It is allowed to open a bank account in St. Lucia as a foreigner (we offer assistance on this procedure), a right granted to both individuals and corporate structures. More so, it is possible to open the account as a non-resident. St. Lucia is a small country located in the Caribbean, which offers top quality banking solutions to foreigners, and this is why many opt to open offshore bank accounts here.
Our consultants offer personalized services to foreign clients who are natural persons or legal entities. We can represent those who are overseas, as well as clients who want to relocate here for personal, business or other reasons, therefore we strongly recommend you to address us for advice.
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The main services we offer
Opening an offshore bank accountimplies respecting specific steps and even if the setup of the account is rather simple, the omission of one procedure may lead to a halt of the registration procedure.
This risk highly increases when the bank clients are foreigners who are not familiarized with the local requirements, therefore addressing a team of specialists is always recommended when concluding any legal procedure overseas. In St. Lucia, our team can provide personalized services, some of which are:
- advising clients in selecting a certain bank – we can recommend a specific financial institution based on the nature of the client, the type of account the person wants to set up, the capital the person disposes of, the fee system applied by the bank, etc.;
- preparing the application file – all banks require a set of documents when setting up an offshore bank account (in the following sections we invite you to discover the basic paperwork);
- submitting the application file – whether you opt to open an overseas bank account or you prefer the in-person formality, we can submit the file containing the necessary documentation;
- due diligence – we can advise on the main anti-money laundering formalities that banks apply for all new customers and we can help you acquire any financial document required in this sense;
- making the deposit – once the basic registration formalities are checked by the bank, the client needs to deposit the minimum amount of money (this varies based on the type of account) and our team can assist you in completing the transfer;
- account activation – our team can help you navigate the services the bank offers and can provide ongoing assistance when required, on matters concerning online banking, mobile banking apps and any other financial services your account grants access to.
Provided that you need to open an offshore merchant account, we can offer similar services and ongoing assistance, and we can represent our clients in connection with the merchant account services provider. Similarly, we can assist those who plan to relocate in St. Lucia on a long-term basis. In this case, they will need an onshore bank account, which is set up following the same principles presented above.
Why open an offshore account in St. Lucia?
Clients who are interested in onshore and offshore banking services in St. Lucia can benefit from a variety of advantages, some of which are presented in the list below:
- internet banking services;
- easy bank account setup;
- the client can open an overseas bank account in St. Lucia, as the banks do not impose a mandatory physical presence during the procedure;
- banks apply confidentiality policies for their clients, etc.
Documentation
Although the process of opening the account is not time-consuming, local banks require their future clients to present various documents for the setup of the account. Here, there are 2 categories of documents, based on the nature of the client (individuals or legal entities). For natural persons, banks will generally need the following papers:
- a passport or other accepted identification document;
- a reference letter, bank statement or account statement issued by another financial institution where the client has a different account (the document must have been issued in the last 3 months prior to the request to open the account in St. Lucia);
- documents attesting the person’s residential address;
- proof of funds (this can be done by presenting employment documents or other papers that can attest the source of funds).
Corporate clients wishing to set up an offshore bank account must prepare the following papers:
- the company’s registration certificate;
- its statutory documents;
- the shareholder register;
- the resolution for the issuance of shares;
- personal details of the shareholders and directors;
- the Certificate of Good Standing.
Provided that the company is represented by a third party, such as our consultants, it is required to add to the file the power of attorney. Please know that our team can represent foreign investors in the process of offshore company formation as well, which can entail the submission of documents, registering for taxes, finding a suitable office, etc.
A short presentation of the banking industry in St. Lucia
The banking industry in St. Lucia is diverse, as there are many banking institutions operating here. Banks provide many services and allow their clients to open accounts in various international currencies. In the list below, our team invites you to discover some of the highlights of this sector:
- there are 34 banking institutions operating in St. Lucia;
- 10 of these banks are members of the Association of Caribbean Banks;
- foreigners can open an offshore bank account in 15 different international currencies;
- outside of these 15 currencies, foreigners can also open the account in the country’s national currency, the Eastern Caribbean Dollar (XCD), which, according to the Eastern Caribbean Central Bank, has been pegged at a rate of US$1 to XCD2.7 since 1976.
Please mind that if you arrive from regions such as the European Union (EU), the United States of America (USA), Canada, Australia, you are not required to comply with visa requirements, but it is necessary to travel under a valid passport and to have a return ticket, provided that you arrive here for a short-term stay.
Can clients change their banking institution?
Yes, those who have decided to open an offshore accountat a commercial bank in St. Lucia have the possibility of changing the respective banking institution provided that they no longer agree with the terms and conditions imposed by the bank (they can usually change on matters such as the fee system charged to clients).
In such cases, clients can opt for a different banking institution operating in St. Lucia. For this, it is first necessary to close the account.
How to close a bank account in St. Lucia
Clients have the right to close their accounts set up at commercial banks, regardless of the reason for which they ask the initiation of this procedure. They can opt for a different bank, as mentioned above, or they can close the account because they no longer have funds or want to relocate their funds to a different country.
In the case of corporate clients, the decision can be taken when they close the business form they have set up in St. Lucia. Regardless of the reason for which this decision is taken, all clients, individuals and corporate entities alike, need to abide by the same formalities.
First of all, the holder of an offshore bank accountneeds to address the banking institution where the account is registered, and inform the bank’s representatives on the decision to close the account. The next step is to clear the account and complete any due transactions. The clearance of an account can be made in 2 ways:
- withdrawing the funds;
- transferring the funds to another bank account.
In some cases, bank fees are charged and clients need to pay them, after which they can sign specific documentation required by the bank (usually, banks will ask clients to sign a closure form).
Are fees charged for closing a bank account in St. Lucia?
Clients whoopen a bank account in St. Lucia are not charged with a fee for the setup of the account (however, they need to make initial deposits, in accordance with the type of account). When closing the account, it is possible to pay fees for the procedure, but this rule varies from one bank to another.
Also, the moment when the account is closed is very important, because those who have recently set up an offshore bank accountare usually charged with fees for early closure of the account, unlike long-term clients making the same decision.
We recommend you address of team, who can present the full list of fees and conditions that can appear when closing a bank account in St. Lucia. For instance, banks may charge fees if a client decides to close the account within the first 90 days since the account was set up, or in the first 6 months, this is why it is important to be aware of all these rules when opening an offshore bank account.
We invite you to contact us for more details and other services, such as getting in touch with a reliable offshore merchant account provider, in case you want to open an e-commerce business.