Caribbean Banking in 2022-2023: Overview

Caribbean Banking in 2022-2023: Overview

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Is the Caribbean banking still good in 2022-2023? Yes, it definitely is! Non-resident personal and business accounts remain good instruments that help you keep your assets in a reliable place and conduct transactions worldwide. The Caribbean banking sector was affected by the correspondent account derisking process going on from 2015 to 2020. Unfortunately, it left some banks behind, but many recovered and even got better. The main thing is to pick the right institution, and that is something we would like to discuss.

Many customers want to know whether they can open an account remotely: most people are unwilling to travel half the world just to sign a document. And the answer is positive! However, you will still need to go through the compliance procedures, and that’s why we recommend engaging a knowledgeable local expert to help you. Read our detailed guide on offshore banks in the Caribbean region for further information.

How will an expert help you?

  • He will be a sort of your local representative, and banks will contact him immediately if any questions arise. If the bank has a trusted contact person, it is less prone to subject you to all kinds of background/compliance checks.
  • He knows the bank’s requirements and will arrange any verbal and written communication between you and the bank in a way satisfactory to both parties.
  • He will answer all of your questions: how to get a bank reference, certify company documents, or use the banking services properly.
  • The expert will certify the company documents himself, thus saving you the costs of notary services, translation, and so on.

Follow the link above to find an expert who has experience in opening bank accounts in the Caribbean remotely – if this is just what you need, of course.

Let’s take a look at several Caribbean jurisdictions.

Nevis. The banking system is currently experiencing tough times, but there is one bank we can recommend: International Merchant Bank. This stable and well-managed institution provides a wide range of quality banking services that you will truly appreciate. Keep in mind that it would not onboard just any business – for instance, it is not crypto-friendly. If you are not sure that your business will be accepted, ask an expert. And if you need a crypto-friendly bank account, Nevis has one of the most reliable trust structures in the world that will help you in this case.

St. Lucia. The beautiful island boasts 14 banks, which makes it a large banking center in the Eastern Caribbean. If you need detailed information on each of them, please contact the specialists of our portal by clicking on the above link. Our favorite is Proven Bank, the one with a flawless reputation and fast bank transfers in and out. This is not a place where you can open an account quickly, but it is definitely worth it.

Belize. This Central American state has close ties with the Caribbean banking system, so it is on our list. The choice of international banks is not wide – in fact, Caye International Bank Ltd. is the only institution we recommend. However, it offers all services you may need, from personal to corporate accounts for Belizean and international companies. If you need brokerage or mortgage services, you will get them, too. This is a bank where you can open an account rather quickly and get a service level similar to Switzerland or Singapore at a much lower cost.

Follow the link above to read about Dominica and Antigua – and don’t hesitate to chat with our experts. We are here to be your guides in the world of offshore banking in the Caribbean!