In this article, we’re sharing how to open an offshore bank account in Barbados for foreign non-resident individuals and entities. This will be especially relevant for individuals from Canada, the UK, and the 40 other jurisdictions that have double tax agreements with this offshore banking haven.
Below, we’ll be breaking down your offshore banking options in Barbados, including who can open a Barbadian bank account, the benefits of offshore banking in Barbados, and the key reasons why you might want to consider banking here in the first place.
If you want access to our free series on banking in Barbados, click the link above and unlock our team’s expert take on banks in Barbados, Barbados banking requirements, personal and business banking in Barbados, and much more.
You can also use the table of contents and jump to the section that matches your offshore banking needs in Barbados below.
Table of Contents
- Open an Offshore Bank Account in Barbados
- Who Can Open an Offshore Bank Account in Barbados?
- Benefits of Offshore Banking in Barbados?
- Frequently Asked Barbados Banking Questions
- Ready to Open an Offshore Bank Account?
Open an Offshore Bank Account in Barbados
An offshore bank account in Barbados can be opened by both foreign non-resident individuals and entities. To open accounts successfully in Barbados, applicants will need to select a financial institution from the list of suitable Barbados banks, complete AML and KYC procedures, and make a qualifying deposit.
Unlike a number of other offshore banking jurisdictions, Barbados has strong banking regulations, and over 40 double tax agreements that can make it a suitable offshore banking jurisdiction for individuals with citizenship and residency in a range of different countries.
Deposits vary widely depending on the bank and account that is being opened. But, generally speaking, Barbados banks require deposits starting at USD 10,000. Of course, if you are looking to access private banking in Barbados (which most foreign non-residents do) you can expect to deposit more.
Of course, regardless of the level of deposit you’re looking to make, there are financial challenges and risks when banking in Barbados that you need to consider. For example, Barbados is included on the FATF greylist, which can impact international transfers to and from the island. Likewise, if you don’t select the right bank, the operational fees and costs of banking in Barbados can be high and account opening can be challenging.
However, if you successfully navigate the Barbados account opening process, you will be able to unlock an offshore jurisdiction that offers a layer of financial privacy through international banking. That said, privacy is just one of the many Barbados banking benefits and wealth management advantages that you can access when opening offshore accounts in the country.
Like other offshore jurisdictions, the financial amenities and banking services offered in Barbados are supplemented by a wide range of Barbadian service providers. The non-banking services available in Barbados include offshore company formation, estate planning, investment management, and much more.
Who Can Open an Offshore Bank Account in Barbados?
The combination of services and remote opening makes Barbados a suitable jurisdiction for anyone seeking related banking services. With this in mind, let’s look at who can open an offshore bank account in Barbados.
In order to determine who can open an offshore bank account in Barbados, each applicant needs to consider their client profile, perceived risk, rationale for banking in Barbados, and their ability to meet the bank’s onboarding guidelines and the Barbados banking requirements imposed by each bank.
That said, both foreign non-resident individuals and entities are eligible to open offshore bank accounts in Barbados. This includes individuals and entities with existing ties to Barbados, planned future ties to Barbados, and no ties to Barbados whatsoever.
Of course, individuals with residency in sanctioned countries or countries that are generally considered blacklisted will not be eligible to bank in Barbados. Likewise, citizens of these countries regardless of their residency may struggle to open accounts with banks in Barbados in general.
Similarly, foreign non-resident entities that are registered in or operate from sanctioned or blacklisted countries will not be able to open an offshore bank account in Barbados.
Not surprisingly, there are important nuances when opening offshore bank accounts in Barbados for each client type. With this in mind, let’s explore offshore bank accounts in Barbados for individuals, companies, and wealth management entities below, starting with Barbados bank accounts for individuals.
Barbados Offshore Bank Account for Individuals
Foreign non-resident individuals can open offshore bank accounts in Barbados. That said, there are only a handful of certified banking groups and a list of banks in Barbados that will accept foreign non-residents. Additionally, it’s important to note that foreign non-residents typically open private bank accounts in Barbados, and therefore most banks will expect deposits that reflect this level of sophistication and service.
With this in mind, selecting the right banks in Barbados to apply to is an important first step toward offshore banking in the country. This is especially true if you want to open an offshore bank account in Barbados with a lower deposit amount. That said, individuals seeking a lower deposit should still expect to deposit at least USD 10,000. Not surprisingly, the top banking conglomerates and the largest banks in Barbados are more challenging to access for individuals and are typically reserved for local residents or large corporations.
