Open Bank Account in Antigua and Barbuda

Foreigners are welcome to open a bank account in Antigua and Barbuda and this procedure can even be completed online, provided that clients meet specific demands. Both individuals and corporate clients can open an account in this jurisdiction (we provide full assistance), which is part of the Commonwealth.

Currency account options

Local and foreign clients can open a variety of accounts, such as current or savings accounts. The customers of Antigua and Barbuda banks can open an offshore bank accountin various currencies, some of which are:

1. dollars;
2. euros;
3. British pounds;
4. Canadian dollars.

The requirements to open the account are similar to those of other jurisdictions, therefore one shouldn’t expect to abide by very complicated, specific procedures. However, foreigners who are not residents of Antigua and Barbuda can be required to present more documents compared to those requested to locals. Our consultants can help you open an offshore bank account.

What are the main steps required to open a bank account in Antigua and Barbuda?

First of all, clients should decide on the type of the account they need and the bank that best represents their interests. After these 2 steps have been completed, it is necessary to gather the documentation the bank requires for the setup of the account and to start the application process.

Depending on the location of the client, he/she can apply in person or online (the latter is possible at banks which allow clients to open an overseas bank account via online platforms). Once the documentation has been submitted, the bank representatives will analyze the application and if it meets the minimum requirements, the account will be set up.

In certain cases, during the processing of the application, banks may request additional paperwork. After the account is officially set up, account holders can make an initial deposit and they can also start using the account for its intended purpose.

Documents to present as a non-resident of Antigua and Barbuda

Although each bankcan establish its own policies concerning the documentation that must be presented by possible clients, most bankswill ask for the same basic papers, in accordance with the stipulations of the local legislation (established by the Eastern Caribbean Central Bank).

Small differences can appear based on the legal personality of the applicant (individual/company) and his/its residency (permanent residents and citizens/foreigners who are not residents). In the case of non-residents who want to open an offshore account, some of the documents a local bank can ask for are the following:

1. 2 photos;
2. 2 reference letters issued from 2 different banks (provided that the foreigner only works with 1 bank, then he or she can attach only one reference letter along with a letter signed by a lawyer);
3. documentation concerning the employment status of the applicant;
4. the person’s tax identification number (a requirement applicable to individuals who are nationals of the EU, USA and Canada);
5. a declaration which attests the source of funds, etc.

For corporate clients, regardless if they opted for onshore or offshore company formation, different documents must be prepared, among which we mention the following:

1. the company’s certificate of registration;
2. its bylaws;
3. the certificate of good standing;
4. personal information of the company’s shareholders, directors, beneficial owners, etc.

As mentioned earlier, foreigners can open an overseas bank account, but this can vary from one bank to another and for this, it is necessary to get in touch with the bank of choice, to find out if it offers this service (we can verify on your behalf).

Services provided to account holders

The holders of anoffshore bank accountcan obtain banking services useful for their day-to-day activities, in accordance with the type of account they have set up. In the list below, we present some of the services one can receive when opening a bank account in Antigua and Barbuda:

1. internet banking (most of offshore bank account holders live overseas and they need reliable internet banking apps so that they can access their remote account);
2. accounts set up in multiple currencies;
3. cheque books;
4. credit and debit cards;
5. customer support, available for 24 hours a day, 7 days a week.

Confidentiality policies in Antigua and Barbuda

Antigua and Barbuda applies strong confidentiality rules for those whoset up an offshore bank account. This means that the banks are not allowed to disclose information on account holders to any unauthorized third party. According to the local legislation, banks do not have the right to disclose certain clients data with their consent.

In general, client confidentiality in Antigua and Barbuda means that private entities and the general public can’t find out important details about bank account holders. This also applies to those who opt for offshore company formation in Antigua and Barbuda through an international business company (IBC), which is set up for offshore purposes.

However, it must be noted that clients are legally required to provide all the data requested by banks when they open the bank account, as all banks have to abide by strict Know Your Customer policies.

Fees charged by local banks

All banks charge various maintenance fees, for both personal and corporate accounts. The fees vary based on the bank selected and the type of account, but also on the services/benefits the clients obtain following the setting up of the respective account. In the list below, you can discover some of these fees:

• for individuals, banks can charge fees of $7 to $10 per month;
• corporate accounts can be charged with $10 or $20 per month;
• debit cards issued by banks are usually free of charge, but one of the local banks will charge $40 for its issuance;
• credit cards can cost $50 to $125.

Local banks also offer the possibility of opening a trading account, which is necessary for corporate transactions. This type of account is made specifically for credit card transactions and other electronic means of payment. For e-commerce businesses, a similar account is the offshore merchant account, designed for accepting credit card payments from all types of cards issued at a global level.

If you are interested in setting up this type of account or you need more information on how to set up an offshore bank account, do not hesitate to contact our team.