Banks in Grenada: how to choose and open a bank account

Grenada is a member of the Organisation of Eastern Caribbean States. In 2001 OECS created Eastern Caribbean Currency Union. Its financial system consists of national and international banks.

Best Caribbean banks

The Eastern Caribbean Central Bank regulates all financial activities of the Union. Its main goal is to ensure the stability of the common currency — the East Caribbean dollar.

Banks operated in Grenada

• ACB Grenada bank

• BancorpSouth bank

• Bank of Asia

• CIBC Bank

• Development bank

• Fincor bank

• FirstCaribbean International bank

• Grenada Co-operative bank

• RBC bank

• Regions Bank

• Renasant Bank

• Republik Bank (Grenada)

• Woodforest bank

In 2021, Scotiabank operations were merged with the Group’s existing subsidiary in Grenada, Republic Bank (Grenada) Limited.

Banks in Grenada are also available for individuals and companies from other countries. But usually, opening a bank account for non-residents takes more time.

Grenada citizenship by investment program offers an opportunity to get a second passport and use all the benefits, including visa-free travelling, tax optimisation and banking service.

Account types. Individuals have access to settlement, savings and currency accounts, as well as term deposits. Legal entities open settlement accounts, including currency ones. Foreign currency accounts are opened in US dollars, euros, British sterling pounds and Canadian dollars.

Online banking. Through mobile or online banking, you can get an account statement, transfer money between your accounts and pay utility bills. It is also possible to request an international transfer: the bank operator will process the request within a business day.

You can manage your operations online at any time, regardless of bank opening hours and time zone differences.

The Caribbean Association of Banks, an association of the most reliable financial institutions, includes three banks in Grenada:

1. Republic Bank (Grenada).

2. Grenada Co-operative Bank.

3. ACB Grenada Bank.

Grenada also has two branches of a large bank in Barbados, the First Caribbean International Bank. Bank branches are open in 16 Caribbean countries.

Individuals are required to present three main documents to open an account in bank in Grenada:

How to open a bank account in Grenada

1. A passport or other identification document with a photo such as a driver’s licence, resident card, NIS — a Grenadian social security card, birth certificate or ID card. In some cases, two such documents are required.

2. A utility bill to prove residency. Instead of an invoice, you can provide an envelope from a letter sent to the applicant’s name, an account statement from another bank or a credit card.

3. An income statement. For those who work for hire, this is an employment contract or a certificate of employment indicating the position and salary. An account statement for the last year or a declaration of income is suitable for entrepreneurs and the self-employed.

In addition, bank employees may request a recommendation letter from another bank, which indicates when the applicant opened an account with this bank. TIN, a taxpayer identification number, is usually required from non-resident applicants.

Legal entities provide documents confirming the company’s existence and the composition of directors and shareholders. Among them:

• a certificate of company registration;

• a company charter or memorandum of association;

• a Certificate of Good Standing or equivalent;

• a certificate of appointment of directors and executive secretary;

• a certificate of the composition of shareholders;

• a register and resolution on the issue of shares;

• a power of attorney for the account manager that he has the authority to open accounts and manage them on behalf of the company.

In addition to documents for the company, you will need to provide information about all its beneficiaries. For each, you need to collect a set of documents for individuals: for example, a passport, a utility bill and a certificate of income. If the beneficiary is not a shareholder, you must provide a declaration of trust from the shareholder in his favour.

If the documents are sent to the bank by mail, they must be translated into English, apostilled and certified by a notary.

Most banks in Grenada require more documents from foreigners than from citizens and residents of the country. For example, it may be necessary not only to confirm the amount of income but also to disclose all sources of income. To make it easier to use the services of banks in Grenada, you can become a citizen of this country.

Grenada citizenship can be obtained quickly, up to six months. To do this, you need to invest in the country’s economy. Investors have two options:

• $150,000+ — non-refundable contribution to a state fund;

• $220,000+ — purchase of real estate.

The first is irrevocable, the second investment can be returned after 5 years.

In addition to the investor, a spouse, children under 30, brothers and sisters from 18 years old, parents, grandparents receive a Grenada passport. When family members are included in the application, the costs of the citizenship program increase.

Citizens of Grenada travel without visas to the Schengen countries, Great Britain, China, Singapore and other countries, in total 146 each. You can not enter the USA without a visa, but you can get a tourist visa immediately for 10 years or an E‑2 business visa for 5 years.

Investors can choose any organisation from the Grenada banks list and open a bank account in a short time and without additional document requirements.

If you spend more than 183 days a year in the country, you can optimise the taxes of individuals. Grenadians are not taxed on worldwide income, salaries, capital gains, inheritance and gifts.