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March 28, 2022
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How to open a bank account in St Kitts and Nevis

St Kitts and Nevis has 15 banks, three of which are members of the Caribbean Association of Banks and are considered to be among the most reliable ones. All the major banks offer free online services.

Lyle Julien
Lyle Julien

On how to open a bank account in St Kitts and Nevis

Citizenship by investment: how to open a bank account in St Kitts and Nevis

How to open a bank account in St Kitts and Nevis

The Caribbean Association of Banks, an association of the most reliable banks in 35 Caribbean countries, includes three banks located in St Kitts and Nevis: St Kitts-Nevis-Anguilla National Bank, The Bank of Nevis and Caribbean Credit Card Corporation.

Until recently, there were also branches of two Canadian banks operating in St Kitts and Nevis; however, all their branches in the country were bought by national banks over the past few years.

Hamilton Reserve Bank is popular among investors who plan to obtain a St Kitts and Nevis passport through the purchase of the real estate. It is the only bank in St Kitts and Nevis that has a government license to open escrow accounts and provide real estate escrow services for the citizenship by investment program.

Scotiabank had a branch in St. Kitts and Nevis but sold it to Republic Bank in October 2021. Scotiabank also completed the previously announced sale of its banking operations in other Caribbean countries: Antigua and Barbuda, Dominica, Saint Lucia, to Republic Bank.

Republic Bank is one of St. Kitts' leading financial institutions. The bank focuses on individual customers, employees, and shareholders and on building a community presence.

Financial institutions in St Kitts and Nevis that are members of the Caribbean Association of Banks:

Which types of accounts can be opened in banks 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.

Documents required to open a bank account

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: Bank account in St Kitts and Nevis

The National Museum of St Kitts and Nevis was opened in 2002. The Treasury Department had used the building until 1996

Online banking services available in St Kitts and Nevis

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

Comparison of mobile and online banking services

Service

View account balance

Online banking

Mobile banking

Service

View transaction history and activity for the current day

Online banking

Mobile banking

Service

Receive statements

Online banking

Mobile banking

Service

Request bank transfers

Online banking

Mobile banking

Service

Transfer funds between accounts

Online banking

Mobile banking

Service

Pay bills

Online banking

Mobile banking

Service

Enable or disable regular automatic payments

Online banking

Mobile banking

Service

Activate or block a debit card

Online banking

Mobile banking

Service

Set up and receive alerts about transactions

Online banking

Mobile banking

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.

Comparison of online services in reliable banks of St Kitts and Nevis

Online banking and mobile banking through apps for iOS and Android

Online banking and mobile banking for iOS and Android

Online banking

Online banking and mobile banking through iOS and Android apps

Online banking

Comparison of service fee in reliable banks of St Kitts and Nevis

No monthly service feefor a current account held by an individual

EC$11.70 per annum for current, settlement and deposit accounts for an individual

EC$23.40 per annum for current or settlement accounts for legal entities

$23.40 or EC$58.50 per annum for credit cards

US$23.40 per month
for wire transfers

No monthly service fee

EC$11.70 for accounts held by individuals

EC$17.55 for accounts held by legal entities

EC$15.21 per month current and savings accounts for an individual

USD23.40 per month current and savings accounts for a legal entity

Comparison of amount to activate an account in reliable banks of St Kitts and Nevis

EC$100 or $200 for a current account opened by an individual

EC$500 or $200 for a current account opened by a legal entity

EC$25 or $200 for a savings account

EC$500 or $1,000 for a term deposit

No information available

$50,000 for individuals

$100,000 for legal entities

EC$500 for savings account

EC$700 for current account

Opening balance - any amount from XCD1.00 upwards

Comparison of commission in reliable banks of St Kitts and Nevis

No information available

$2.34 for an online transfer to another bank and online bill payment

$1.76 per transaction at SKNA ATM

$11.70 per transaction up to $500 at another bank's ATM

2% of transaction above $500 at another bank’s ATM

No commission for opening an account

EC$1 per transaction for cash withdrawal at branch office ATM

US$3 per transaction
cash withdrawal from other ATMs

EC$1.76 per transaction
cash withdrawal from an ATM at the bank's office

EC$14.04 per transaction
cash withdrawal from other ATMs

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.

How to become a citizen of St Kitts and Nevis and use all the services offered

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:

  • от 125 000 $ — non-refundable contribution to the state fund until February 1, 2024;

  • от 200 000 $ — purchase real estate that can be sold 5 years later.

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, children, and siblings under 30 years old. The inclusion of family members increases the contribution required in the state fund. Still, the amount of investment required in real estate does not depend on the number of people included in the application.

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.

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.

Will you obtain St Kitts and Nevis citizenship?

Practical Guide

Will you obtain St Kitts and Nevis citizenship?

Frequently asked questions

  • Opening a bank account in St Kitts and Nevis

    To open a bank account in St Kitts and Nevis, you can apply online, in person at a bank branch, or through a representative by proxy. If you open an account remotely, the required documents must be sent to the bank by mail, translated into English and notarised.

    The average processing time for an application is 10 business days. The amount necessary to activate the account must be transferred when the application is approved. This also automatically activates online banking.

  • Documents required to open an account

    To open a bank account in St Kitts and Nevis, individuals must provide a passport, an additional identity document, a recent utility bill, and proof of income. When opening an account for a legal entity, you need to provide the certificate of registration of the company, a notarized copy of the register of shareholders, as well as account statements confirming the legality of the company’s income. In some cases, additional documents may be required.

  • Do I need to come to St Kitts and Nevis to open a bank account?

    No, a bank account in St Kitts and Nevis can be opened remotely. You can apply online and send the required package of documents to the bank by mail. Any documents not in English must first be translated into English and certified by a notary. Only original documents in English or notarized copies in English are acceptable.

  • How to open a bank account in St Kitts?

    Individuals and companies 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 and apply for business development loans.

  • What do you need to open a bank account in St Kitts?

    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.

    In order 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.