Banks in the Caribbean
It’s important to choose a reliable bank to buy property, make a contribution to a fund or open a business account in the Caribbean. But it is difficult to assess the banking system in isolation from the investment climate in the region.
In the article, we will talk about the top banks in the eastern part of the Caribbean coast and financial institutions that regulate and support the economy of the region.
Author •Lyle Julien
Helps to choose a bank depending on the investor’s tasks
Banks in the Caribbean
Caribbean banking system
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.
Marked in red — countries that enjoy full membership. Marked in blue — associate members but are treated as full members for many of the Organization’s activities
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.
EC$
The Eastern Caribbean dollar symbol
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.
Basseterre is the capital of St Kitts and Nevis. The Eastern Caribbean Central Bank headquarters is located in the city
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.
US$2.6 billion
The World Bank financial support for Caribbean countries in 2021
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.
How to choose a top bank for opening an account in the Caribbean
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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How to open a bank account in the Caribbean
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.
Account opening period and service cost for individuals in US dollars
Account opening period and service cost for legal entities in US dollars
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.
Caribbean banks list in Antigua and Barbuda: how to open an account
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
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”.
Caribbean banks list in Grenada: how to open an account
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
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”.
Caribbean banks list in St Kitts and Nevis: how to open an account
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
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”.
Caribbean banks list in Saint Lucia: how to open an account
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
Berkeley Bank & Trust Ltd.
East Caribbean Financial Holding Company Ltd. / Bank of Saint Lucia
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”.
Caribbean banks list in Dominica: how to open an account
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
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”.
Banks list in Vanuatu: how to open an account
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
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”.
The Reserve Bank of Vanuatu is the country’s central bank
Citizenship by investment in the Caribbean and Oceania
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 4‑6 months.
Vanuatu has a similar citizenship by investment program. It is the fastest in the world as a second passport can be obtained within two to three 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.
Immigrant Invest is a licensed agent for citizenship and residence by investment programs in the EU, the Caribbean, Asia, and the Middle East. Take advantage of our global 15-year expertise — schedule a meeting with our investment programs experts.
Practical Guide
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