Foreigners are welcome to open a bank account in Curacao for individuals or legal entities. Those interested in this banking formality must know that they are not required to be residents. For business purposes, investors can set up onshore and offshore businesses, therefore they can also open an offshore bank account in Curacao, necessary when carrying out an offshore activity.
Considering that there are many banks in Curacao, and individuals and companies alike are free to choose to collaborate with the bank or their choice, we invite clients to address our team, because each bank may have different setup requirements.
| Quick Facts | |
|---|---|
| Who can open an account? | Natural persons and legal entities can open a bank account in Curacao. |
Residency requirements | There aren’t any residency requirements imposed by local banks. |
Main categories of bank accounts | Onshore and offshore accounts |
| What categories of foreigners can open a bank account in Curacao? | Foreigners who are non-residents, those who have obtained temporary or permanent residency, and those who live outside Curacao and prefer to open a bank account here. |
| Currency options | National currency (Netherlands Antillean Guilder – ANG) and reputable foreign currencies (American Dollar, Euro) |
| How many banks are in Curacao? | 49 |
| Is it possible to open a remote bank account? (yes/no) | Yes |
| Basic requirements for opening the account as an individual | – identification documents, – proof of address (in Curacao or country of residence), – proof of funds (bank statement from the overseas bank), – the minimum deposit (it depends on the type of account selected) |
| Basic requirements for opening the account as a company | – the identification documents of the company’s owner, – the bylaws, – shareholders register, – KYC/AML compliance, – proof of funds, – minimum deposit, – bank reference letters |
| What types of companies can open a bank account in Curacao? | – Curacao based companies, – offshore companies, – foreign companies, – high-risk companies |
| What type of bank account can high risk companies set up? | Offshore bank accounts |
| What is a high risk business activity? | A high risk company refers to a legal entity whose business activities can deal with financial instability and regulatory issues. It is also associated with businesses where fraud and market volatily can appear. |
| What types of activities can be considered high risk? | – online gaming and gambling, – adult industry, – crypto, – VOIP providers, – telemarketing sales, etc. |
| Minimum deposit | It depends on the bank and the bank account type (certain accounts can be set up without a minimum deposit obligation). Minimum requirements can start from ANG 100 to ANG 5,000. |
| Minimum age | Minimum 18 years old (to be the holder of the account). However, it is possible to set up savings accounts for minors, as long as a parent or a legal guardian acts as the account holder. |
Table of Contents
Opening a Curacao bank account as a foreign individual
In Curacao, all foreigners canset up a bank account for personal use, provided that they respect all the basic criteria imposed by the bank. It is possible to open a Curacao bank account as a foreigner in the following situations:
- the person is a non-resident;
- he or she is a temporary or permanent resident;
- the person lives outside Curacao and seeks to open an overseas bank account.
Foreigners have the possibility of opening the Curacao bank account in the country’s national currency (Netherlands Antillean Guilder – ANG), but the account can also be set up in foreign currencies. Please know that if you open an offshore bank account in Curacao, restrictions may apply to certain individuals.
The Curacao bank account for businesses
Foreign investors can open an offshore account in this country, as the jurisdiction is one of the top locations for offshore company formation. There aren’t many requirements imposed to foreign investors who want to start an offshore operation and a variety of foreign businesses are accepted for this procedure.
Below, our specialistpresents some of the businesses that can easily open an offshore account here:
- offshore companies;
- offshore entities offering wealth management services;
- foreign companies;
- high-risk businesses.
High-risk businesses are usually not accepted for onshore banking procedures as such banks consider that their activity is too risky to be backed up by the bank without any potential risk for the latter. However, for offshore banks different procedures apply and this is why it is simpler to set up an offshore activity as a high-risk company in an offshore jurisdiction.
However, all companies incorporated here must abide by the set of laws established in this country, including anti-money laundering rules. According to the Ministry of Finance, Curacao has been actively involved in improving its legislation, following the recommendation of reputable international bodies, such as the World Bank, so that the country can increase its level of financial safety and stability.
Details on the banking industry in Curacao
Persons who want to set up an offshore bank account in Curacao may be interested in knowing some highlights of the banking industry, that can offer a clear image on its current development. Thus, in the list below, we have prepared a short presentation concerning this matter:
- there are 49 banking institutions operating in Curacao;
- out of these, 3 are subsidiaries of foreign banks and 2 operate as branch offices;
- it is 100% possible toopen a remote bank account (compared to many other offshore jurisdictions, most of the Curacao banks have already implemented this system);
- for the opening of the Curacao bank account, clients, both individual and corporate, must present bank statements issued with maximum 3 months prior to the date of the submission of documents.
We invite you to address our team for assistance on the documentation required for each type of client. Our specialists can assist in the process of preparing the documentation, but also in submitting it with the local banking authorities. We also provide other related services, such as full assistancein setting up an offshore merchant account.