Banks in the Caribbean

The Caribbean region covers 35 islands and continents. There are 11 countries in the eastern Caribbean Sea: Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, British Virgin Islands, Anguilla, Martinique and Guadeloupe.

In 1983, these countries united to form the Organization of Eastern Caribbean States (OECS). As in the Schengen area, there is freedom of movement and goods between the participating countries.

In 2001, the OECS created the Eastern Caribbean Currency Union. It is one of four currency unions in the world along with the European, West African and Central African ones.

By the end of 2021, 8 countries signed an agreement on participation in the Union: Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines.

Unionization gives an advantage to small Caribbean states with similar economies. There is a general system of mutual assistance and redistribution of resources. Such an approach helps the countries to survive economic crises with minimal losses. The countries of the Union act from a unified position at the international level.

The financial system of the Eastern Caribbean Currency Union consists of national and international banks, credit insurance companies and national development funds.

The Eastern Caribbean Central Bank regulates all financial activities in the territory of the Union, that is, it acts as a regulator for the countries of the Union. Its main goal is to ensure the stability of the common currency, the East Caribbean dollar.

The governing body of the Central Bank is the Board of Directors, which forms the Monetary Council. On the recommendations of the Monetary Council, the issue of the Eastern Caribbean dollar is carried out. The Eastern Caribbean Central Bank controls the maintenance and accumulation of international foreign exchange reserves.

Using a common currency is an economically viable strategy for small states. This allows the countries of the Union to achieve low inflation rates of about 2%. Close economic ties with the USA ensure the development of the financial sector of the member countries of the Union.

All commercial banks of the member countries of the Union are licensed by the Eastern Caribbean Central Bank. They provide monthly, quarterly and annual reports on their financial condition.

The Eastern Caribbean Central Bank annually awards the Union commercial banks which have shown the most stable financial performance.

Licensed Caribbean Banks list:

• National Commercial Bank of Anguilla Ltd, Anguilla

• Scotiabank Anguilla Ltd, Anguilla

• ABI Bank Ltd, Antigua and barbuda

• Antigua Commercial Bank, Antigua and barbuda

• Bank of Nova Scotia, Antigua and barbuda

• Caribbean Union Bank Ltd, Antigua and barbuda

• Eastern Caribbean Amalgamated Bank, Antigua and barbuda

• CIBC FirstCaribbean International Bank (Barbados) Ltd, Antigua and barbuda

• RBTT Bank Caribbean Ltd, Antigua and barbuda

• Royal Bank of Canada, Antigua and barbuda

• Bank of Nova Scotia, Dominica

• FirstCaribbean International Bank (Barbados) Ltd, Dominica

• National Commercial Bank of Dominica, Dominica

• Royal Bank of Canada, Dominica

• Bank of Nova Scotia, Grenada

• FirstCaribbean International Bank (Barbados) Ltd, Grenada

• Grenada Co-operative Bank Ltd, Grenada

• Republic Bank (Grenada) Limited, Grenada

• RBTT Bank of Grenada Ltd, Grenada

• Bank of Montserrat Ltd, Montserrat

• Royal Bank of Canada, Montserrat

• Bank of Nevis Ltd, Saint Kitts and Nevis

• Bank of Nova Scotia, Saint Kitts and Nevis

• FirstCaribbean International Bank (Barbados) Ltd, Saint Kitts and Nevis

• RBTT Bank (SKN) Ltd, Saint Kitts and Nevis

• RBTT Bank Caribbean Ltd, Saint Kitts and Nevis

• Royal Bank of Canada, Saint Kitts and Nevis

• St Kitts Nevis Anguilla National Bank, Saint Kitts and Nevis

• 1st National Bank Saint Lucia Limited, Saint Kitts and Nevis

• Bank of Nova Scotia, Saint Lucia

• Bank of St Lucia Ltd, Saint Lucia

• FirstCaribbean International Bank (Barbados) Ltd, Saint Lucia

• RBTT Bank Caribbean Ltd, Saint Lucia

• Royal Bank of Canada, Saint Lucia

• Bank of Nova Scotia, Saint Vincent and the Grenadines

• FirstCaribbean International Bank (Barbados) Ltd, Saint Vincent and the Grenadines

• Bank of St Vincent and the Grenadines Ltd, Saint Vincent and the Grenadines

• RBTT Bank Caribbean Ltd, Saint Vincent and the Grenadines

The World Bank and the Caribbean Development Ваnk do not provide services to individuals and legal entities. Their goal is economic support and the formation of a financial policy for the Caribbean region.

