Banks in St. Kitts and Nevis could be an interesting option for non-resident foreigners who are struggling to open in other jurisdictions.
That said, if you’re looking to access top-tier financial centers, there’s a good chance you’re able to access more established banking jurisdictions than St. Kitts with a wider breadth of available services.
We’ll cover some of the alternatives along with what makes Saint Kitts and Nevis so popular below.
Feel free to use the table of contents to jump ahead to the sections that are most relevant to you.
Table of Contents
- Banking in Saint Kitts and Nevis
- Who Should Consider a Saint Kitts and Nevis Bank Account
- How Do I Open a Bank Account in St Kitts?
- How Many Banks Are There in St Kitts?
Banking in Saint Kitts and Nevis
Saint Kitts and Nevis is the smallest country in the Western Hemisphere. But despite the small size, Saint Kitts and Nevis punch above their weight in the offshore world.
At the center of Saint Kitts and Nevis’ popularity is the Nevis LLC. But what makes it particularly unique are the asset protection benefits which were introduced in 2015. Essentially, Nevis courts ignore foreign court orders and require orders to be filed with Nevis courts.
This has resulted in the Nevis LLC exploding in popularity for non-resident foreigners, such as US citizens seeking cost-effective asset protection vehicles.
Additionally, it’s worth noting that the Nevis LLC can be formed with “certificates of membership”, which are the LLC equivalent of bearer shares. This means the physical certificate is the sole proof of ownership.
That said, from a banking and financial services perspective, forming a Nevis LLC with certificated membership would be a nightmare – no bank would open accounts for such an entity. Instead, certificated membership is commonly used for pure asset protection purposes without the need of banking or related services.
Okay, but you’re probably wondering, “What about banking in Saint Kitts and Nevis?”
Well, there are banking options for non-resident foreigners here as well. Let’s take a closer look below.
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Who Should Consider a Saint Kitts and Nevis Bank Account?
Like opening accounts in most countries, it’s important to consider whether or not Saint Kitts and Nevis is really the best place for you.
In most cases, the answer is going to be no. That’s not to say that the banks here are bad – they aren’t necessarily.
It’s just that most people looking to open accounts can usually access bigger banks in more stable jurisdictions with a wider breadth of services.
So, who should consider opening in Saint Kitts and Nevis?
Opening an account in Saint Kitts and Nevis could make sense if you are looking for a local account to support yourself when visiting or supporting local transactions, contractors, expenses, etc.
Alternatively, it could make sense to bank here if you have a local entity that requires banking services. This might be best suited as a backup account or holding account instead of an operating account, which would likely incur high foreign transaction fees.
Outside of these two scenarios, most people (and businesses) can access better banks in other jurisdictions with similar account opening requirements and deposits.
In fact, even Nevis LLCs are able to open accounts in other countries (e.g. the United States) 100% remotely with similar deposits that would be required to open in Saint Kitts and Nevis.
Frequent Questions
How Do I Open a Bank Account in St. Kitts?
To open a Saint Kitts and Nevis bank account, you first need to choose which bank you would like to apply to. In most cases, foreign non-residents will have a few banks to choose from.
How Many Banks Are There in St. Kitts?
Saint Kitts and Nevis are home to six domestic banks, three international banks, four credit unions, and six money service businesses. Foreign non-resident individuals and businesses are able to open accounts with international banks.
Opening Accounts in Saint Kitts and Nevis
If you are interested in opening an account with banks in Saint Kitts and Nevis, we would be happy to help you get started. Alternatively, if you have a Nevis LLC and would like to explore your account opening options abroad, we can help you with this as well.
To start, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
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