Investors open bank accounts in St Lucia to protect and increase their savings, as well as simplify foreign exchange payments for international business. We let you know which documents are required to open a bank account, as well as the charges that apply for opening and maintaining a bank account in St Lucia.
Who can open a bank account in St Lucia
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.
Which documents are required to open a bank account
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:
- Identity document: passport, ID-card, residence card or driver's license.
- 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.
- Income information: a bank statement or a certificate from the applicant’s place of work indicating their position, length of service and salary.
- 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.
The procedure for opening a bank account
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.
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.
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.
Conditions for opening and using bank accounts in St Lucia
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.
Comparison of services offered at five major banks in St Lucia
| Bank | Online banking | Cost of service | Activating an account | Fees |
| 1st National Bank St. Lucia | Log In to your account on the bank’s website Mobile application: - for iOS - for Android | $5 per month for individuals $7.5 per month for legal entities | $100 | $5 ATM transactions up to $300 2% of ATM transaction amount exceeding $300 |
| Bank of Saint Lucia | Log In to your account on the bank’s website | $7.5 per month for individuals $2 per month for foreign currency accounts in US dollars €2 per month for foreign currency accounts in euros | Not specified | $25 per transfer to a client of another bank |
| Boslil Bank | Log In to your account on the bank’s website | €150 per annum for individuals $200 per annum for legal entities | €5,000 | Information available upon request |
| Hermes Bank | Log In to your account on the bank’s website | €15 per month | $1,000 | €10 per operation transfers between accounts at the bank 0.15% of the transfer amount international transfers €5 to €30 incoming transfers in euros |
| Republic Bank (EC) Limited | Personal account on the website | $5 per month for foreign currency accounts in US dollars | $100 for foreign currency accounts in US dollars | 2% of the transaction amount cash withdrawal from ATMs outside St Lucia $0.75 balance request at ATM 2% of the transaction amount for online purchases |
St Lucia citizenship gives you access to all local banking services
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.
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
| Option | Amount |
| Contribution to the National Economic Fund | $100,000 |
| Purchase government bonds | $250,000 |
| Buy real estate | $300,000 |
| Investment in business | $1,000,000 |
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.
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.
Frequently asked questions
You need to apply to the bank in person at a branch in St Lucia, through an authorised representative, by mail or online. Which documents are required to open a bank account?
The East Caribbean dollar is the main currency in St Lucia. An account can also be opened in US dollars, euros, pounds sterling and Canadian dollars.
No. The main banks in St Lucia allow you to open an account remotely. Applications for opening an account can also be submitted by the investor’s representative by proxy.
From $5 to $15 per month depending on the bank. As a rule, the cost of servicing corporate accounts of legal entities is higher than for servicing accounts belonging to individuals.
Individuals must provide a passport, documentary proof of the legal source of their income and registered address. Legal entities must submit the company’s articles of incorporation, registration certificate and information on its managers. A complete list of documents for opening a bank account in St Lucia.
