Banking in Saint Kitts and Nevis
Located in the Leeward Islands region of the Eastern Caribbean, the Federation of St. Kitts and Nevis achieved its independence in 1983. Today, the country is a member of Eastern Caribbean Currency Union (ECCU) comprised of 8 territories including Saint Kitts and Nevis. The central bank of ECCU is Eastern Caribbean Central Bank (ECCB) responsible for regulating the banking industry of the group in collaboration with each participating member. St. Kitts and Nevis has its own supervision framework for anti-money laundering, and is a member of the Caribbean Financial Action Task Force (CFATF).
All Banks and financial institutions operating in St. Kitts and Nevis are required to be licensed by the ECCB. Financial sector of the country is small and well dominated by banks comprised of 2 local banks i.e. Bank of Nevis Ltd, St Kitts-Nevis-Anguilla National Bank Ltd, 4 branches and subsidiaries of foreign banks, namely Bank of Nova Scotia, CIBC FirstCaribbean International Bank (Barbados) Ltd, Royal Bank of Canada and RBTT Bank (SKN) Ltd.
A foreign company incorporated in St. Kitts and Nevis is not required to open a bank account there. In addition, there is no direct legislation controlling transferring funds into and outside of the country. Foreign companies can freely repatriate dividends and profits to the extent of its foreign business.
Wonder which can be the best bank for your Saint Kitts and Nevis company? Let's find out with our Banking Tool.
Banking Options for St. Kitts and Nevis Company
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**Initial deposit is often blocked in offshore bank account; if so, this amount is often small.
However, banks in Hong Kong and Singapore do not freeze this amount, so you can use it freely. But you will be charged additional fee by not maintaining your account above min balance.
Need more references? Here is a Banking Tool to make your decision easier!
- Account opening form;
- Bank statements of latest 6 months;
- Bank reference letter dated less than 3 months;
- Certified copies of valid passports and residency proofs within 3 months for all directors/ shareholders/ account signatories;
- Business trading proofs;
- Copies of corporate documents.