Banks in Antigua and Barbuda: The Ultimate Guide
November 28, 2024
What if you could grow and protect your wealth while enjoying the benefits of an offshore banking hub in the heart of the Caribbean?
When choosing an offshore banking destination, it’s important to shop around to ensure that you find the solution that best suits your needs and Antigua and Barbuda is a great place to start.
The Caribbean Island nation isn’t just known for its turquoise waters and pastel-coloured houses – it’s an attractive choice for high-net-worth individuals looking for a slice of paradise offering asset security, financial freedom and diversification in a well-regulated, tax-friendly jurisdiction.
However, trying to understand how banks in Antigua and Barbuda work is confusing, to say the least.
Local regulations, account opening requirements and options for different banks often raise more questions than answers, especially if you’re new to banks in Antigua and Barbuda and don’t understand how the banking system works.
Luckily for you, Nomad Capitalist has experience with offshore banking, which is why we’ve created a quick guide to explain the basics of banking in Antigua and Barbuda, with information on how to open a bank account in Antigua and Barbuda, some of the banks available, plus the pros and cons of the jurisdiction to help you decide whether this is the right country for you.
Keep in mind that with a holistic Action Plan from Nomad Capitalist, you can simplify the process and let us help you meet and exceed your financial and tax savings dreams.
Antigua and Barbuda – Overview
Antigua and Barbuda is one of the most prosperous countries in the Eastern Caribbean region.
That’s thanks to a steady influx of tourists who like to dive its offshore reefs and its growing popularity as an offshore banking jurisdiction.
This member of the Eastern Caribbean region’s financial institutions makes for an attractive option.
Benefits of Banking in Antigua and Barbuda
Antigua and Barbuda is home to both national and international banks offering foreign currency accounts. Accustomed to serving a global clientele, these banks may provide the ideal solutions for those embracing a Nomad Capitalist lifestyle.
As a member of the Commonwealth, Antigua and Barbuda benefits from a common law legal system and English as the official language.
Furthermore, Antigua and Barbuda has offered a 0% individual income tax rate since 2019. The country allows citizenship by investment and its passport packs some power.
Moreover, the Financial Services Regulatory Commission (FSRC) plays a crucial role in maintaining the integrity and stability of the financial sector. It acts as the single regulatory authority for all non-bank financial institutions, supervises offshore banks and governs the formation of International Business Companies (IBCs).
Who Should Bank in Antigua and Barbuda?
According to the World Bank’s latest Ease of Doing Business Index, establishing a business in Antigua and Barbuda has become increasingly simple.
Therefore, setting up an account in their banks would make sense if you plan to oversee a start-up in Antigua and Barbuda.
When it comes to opening an account in an Antigua and Barbuda bank, it’s not where you reside but your national identity that is the key consideration. Banks in Antigua and Barbuda primarily rely on a current and valid passport for identification purposes.
While accounts can be opened online without travelling to Antigua and Barbuda, you may need to submit supporting documents electronically or by mail.
Residency in Antigua and Barbuda provides another compelling reason to open a local bank account. If you plan to live there, you are better served by having a local Eastern Caribbean Dollar account, a currency which has been pegged to the United States Dollar since 1976, at the exchange rate of US$1 = US$2.70 XCD.
In short, you should consider the Antigua and Barbuda banking sector, whether you are a resident or a non-resident, as commercial banks offer online banking, enabling you to access your account remotely.
How to Open a Bank Account in Antigua and Barbuda
First, you need to establish contact with the bank, whether that be a local institution or an international bank, and understand their rules and regulations.
Banks practice due diligence and require clear and straightforward answers to their questions.
Antigua and Barbuda banks typically require a minimum three-year banking history demonstrated through account statements or equivalent documentation.
Alternatively, credit references or a documented letter from a business associate with whom you have a minimum three-year relationship may suffice.
The bank will want to know the source of your funds. A rental agreement might demonstrate your income from rental properties or a salary statement.
You’ll need to show that you are who you say you are and prove an address. To confirm your identity, you’ll need to produce a driver’s license or passport. For proof of residence, you’ll need to provide a recent (as in less than three months old) utility bill.
Corporate entities must provide the following documentation:
- Certificate of incorporation
- Memorandum and articles of association
- Register of directors and members
- Board resolution authorising account opening
- Corporate organisational chart outlining ultimate beneficial owners
- Cryptocurrency declaration.
