounts are opened by default in the main currency used in St Kitts and Nevis, the East Caribbean dollar.

The East Caribbean dollar is pegged to the US dollar at 37 US cents, which reduces the currency risk for holders of such accounts.

Foreign currency accounts at banks in St Kitts and Nevis can be opened in US dollars, euros, British pounds sterling, Canadian dollars, Australian dollars, Singapore dollars, Hong Kong dollars, Swiss francs, UAE dirhams and the Japanese yen.

Savings accounts offered include term deposits or fixed deposits and can be opened for 3, 6 and 12 months. Target accounts, or target savings, are designed to achieve a financial goal: a predetermined amount is automatically transferred from the applicant’s current account to them weekly, monthly or every two months. Standard or regular savings accounts, have to be replenished by the account holder independently and earn interest, which is payable quarterly.

A merchant account is a bank account where companies can both accept payments and make payments from it. Merchant accounts allow businesses to accept credit cards and other electronic payments.

An escrow account is created to secure a transaction for the purchase of real estate during the construction phase. After the developer and the buyer sign a share agreement, the buyer deposits money in the account, which is kept in an escrow account until the developer fulfils their obligations under the contract and then transfers it to the developer.

Individuals must provide the following documents:

• passport and another identity document, i.e., any valid government document with a photograph;

• document issued in the past three months confirming the applicant’s residential address. This could be a utility bill, a letter from another bank or landlord, or a postmarked envelope.

• completed application form, including information about the intended purpose and use of the account.

The following documents may also be required:

• a certificate of employment on the letterhead of the company, which indicates the position of the applicant, the date of employment and their annual income;

• a bank statement to confirm the source of income;

• a letter of recommendation from another bank or from a highly qualified professional such as a lawyer or doctor.

Foreigners must provide the following additional information:

• certificate of citizenship;

• passport of their country of origin;

• information about the chosen investment option if the applicant opens a bank account to obtain St Kitts and Nevis citizenship by investment.

To open an account for a company, the beneficiary owner or their authorized representative must provide the following documents:

• a passport and another identity document;

• a utility bill to verify their residential address;

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

• bank statements, contracts or invoices to confirm the legality of the source of income;

• a letter of recommendation from another bank, at which the applicant has been a client for more than a year;

• a letter of recommendation from a highly qualified specialist who has known the applicant for more than two years;

• the decision of the board of directors to open an account and appoint a proxy;

• certified copy of the shareholder register;

• Certificate of Good Standing or its equivalent;

Only original documents in English or notarized copies translated into English are accepted.

Online banking and mobile banking services are available at all major banks in the country and are free of charge.

A bank account in St Kitts and Nevis can be opened in person or remotely: the applicant is not required to be physically present.

Procedure for opening a bank account:

1. Prepare documents: translation, certification and apostille, if necessary.

2. Submit an application for opening an account: in person at a bank branch, through a representative or online.

3. Send documents to the bank by mail: if the application was submitted remotely.

4. Consideration and approval of the application: on average, it takes up to 10 business days.

5. Transfer money to the account to activate it: this automatically activates online banking.

Not all banks in St Kitts and Nevis provide services to foreigners. For example, Nevis Cooperative Credit Union only works with citizens and residents of the country. Most banks require more documents from foreigners to open an account than St Kitts and Nevis citizens.

The fastest way to get a St Kitts and Nevis passport is to invest in the economic development of the country. The following options are available to investors:

• $250,000+ — non-refundable contribution to the state fund;

• $325,000+ — purchase real estate that can be sold 7 years later;

• $250,000+ — investment in Approved Public Benefit Projects.

Examples of properties in St Kitts and Nevis

St Kitts & Nevis, Frigate Bay

$325,000 — $4,000,000

Share in a villa and apartments in a luxury hotel complex

58 m² — 426 m²

1—3

1—4

St Kitts & Nevis, Basseterre

$350,000+

Fraction in five star hotel under management of Hyatt Group

St Kitts & Nevis, Basseterre

$440,000+

Share in a 5-star hotel managed by Hyatt

St Kitts and Nevis citizenship by investment is offered to the investor and their immediate family members included in the application: spouse, parents over 55 years old, and children under 25 years old.

St Kitts and Nevis citizens do not need a visa to travel to the Schengen countries, the UK, Singapore or Hong Kong. They are also eligible to apply for a tourist visa to the United States immediately for 10 years.