Since 1947, the World Bank has financed more than 12,000 development projects through interest-bearing and non-interest-bearing loans and grants.

To fight the pandemic in the Caribbean, the World Bank finances the purchase of testing and treatment supplies. It also provides technical support for organizing online training during the quarantine period. The unemployed get financial support from the bank.

Hurricanes, severe storms and volcanic eruptions regularly damage the economy of the islands. The eruption of the La Soufrière volcano in St. Vincent and the Grenadines in 2021 required a mass evacuation of the population. The World Bank finances disaster relief.

The goal of the Caribbean Development Bank is to reduce social inequalities and poverty rates in borrowing countries by 2025. The bank takes part in projects related to the development of agricultural enterprises, the improvement of education and the support of small and micro-businesses.

Current projects focus on disaster prevention and pandemic recovery. For example, the University of the West Indies received $6 million from the Caribbean Development Bank to introduce online education technologies. This will allow the university to attract more students and ensure the continuity of education regardless of the restrictions due to the pandemic.

Investors become clients of commercial banks in the Caribbean to keep savings in world currency, buy real estate and reduce losses on foreign exchange transactions.

Check license. When choosing a bank, we recommend that you clarify if there is the Eastern Caribbean Central Bank license.

Read customer reviews. The reputation of a bank can be checked by customer reviews. For example, clients of the Hamilton Reserve Bank in St. Kitts and Nevis respond positively to the quality of service and privacy. The bank is popular with investors who participate in the citizenship program.

Check membership in the Association. Membership in the Caribbean Association of Banks provides additional benefits. The organization was founded in 1974 by the heads of governments of the Caribbean countries. The main goal of the Association is to provide quality banking services in the region by local banks.

The Association lobbies the interests of member banks in making changes to the laws on the financial activities in the region. Members of the Association exchange information on new banking technologies.

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Citizens, residents and foreigners can use the services of Caribbean banks. Opening an account by a non-resident will take longer. In addition, not all banks work with foreigners.

Online submission of documents is available for everyone. But a foreigner needs to provide more documents to get an application approval. For example, to open a bank account in Antigua and Barbuda, you need to attach two letters of recommendation from another bank or from a highly qualified specialist such as a lawyer or a doctor.

By default, a current account is opened in the main currency of the Caribbean region — the Eastern Caribbean dollar, EC$. Currency accounts are available in US dollars, euros, British pounds sterling, Canadian dollars, Australian dollars, Singapore dollars, Hong Kong dollars, Swiss francs, UAE dirhams and Japanese yen.

The national currency is pegged to the US dollar. 1 Eastern Caribbean dollar is always equal to 37 US cents.

All banks in Antigua and Barbuda provide services to foreigners, but require additional documents, e.g. letters of recommendation from other banks.

Banks in Antigua and Barbuda which are members of the Caribbean Association of Banks

1. Antigua Commercial Bank

2. Caribbean Union Bank Ltd.

3. Eastern Caribbean Amalgamated Bank Ltd.

4. Global Bank of Commerce Ltd.

Learn which documents individuals and legal entities provide and how much the banking services cost from our article on "How to open a bank account in Antigua and Barbuda".

There are 18 banks in the country, two of which are members of the Association. Canadian and American banks also opened branches in the country: these are the Bank of Nova Scotia and the Sterling International Bank and Trust Corporation. Both international offices are licensed by the Eastern Caribbean Central Bank. We talk about the country’s banks in the article "3 of the best banks in Grenada for investors".

