Saint Vincent and the Grenadines is an island country in the Lesser Antilles Island arc, in the southern portion of the Windward Islands, which lie at the southern end of the eastern border of the Caribbean Sea where the latter meets the Atlantic Ocean. To the north of Saint Vincent lies Saint Lucia, to the east Barbados. Its capital is Kingstown, also its main port.
While the financial services sector is a prominent part of the investment development strategy of St Vincent, tourism is the prime income earner, and agriculture generally comes in second.
Regarding the Banking and finance sector, St. Vincent has a long tradition Barclays Bank being the first international bank with operations there in 1837. The offshore banking sector has moved to adopt international regulatory standards thus making it more compliant.
These are the Bank institutions which are based in St. Vincent:
- Local Banks:
- RBTT Bank Caribbean Ltd.
- Bank of Nova Scotia
- First Caribbean International Bank
- Bank of St. Vincent and Grenadines
- International Banks
- B2B Bank Limited
- Commercial Holding Bank Ltd.
- Euro Pacific Bank
- European Commerce Bank
- Loyal Bank Limited
The characteristics of the bank account in St. Vincent are the following:
- No personal visit is required. Client is expected to send his personal documents, completed and signed bank forms and corporate documents to the bank upon receiving of our request.
- The procedure to open the bank account is very fast.
- Banks in St. Vincent issues Visa debit cards, Prepaid and Credit Cards in USD and EUR currency. Also, the client can chose between personalized or non-personalized cards (no-name cards).
- Tax free for nonresident.
- It is very developed system and very simple and friendly use.
- Several currencies: EUR, USD, GBP, CHF, JPY, AUD or CAD.
- Initial deposit is required. The amount will vary depending on the bank entity chosen by the client. We recommend to make an initial deposit of 1000 Euros.
- Excellent Online banking
- Excellent solutions for traders: They offer MT4 (Metatrader 4) FX brokerage platform, Global TradeStation, GTS WebTrader among other platforms.
- Our clients can purchase physical precious metals.
- Banks in St. Vincent offer different financial products.
Procedure to open bank account in St. Vincent and required documents.
- Download Dedalos checklist here. So we can have all the information and the details of the bank account.
- Send us Dedalos checklist and the required documents:
- Copy of the Legal Documents of the company certify by a Notary.
- Certified copy of Passport by Notary.
- Original utility bill not older than 3 months (electricity, water, gas, telephone bill or bank statement)
- Original Bank Reference letter in English and the details of the official of the bank.
- Original Professional reference letter in English (the bank will contact with the professional who has issued the bank reference letter).
- If the Director, Shareholder or Secretary is a legal entity. The corporate documents must be submitted.
- CV of the Beneficial Owners.
- In 24/48 hours Dedalos Banking Department will send you the bank application to be signed, and a report and questions that we can face with the chosen Bank.
- You will e-mail the bank application form to us, together with all the documentation mentioned above. We will review it and we will liaise with the St. Vincent Bank until all is as demanded.
- If everything is ok, client will courier all the above documentation directly to the Bank.
- Once, the documentation will be received by the St. Vincent Bank, the account will be active in 2 working days.
- The whole procedure is taking around 2 weeks.