Many of us know that the Caribbean banks are good, but the situation is constantly changing. The region went through the correspondent account derisking process that finished in 2020 and inevitably brought some immediate and subsequent bankruptcies, or considerably limited the range of services that some Caribbean banks can provide. What does it mean for a non-resident wishing to open an offshore account?
A potential bank client has to focus on two things: finding a reliable bank to suit their needs and engaging a trusted intermediary to go through the onboarding process without much hassle. You can read our complete guide on Caribbean bank accounts on our portal and find the expert you need. In this brief outline, we will introduce you to three Caribbean banks of our choice.
One thing that non-residents expect from an offshore bank is an increased privacy level, and the Caribbean has a lot to offer. The region has a central regulator called the Eastern Caribbean Central Bank (ECCB). However, most banks are not part of its system as ECCB would decrease the level of privacy that a bank can offer. As a result, most banks set their own confidentiality standards, thanks to which we can enjoy impressive privacy - and still remain compliant, of course.
Why is it better to apply via an intermediary? Here are the obvious benefits:
The bank will work with a particular person (your representative) and thus onboard you more willingly.
You change the status from “a new potential client that we don’t really know” to a “client that comes from a trusted source”. It will mean fewer background or compliance checks that the bank may want you to go through.
The intermediary knows the bank requirements quite well, so you will not have any problems with documents if you follow his recommendations.
The intermediary will explain anything you need, starting from how to get a reference from your current bank to reporting peculiarities.
Your documents will be certified and translated for you, and you will not need to look for a notary and a sworn translator to do that.
The intermediary will recommend you the bank and account type after analyzing your needs.
An offshore account implies some work, but you may as well delegate it.
And here is our choice of banks that we highly recommend:
Caye International Bank Ltd., Belize. A stable bank suitable for any personal or corporate purposes that will onboard you rather quickly. You can enjoy private banking services here at a much more affordable fee than in Switzerland or Singapore. Easy access to American and Latin American bank resources thanks to a geographically close location.
International Merchant Bank, Nevis. This is a bank we can recommend with confidence as it is professionally run and has quite a wide range of services. The only drawback is that it does not take on any business – for instance, it does not work with crypto businesses. If you are interested in a crypto-friendly corporate account, please consider Nevis trusts, the best of its kind in the world.
Proven Bank, St. Lucia. This is the largest, oldest, and best-known bank on the island. It has a perfect reputation, and you will surely be impressed by the speed of its wire transfers. This is not a bank that onboards clients quickly, so be prepared to spend several weeks or even a couple of months waiting for approval. Otherwise, it’s a really great institution.
Still have some questions? Follow the above link to find answers or schedule a meeting with our expert. We wish you luck in all your business undertakings!