Banks in Grenada which are members of the Caribbean Association of Banks

1. Grenada Co-operative Bank Ltd.

2. Republic Bank (Grenada) Ltd.

Banking services in Grenada are available to clients from other countries. If you send documents by mail, they must be translated into English, apostilled and notarized. We talk about the list of documents and tariffs for services in the article "How to open a bank account in Grenada".

The Hamelton Reserve Bank is popular among investors. It is not a member of the Association but has established itself as a reliable partner in the implementation of the Caribbean citizenship by investment program. We talk about other banks in the article "5 best banks in St Kitts and Nevis for investors".

Banks in St Kitts and Nevis which are members of the Caribbean Association of Banks

1. St. Kitts-Nevis-Anguilla National Bank Ltd.

2. The Bank of Nevis Ltd.

3. Caribbean Credit Card Corporation Ltd.

All banks on the islands provide online banking services free of charge. The cost of other account transactions in all banks of St Kitts and Nevis can be found in our article "How to open a bank account in St Kitts and Nevis".

Saint Lucia is a record-breaking country in terms of the number of banks that are members of the Association. We tell more about each bank in the article "10 best banks in Saint Lucia for investors".

A popular service of Saint Lucia banks is the maintenance of salary projects for legal entities. This service is also available to foreign companies.

Banks in St Lucia which are members of the Caribbean Association of Banks

1. 1st National Bank St. Lucia Ltd.

2. Berkeley Bank & Trust Ltd.

3. Capita Financial Services Inc.

4. East Caribbean Financial Holding Company Ltd. / Bank of Saint Lucia

5. Euro Exim Bank Ltd.

6. Financial Investment and Consultancy Services Ltd.

7. Hermes Bank Ltd.

8. Proven Investments Limited

9. Republic Bank (E.C.) Limited

10. Sagicor Finance Inc.

To open a bank account in Saint Lucia, an applicant passes Customer Due Diligence. The applicant confirms the legality of income, the absence of a criminal record and debts to other banks. Learn more about fees and documents in the article "How to open a bank account in Saint Lucia".

Four out of ten banks in Dominica are members of the Association, but not all of them work with foreigners. For example, The Dominica Agricultural Industrial & Development (AID) Bank Ltd. provides services only to citizens and residents.

Banks in Dominica which are members of the Caribbean Association of Banks

1. National Bank of Dominica Ltd.

2. Dominica Agricultural Industrial & Development (AID) Bank Ltd.

3. Commonwealth Bank and Trust Ltd.

4. Paxum Bank Limited

All of the listed banks have mobile apps. If a citizen of another state wants to become a bank client, a letter is required stating the reason for opening an account in Dominica. All the nuances can be found in the article "How to open a bank account in Dominica".

Five licensed banks operate in the country. All organizations are under the control of the Central Bank of Vanuatu.

The national currency is Vatu, VUV. Current accounts are opened in vatu. Currency accounts are available in euros, US dollars and Australian dollars.

Licensed banks in Vanuatu

1. National Bank of Vanuatu

2. Wanfuteng Bank Limited

3. Bred Bank Vanuatu

4. BSP Financial Group Limited Vanuatu

5. ANZ bank Vanuatu

Documents required to use the bank services and rates applied in each of the five banks can be found in the article "How to open a bank account in Vanuatu".

An investor can enjoy all the benefits of top banking in the Caribbean if they get a second passport by investment. As a citizen, the investor will be able to open an account faster and get access to a full range of services. In addition, a Caribbean passport gives the freedom to travel within the Schengen area, UK and with the possibility of obtaining a B‑1/B‑2 visa in the USA for 5 or 10 years.

The Caribbean investment programs are distinguished by the low cost of participation and loyalty to applicants. They are chosen by cosmopolitans for whom it is important to get a second passport in 6—8 months.

Vanuatu has a similar citizenship by investment program. It is the fastest in the world as a second passport can be obtained within one to four months.

Programs in the Caribbean and Vanuatu offer non-refundable investment options, such as a contribution to the state fund, as well as returnable investments in real estate. Immigrant Invest specialists help to choose a property depending on the investor’s goals.