Saint Lucia Banking: Best banks and how to open a bank account?

Individuals can open personal accounts for everyday payments and transfers, savings and interest-bearing deposits, as well as foreign currency and checking accounts. The larger banks also offer wealth management services.

Legal entities can open settlement accounts, including foreign currency settlement accounts. Some banks also offer payroll services for their client company’s employees.

St Lucia citizens and residents can use any of the services of local banks, ranging from maintaining savings to paying utility bills. For foreigners, the list of services available may be limited depending on the license and policy of a particular bank.

To open an account or use other financial services in St Lucia, you need to submit an application to the selected bank.

Individuals must provide the bank with the following documents:

1. Identity document: passport, ID-card, residence card or driver’s license.

2. Document confirming their registered address: utility bill in the name of the applicant, a letter from the employer confirming the registered residence address of the applicant, and an account statement from another financial institution in the name and address of the applicant.

3. Income information: a bank statement or a certificate from the applicant’s place of work indicating their position, length of service and salary.

4. TIN or other tax information.

The bank may also ask for a letter of recommendation from a lawyer, certified public accountant, or financial institution.

Legal entities must submit the following information about the company:

• the charter or memorandum of association;

• company’s registration certificate;

• certificate of appointment of directors and executive secretary;

• power of attorney or protocol on the appointment of a responsible person who has the authority to open and manage accounts on behalf of the company;

• shareholder register;

• register and resolution on the issue of shares of the company;

• Certificate of Good Standing and the absence of debts;

• copies of passports of managers and those responsible for the bank accounts of the company.

If copies of documents are provided, they must be translated into English, notarized and apostilled.

The list of documents may vary depending on the requirements of a particular bank.

1. Preparation of documents and application to the bank. You can apply to open an account when you visit the bank branch, by mail, online on the website or through the bank’s mobile application. An application may also be submitted by an authorised representative.

2. Customer Due Diligence can take from a couple of hours to two weeks to complete. As a rule, Due Diligence of legal entities takes longer. In the Due Diligence check, the applicant confirms the legality of their income, the absence of debts and that they have no criminal record.

3. Approval and transfer of money into the account. If the applicant passes the bank’s Due Diligence check, they receive notification that they can open an account. Opening an account itself is free, but some banks require you to immediately transfer money into it. For example, to activate an account at Hermes Bank, you need to transfer at least €1,000 into the account immediately.

The banking system in St Lucia is regulated by the Financial Sector Supervision Unit. Local banks report to the Eastern Caribbean Central Bank, the main financial institution in the region.

The Bank of St Lucia is the largest commercial bank in the country. It provides services to individuals and companies, as well as insurance and private wealth management.

In addition to national banks, there are also branches of international financial institutions operating in St Lucia: the British Berkeley Bank & Trust, Bank of Nova Scotia and Royal Bank of Canada.

A complete list of accredited banks in St Lucia can be found on the website of the Association of Caribbean Countries.

The main currency in St Lucia is the East Caribbean dollar. You can also open an account and make payments in US dollars, euros, British pounds sterling, and Canadian dollars.

Online banking is free and is available at all major banks in the country. You can monitor the balance on your account, transfer money and pay bills from your personal account on the bank’s website or in the mobile application.

The cost of maintaining an account ranges from $5 to $15 per month. As a rule, the costs for servicing accounts of legal entities are higher.

Commissions are charged for international transfers and transfers to other banks. Fees may also be charged for transactions at an ATM of another bank in St Lucia or another country.

Although you can get a St Lucia passport after living in the country for several years or by marrying a citizen, the fastest way to become a citizen is through participation in the citizenship by investment program.

How to obtain St Lucia citizenship by investment

Adult applicants with no criminal record can participate in the citizenship program. Their children under 30, parents over 55, and minor siblings may also be included in the application.

Investment options offered under the St Lucia citizenship program

• $100,000 — contribution to the National Economic Fund

• $200,000 — buy real estate

• $300,000 — purchase government bonds

• $1,000,000 — investment in business

The investor also pays for a Due Diligence check by the government department responsible for the citizenship by investment program, state fees and administrative fees. The costs related to getting citizenship also increase when eligible family members are included in the application.

Individual cost calculation for St Lucia citizenship

Get the cost calculation

St Lucia citizens can travel visa-free to 146 countries, including the Schengen area, the UK, Singapore and Hong Kong. St Lucia passport holders can also apply for a 10-year U.S. B‑1/B‑2 tourist visa immediately.

International business owners can register companies in St Lucia to simplify settlements with foreign clients and legally reduce their tax obligations.

We discussed all the benefits of a St Lucia passport in our guide for investors.