Open a Bank Account in St. Kitts & Nevis

As a foreigner, you can open a bank account in St. Kitts & Nevis. The financial system in St. Kitts & Nevis is trustworthy and clients can enjoy secure transactions, as well as confidentiality and privacy policies concerning their accounts.

St. Kitts & Nevis is a federation which has gained its independence in 1983 and although it is a small state, it has become increasingly popular as a destination for offshore company formation. This is due to the favorable tax rules available here (such as the tax exemption on income obtained from foreign sources).

Our consultantscan help investors incorporate a business here and can also assist in the formalities required for the setup of an offshore bank account.

What are the options for opening an offshore account in St. Kitts & Nevis?

There are 2 primary ways through which a foreigner can open an offshore account, which are:

1. open an offshore bank accountfor personal purposes (set up by an individual);
2. open an account for corporate purposes, which is necessary when registering a business here.

A major advantage of opting for St. Kitts & Nevis when opening a bank account is given by the fact that the law does not impose clients to arrive in person at the bank. Banks here provide the possibility of opening the account online, which also implies that the client can open an overseas bank accountfrom his or her country of residence.

Types of accounts

There are many types of accounts clients can choose from. In the list below, our consultantspresent some of the types of bank accounts available for local and foreign clients:

1. current account;
2. savings account;
3. escrow account (necessary when buying property);
4. foreign currency account;
5. offshore merchant account (this is necessary for investors who plan to open an e-commerce business).

Currency options

Clients who will set up an offshore bank accountcan opt for various currencies when they open the account. In general, banks provide the possibility to open the account in currencies that are well-known and that are valuable and stable on international markets. Some of the main currencies are:

1. CAD – Canadian dollar;
2. GBP – British pound;
3. USD – American dollar;
4. CHF – Swiss franc;
5. EUR – Euro;
6. SGD – Singapore dollar.

Important aspects of the banking industry in St. Kitts & Nevis

Individuals relocating to St. Kitts & Nevis or those who arrive here for business purposes should know some of the characteristics of the local banking industry, provided that they want to open a bank account. Firstly, the banking sector is supervised by the Eastern Caribbean Central Bank (ECCB).

There are several commercial banks operating here, therefore international clients have many options when opening an offshore account. In the list below, our team presents some key elements foreigners should be aware of:

• there are approximately 15 banks;
• according to the Government of St. Kitts & Nevis, local banks are open from Monday to Friday (Monday to Thursday from 8 AM to 2 PM and Friday, from 8 AM to 4 PM);
• all banks provide ATM services, which are available 24 hours a day;
• the deposits required by the banks vary greatly from one bank to another and from one account to another (the deposit ranges from $0 to $100,000);
• banks also apply monthly fees (these can vary from $0 to approximately $60).

We invite you to address our consultants for in-depth assistance on the set up of a bank account. We can present the types of documents you must provide in order to open the account (there are different requirements depending on the nature of the client – individual or legal entity). Our team can fully represent you in this process, therefore do not hesitate to contact us.