Saint Lucia
Banking and Accounts

Banking St. Lucia

1/24/2022 8:00:00 AM
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St. Lucia is an island located in the Caribbean. It has a small population of about 180,000 inhabitants. In the past it was an overseas territory belonging to France and later to the United Kingdom. 

One of the main attractions that St. Lucia offers to investors is its economy defined in three sectors: agricultural production, tourism where there are hotel chains, restaurants and social centers. Likewise, other sectors include manufacturing, which ranges from clothing and chemical products. Finally, the Eastern Caribbean dollar or XCD, which is equivalent to 0.37 cents of the U.S. dollar, is used in the country.

Another attraction of the island, at a social level, is that it is a safe country with low levels of crime. Its multi-ethnicity (due to the mix of natives, French and English) makes it a place open to foreigners.

Finally, the day and night life of St. Lucia is quite dynamic due to its many luxurious restaurants, social clubs, sports activities on beaches and mountains, music festivals, dance and theater. 

Santa Lucia is definitely a place where boredom will not be part of your stay on the island. Contact us and learn more about this paradise located in the Caribbean.

What private banking is like

The private banking sector is quite solid, flexible and reliable. What does this mean? 

First of all, the banks that exist on the island are class A and B banks. Class A banks are defined as having a wider range of local and international business development. On the other hand, class B banks are more limited in investment operations. They are banks better known for local investment.

Private banks also participate in public and private funds, trusts or IBCs. They also participate in real estate investment, telecommunications and energy. 

On the other hand, the private banking system is not stifled by restrictive legislation and unnecessary bureaucracy. The country has sought to comply with standards stipulated by the OECD and the Financial Action Task Force (FATF). 

Private banking is reliable because it has anti-fraud and AML (Automated Loan Deposit) regulatory protocols. In addition, Santra Lucia has a system for accessing public information on private companies (including banks) to learn about their boards of directors, shareholders and officers. However, the publication of this information is made according to the willingness of the companies to provide such data.

What this bank offers in terms of family office/private banking

- International alliances: one of the reasons why we recommend this bank to family offices is because of its ties with reliable and internationally renowned investors. That is to say, it is an institution with projection outside the island and that actively participates in financial projects. 

The latter has made it possible for the bank to develop enormously, gaining a larger client base and increasing the bank's assets. This is an advantage that every investor or family office should consider if they want to keep their money and investments in a safe environment with the possibility of further increasing wealth.

- Diversity of services: another reason for family offices is that our bank adapts to the needs of the family office members. that is why we have diverse banking services such as: remote opening of any type of account, multi-currency accounts, sweep accounts, term deposit accounts and credit cards.

What general banking services are offered?

Remote opening of bank accounts: You can open your bank account on the island without the need to travel to the island. From the comfort of your home you can contact us and we will serve as a liaison with the institution to carry out the procedure.

Online Banking: Flexible deposit accounts are offered with 24-hour online access to the accounts of our international clients. Account balances can be viewed and transactions initiated from anywhere in the world. 

Multi-currency accounts: Bank accounts can operate in all 15 major world currencies. Facilitating convenience in money management.

MasterCard and Visa credit cards: which are accepted in over a million locations worldwide. 

Cash collateralized loans: designed especially for sophisticated investors and group structures that require ease of loan or credit allocation without bureaucracy or regulations.

Wealth management: Through correspondent relationships, we provide access to investment and fund managers while maintaining maximum client privacy.

International payroll: through it you will be able to make payments to foreign contractors and manage your human resources. 

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What are bank fees like?

Bank fees vary according to the type of account you wish to open. There are two types of bank accounts: personal accounts and corporate accounts. 

In general summary, the fees for personal accounts are as follows:

- Account opening $250

- Minimum balance per month $5000 (which must be deposited at the time of opening the account).

- Transfer fees vary according to the amount of the transfer. These fees can range from $40 to $200.

- Monthly account maintenance $15.

- Credit card issuance $15.

On the other hand, from a general view, the fees for corporate accounts are:

- Account opening $350 - $800 (the amount will depend on the structure of the company and the number of stakeholders).

- The minimum balance per month is $5000 (which must be deposited at the time of opening the account).

- Transfer fees vary according to the amount of the transfer. These fees can range from $75 to $250.

- Monthly account maintenance $20.

- Credit card issuance $15.

If you wish to know in more detail the amounts of the various banking operations, please contact us. We are ready to help you and accompany you in the process of opening your bank account.

How good is the service

At Santa Lucia you will not be traumatized by your visit to bank branches or by the customer service provided by them. Mainly because it seeks to attract and maintain foreign investment in the island. In the banks you will find multilingual staff offering support to those international customers, personalized attention and adapted to their requirements, constraints and particular situations, digital platforms available and stable 24 hours a day. 

Does the bank accept cryptographic/forex/gold funds?

The Eastern Caribbean Central Bank has launched since mid 2020 a pilot scheme for banks in St. Lucia to receive funds in cryptocurrencies. Part of the reasons are: to offer lower cost amounts in banking operations, to offer services for new types of clients and to update the banking to debug methods that are no longer used at the moment. 

This is expected to increase competitiveness in the sector, greater financial inclusion and resilience for both investors and non-legal persons. 

With respect to foreign deposits, banks in St. Lucia offer various services for foreign investors seeking to keep their money on the island, from multi-currency accounts, electronic accounts or public and private investment funds. The island has gained a reputation for offering confidentiality and for exempting funds obtained abroad from taxation. 

There are no safekeeping services or gold deposits in private banks. This competence depends on the Central Bank of the Eastern Caribbean from the safekeeping of its gold reserves. 

Does the bank accept licensed entities on behalf of third parties?

Yes, this is an existing mechanism in the island.

Applicants for this service must comply with a rigorous investigation, once such permission is granted, an audit and supervision is carried out by the competent authority in the area called the Financial Services Supervision Unit. This service allows for third party banking or a Class B license.

Can we open with a Saint Lucian company?

Through our services you will be able to open a bank account in the name of your company. In it you will be able to deposit the income obtained abroad with your company (tax free). The requirements to open the account are as follows: 

- Company application form duly completed.

- Certified copy of the Certificate of Incorporation. 

- Certified copy of the Certificate of good standing/ownership (if the company is 1 year old or older).

- Certified copy of Memorandum and Articles of Incorporation (or Articles of Incorporation and By-Laws).

- Certified copy of the Register of Shareholders.

- Certified copy of the Register of Directors. 

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