Top 5 banks in St Kitts and Nevis for investors

St Kitts-Nevis-Anguilla National Bank (SKNA), founded in 1971, is the oldest national bank. It has 6 branches and 18 SKNA ATMs, making it the largest bank in the country in terms of branches and ATMs.

At ATMs clients can deposit money, make a transfer, pay utility bills, top up their mobile phone accounts, and change their PIN code, as well as carry out other transactions.

Clients can carry out the following activities through online banking:

• receive statements;

• transfer money between their accounts and accounts of the bank’s other clients;

• make interbank and international transfers via the SWIFT system;

• pay bills;

• turn on and disable auto payments;

• activate and block debit cards.

The same services are available in the mobile application, except for receiving statements, SWIFT transfers, management of auto payments, and card activation or blocking. It also allows clients to set up transaction alerts.

The Bank of Nevis (BON) has been in operation for 37 years. It has 4 branches and 4 ATMs in the country. The Bank of Nevis bought out all the branches of the Canadian Royal Bank of Canada in St Kitts and Nevis in September 2021.

Clients can carry out the following operations online:

• transfer money between their accounts;

• pay bills;

• create regular auto payments and transfers;

• send transaction data to applications to account for income and expenses;

• change their PIN code;

• set up notifications;

• send international money transfers, which are processed by the bank within 24 hours for a fee of $40.95.

St Kitts-Nevis-Anguilla National Bank and the Bank of Nevis are members of the Caribbean Association of Banks, an association of the most reliable banks in the Caribbean countries.

St Kitts Co-operative Credit Union has been in business for over 30 years. The bank specializes in issuing loans and credit cards, but it also offers its clients current and savings accounts, and issues debit cards. When opening an account, the client needs to transfer EC$100 to activate the account.

The bank has only one branch. Most services are available through online banking, mobile applications, sending a request by e-mail or calling. Through online banking clients can transfer money between accounts, edit their profile, open new accounts and pay loans.

Nevis Cooperative Credit Union was founded 50 years ago. The bank serves only citizens and residents of St Kitts and Nevis: foreigners cannot open an account at this bank.

Clients need to transfer EC$700 into the account in order to activate a current account, which has a maintenance fee of EC$11.70 for individuals and EC$17.55 for legal entities.

Online banking and mobile applications are available. Clients can pay utility bills, transfer money between their accounts or to the bank’s other clients online.

The bank does not carry out either incoming or outgoing international money transfers.

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Hamilton Reserve Bank is a popular bank among foreigners. The bank can communicate with its clients in 8 languages and accounts can be opened in 10 currencies: US Dollar, euro, British pound sterling, Canadian dollar, Australian dollar, Singapore dollar, Hong Kong dollar, Swiss franc, UAE dirham and Japanese yen.

Incoming and outgoing SWIFT money transfers, including international transfers, are processed within a few hours, faster than at any other bank in St Kitts and Nevis.

Accounts can be opened remotely by filling out an online application on the bank’s official website and sending scans of the required documents. The documents must be notarized copies in English or translated into English and notarized. The bank does not require original documents to be sent by mail. The account opening procedure takes up to 10 days.

All banking services are available online. Internet banking is automatically connected upon activation of the account and is available round the clock.

Hamilton Reserve Bank is the only bank in St Kitts and Nevis that is licensed directly by the government to open escrow accounts and provide real estate escrow services for the citizenship by investment program.

An escrow account is used to secure transactions for purchasing real estate during the construction phase. After the developer and the buyer sign the sale-purchase agreement, the buyer deposits money into the escrow account. This money is transferred to the developer only after the fulfillment of the developer’s obligations under the contract, and until then it is kept in the bank’s escrow account.

St Kitts and Nevis citizenship may be obtained by investing at least $175,000 in real estate. The property can be sold after 5‑7 years of ownership.

St Kitts and Nevis citizenship by investment can be obtained not only by the investor but also by members of their family included in the application:

• spouse;

• parents over 55 years old;

• children under 25 years old;

• brothers and sisters under 25 years old.

St Kitts and Nevis citizens can travel without a visa to the UK, the Schengen countries, Singapore, Hong Kong, and numerous other countries throughout the world.

Foreign bank branches in St Kitts and Nevis

• FirstCaribbean International Bank (CIBC), registered in Barbados, has a branch in St Kitts and Nevis. The bank has branches in 16 Caribbean countries.

• Republic Bank is the holding bank of Republic Financial Holdings Limited (RFHL). The headquarters of the holding is located in Trinidad and Tobago. In 2019, Republic Bank bought all the branches of the Canadian Scotiabank in St Kitts and Nevis. There are 3 bank branches and 7 ATMs in St Kitts and Nevis.

Individuals must provide the following documents:

How to open a bank account in St Kitts and Nevis

• a passport and another identity document, i.e., any valid government document with a photograph;

• a document issued in the previous three months confirming the applicant’s registered residential address. This could be a utility bill, a letter from another bank or landlord, a postmarked envelope;

• a completed bank opening form, including information about the purpose and use of the account.

The bank may also additionally request the following information:

• certificate of employment on the letterhead of the company, which indicates the applicant’s position, date of employment and annual income;

• bank statement confirming the source of income;

• a letter of recommendation from another bank or from a highly qualified professional such as a lawyer or doctor.

Foreigners opening an account must provide the following additional information:

• certificate of citizenship;

• passport of their country of origin;

• information on the selected investment option when a foreigner applies to open a bank account in the process of obtaining St Kitts and Nevis citizenship by investment.

To open an account for a company, the beneficiary or their authorized representative must provide the following information:

Business and taxes in St Kitts and Nevis, as well as other Caribbean countries

• a passport and another identity document;

• recent utility bill to verify their registered residential address;

• certificate of registration of the company or its articles of association;

• bank statements, contracts or invoices to confirm the legality of the source of their income;

• a letter of recommendation from another bank, at which the applicant has been a client for more than a year;

• a letter of recommendation from a highly qualified specialist who has known the applicant for more than two years;

• decision of the board of directors to open an account and appoint a proxy;

• Proof of shareholder structure;

• Certificate of Good Standing or its equivalent.

If original documents are not sent to the bank, they must be translated into English and notarized.