Limited partnerships must provide the following documentation:
- Certificate of registration
- Limited partnership agreement
- Schedule of limited partners and their percentage interests
- Board resolution authorising account opening
- Corporate organisational chart outlining ultimate beneficial owners.
Trusts need to produce a certified copy of the declaration of trust or deed of settlement.
Foundations must provide the following documentation:
- Certificate of registration
- Charter of the foundation
- Register of the council of members
- Board resolution authorising account opening
- Corporate organizational chart outlining ultimate beneficial owners
- Legal letter confirming compliance with local and U.S. cryptocurrency regulations.
The initial minimum deposit requirements vary significantly depending on the account type and may reach thousands of dollars.
Top Banks in Antigua and Barbuda
There are many banks in Antigua and Barbuda. They run into double figures and we would encourage you to visit each and every individual bank’s official website in order to find the best one for you. They include commercial banks and those offering offshore banking services in the Eastern Caribbean Region.
The following are some of the top Antigua and Barbuda banks that you should look into.
ACB Caribbean
The well-established Antigua Commercial Bank began trading as ACB in March 2021. Formerly known as Antigua Commercial Bank Ltd, this institution boasts an Eastern Caribbean Dollar asset base exceeding US$1 billion XCD.
Eastern Caribbean Amalgamated Bank
Eastern Caribbean Amalgamated Bank is a commercial bank offering personal and commercial banking services.
CIBC First Caribbean International Bank
A subsidiary of the Canadian Imperial Bank of Commerce (CIBC), CIBC First Caribbean International Bank is headquartered in the Bahamas and maintains branches throughout the Caribbean, including Antigua and Barbuda.
The Antigua and Barbuda Development Bank
Based in St John’s, the Antigua and Barbuda Development Bank is best for investing in the continuing development of Antigua and Barbuda.
It specialises in medium- and long-term development financing to the productive sectors and helped to subsidise the export of Antigua Black Pineapples to Norway.
The above list should not be considered to be an exhaustive list of banks in the jurisdiction, nor should the inclusion of specific banks be considered a direct endorsement of them by us. Although we take every opportunity to update our content to ensure it is up to date, you are advised to get in touch with our team and we will find the best banking option for you.
Banks in Antigua and Barbuda: FAQs
Tourism is the largest sector in Antigua and Barbuda, hardly surprising given the country’s warm weather and natural beauty. Other significant industries include, of course, banking and financial services.
Antigua and Barbuda uses the Eastern Caribbean Dollar (XCD) along with seven other countries in the region. The currency is pegged to the US Dollar at a rate of US$1 to US$2.70 XCD.
Yes, you can opt to do so directly, in person, or get someone to do so on your behalf via a power of attorney. Or, you could go one better and, rather than relying on a local lawyer with a vested interest in selling you their jurisdiction, you could become a Nomad Capitalist client. This way you can be guaranteed that the banking jurisdiction you choose is one that best suits your lifestyle and business needs while also legally reducing your taxes and guaranteeing you get the best service possible.
Antigua Commercial Bank (ACB) is a major player in Antigua and Barbuda’s banking scene. They’ve got branches across the islands, providing a wide range of services to locals and businesses.
Like many places, banks in Antigua and Barbuda sometimes end up with properties through foreclosures or other situations. Keep an eye on local real estate listings, check bank websites or reach out to real estate agents to snag a deal.
Generally, you’ll need valid identification (passport, driver’s license), proof of address (utility bill), and sometimes a reference from another bank. Specific requirements can vary between banks and account types, so it’s best to contact the bank directly for the most up-to-date info.
Generally, you’ll need valid identification (passport, driver’s license), proof of address (utility bill) and sometimes a reference from another bank. Specific requirements can vary between banks and account types, so it’s best to contact the bank directly for the most up-to-date info.
Ready to Bank in Antigua and Barbuda?
Antigua and Barbuda is a stable Caribbean nation utilising the Eastern Caribbean Dollar. The country’s popularity as an offshore banking jurisdiction stems largely from its attractive tax system.
With 0% income tax and other tax incentives, it makes sense for wealthy individuals to seek residence there, but for this, of course, you will need to have a bank account. Finding the right bank and, indeed, the right banking jurisdiction can take time and effort. We can help you save both.
If you’re interested in opening an offshore bank account for you or your business, reach out to our team of experts at Nomad Capitalist. Our team can advise on a range of options including offshore banking, Caribbean citizenship and legal tax reduction.
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