10 best banks of Saint Lucia

All banks in Saint Lucia are regulated by the Financial Sector Control Unit of the Government of Saint Lucia (FSSU) and controlled by the Eastern Caribbean Central Bank. It sets the financial policy in the region, keeps the general foreign exchange reserve of the participating countries and issues new banknotes and coins.

Bank accounts in Saint Lucia can be opened not only in East Caribbean dollars, but also in 15 other currencies: in US dollars, euros, pounds sterling, Canadian dollars, Chinese yuan and others.

Online banking is free and works in all major banks in the country. Online, you can monitor your account balance and history of transactions, receive account statements, transfer money and pay bills. Some banks not only have a web service, but also mobile applications for iOS and Android.

Banks of Saint Lucia which are members of the Association of Caribbean Banks

• 1st National Bank St. Lucia

• Hermes Bank Bank of Saint Lucia

• Republic Bank (E.C.)

• Berkeley Bank & Trust,

• a branch of the English bank Capita Financial Services

• Euro Exim Bank

• Financial Investment and Consultancy Services

• Proven Investments Limited

• Sagicor Finance Inc.

The largest commercial bank is theBank of St Lucia. It has been operating since 2001, formed as a result of the merger of two other banks with a twenty-year history.

The bank has branches in Castries, the capital of Saint Lucia, in the regions of Gros Islet and Vieux Fort, in the city of Soufriere. The Bank of Saint Lucia also has the largest ATM network on the island.

The bank provides services to both individuals and legal entities, is engaged in private capital management and insurance. Servicing foreign currency accounts in dollars and euros in the Bank of St Lucia is cheaper than in other banks — $2 or €2 per month, respectively.

In 2020, Bank of Saint Lucia received the ECCU Bank of the Year Awards. It was recognized as the best bank in the Caribbean region in two categories: “technological innovation” and “financial literacy and empowerment of the population.”

The oldest national bank was formed in 1938 under the name St Lucia Cooperative Bank, and in 2005 it was renamed 1st National Bank of St. Lucia. It was twice named Bank of the Year by the Financial Times.

There are seven branches of the bank in Saint Lucia, four of which are located in Castries. There is a currency exchange department at the country’s airport.

Popular among investors is Hermes Bank. It is focused on serving foreigners: there is only one bank branch in Saint Lucia.

Both individuals and legal entities can open an account with Hermes Bank. This can be a personal or current account, a deposit and a term deposit. At the same time, the bank does not issue any debit or credit cards and it does not have ATMs. Account management is completely done through online banking.

To open a bank account in Saint Lucia, individuals provide documentary proof of identity with residence and income information. Additionally, they may require a letter of recommendation from a lawyer or another bank, as well as information about the taxes paid.

To open a current account for a company, you need to confirm the fact of its existence, the composition of directors and shareholders, and disclose information about the beneficiaries. You will also need a power of attorney to the account manager stating that he has the authority to open and manage accounts on behalf of the company.

Not only citizens and residents of Saint Lucia can open bank accounts in Saint Lucia, but limited banking functionality will be available to foreign clients. To access all the services of banks in Saint Lucia, you need to obtain the citizenship of the country.

How to obtain the citizenship of Saint Lucia by investment

To become a citizen of Saint Lucia, you do not need to move to the country: you can obtain a passport completely remote within a period of 3 to 6 months. This will require investing in the country’s economy: from $100,000 in a government fund, from $200,000 in real estate or from $300,000 in government bonds. Investments in real estate and securities are returnable: money can be returned after 5 years.

Family members can obtain citizenship together with the investor:

• spouse;

• children under 30;

• parents over 55;

• brothers and sisters under the age of 18.

The Saint Lucia passport is a lifetime alternative to the Schengen visa and the UK visa. Citizens of Saint Lucia spend up to 90 days every six months in the Schengen countries, and up to 180 days in a row in the UK. They also visit popular business destinations — Singapore and Hong Kong without visas.