Of course, applicants also need to select the banks in Barbados that offer the actual services they require. Likewise, careful consideration should be given to the fee structure of each bank and how they compare to alternative options in Barbados and abroad.
In short, distinguished banking entities and the best banks in Barbados differ for each applicant seeking a Barbados offshore bank account. But generally speaking, individuals seeking a jurisdiction with the following characteristics might want to consider opening in Barbados.
Why Open a Barbados Offshore Bank Account as an Individual?
- Attractive private banking services
- Committed to meeting international regulatory standards
- Remote opening is 100% possible
- Well-capitalized banks
- A wide range of international banks to choose from
- And more…
If you’re interested in opening a checking account or another personal bank account in Barbados, you can click this link to access our free guide now. On the other hand, if you are looking for a Barbados bank account for corporations, the following section will be relevant to you.
Barbados Offshore Bank Account for Companies
Foreign companies can open an offshore bank account in Barbados. However, companies generally have fewer banks to choose from than individuals.
Additionally, most Barbadian banks ask companies to demonstrate their ties to Barbados before opening accounts. For example, “ties” can include commercial relationships like Barbadian suppliers, Barbadian customers, Barbadian contractors, or Barbados-based employees.
In other words, does your company have a clear reason to open a Barbados bank account, a requirement to transfer cash electronically and send money to Barbados, or other justification for needing to bank in the country?
That said, Barbados ties do not necessarily need to be commercial. Instead, it is possible for the company to have a local Barbadian shareholder, director, or other non-commercial connection to Barbados. Likewise, if you have a need to transact in Barbadian Dollars, the official currency of Barbados, this could be enough to open accounts at certain (not all) Barbadian banks.
Of course, applicants also need to select Barbadian banks that offer the services their company requires and deposits their company can afford. As mentioned above, Barbados focuses on commercial banking, with 85% of total bank assets being those of major corporate clients. So, deposit requirements and expected transaction volumes will reflect those of large multinational enterprises and cross-border entities. With this in mind, if you are looking for lower deposit amounts, you may want to consider opening elsewhere instead.
All things considered, companies seeking a banking jurisdiction with the following characteristics might want to consider opening offshore accounts in Barbados.
Why Open a Barbados Offshore Bank Account for a Foreign Company?
- International commercial banking facilities
- Tax efficiency for commercial entities
- International tax agreements with most major countries
- Low to no tax rates for local entities
- Access to a wide range of international banks
- And more…
If you’re interested in opening a corporate checking account or another business bank account in Barbados for an offshore entity, you can click this link to access our free guide now. On the other hand, if you are looking for a Barbados bank account for wealth management purposes, the following will be relevant to you.
Barbados Offshore Bank Account for Wealth Management
Individuals looking for a Caribbean jurisdiction to access wealth management services for themselves directly or a wealth management entity might want to consider opening an offshore account in Barbados.
In fact, when it comes to offshore banking services for individuals and wealth management structures, Barbados is primarily suitable for clients seeking private banking and wealth management. And, not surprisingly, Barbadian banks do offer wealth management services to wealth management entities from Barbados and abroad.
Of course, opening offshore bank accounts in Barbados for private banking and wealth management purposes does require higher deposits. That said, each bank structures its qualifying criteria differently. In the case of several large private banking operations in Barbados, a total asset value of at least USD 1,000,000 to 3,000,000 and an annual income of at least USD 300,000. That said, smaller banks will have much lower qualifying criteria, which typically involve a low-six-figure deposit.
With this in mind, applicants seeking private banking and wealth management with the following characteristics might want to consider opening an offshore account in Barbados.
Why Open a Barbados Offshore Bank Account for Wealth Management?
- Accessible asset and wealth management services
- Reputable international banks (especially Canadian banks)
- Double tax agreements with a wide range of countries
- And more…
If you’re interested in asset and wealth management services through private banking in Barbados, you can click this link to access our free guide now.
Alternatively, if you are interested in exploring the benefits of offshore banking in Barbados, continue reading to see why Barbados might be worth exploring further.
Benefits of Offshore Banking in Barbados?
The benefits of offshore banking in Barbados are similar to those available in other offshore banking jurisdictions. These benefits include remote opening, multi-currency accounts, online account management, and more.
However, Barbados does have a number of unique offshore banking benefits to offer as well. These unique Barbados banking benefits include a large presence of international banks, suitable banking products and services for high-net-worth or commercial clients, and a reputable and stable banking sector.
Here is a closer look at the offshore banking benefits you can unlock in Barbados as a foreign non-resident.
Benefits of Offshore Banking in Barbados
- Large presence of international banks
- Suitable for high-net-worth or commercial clients
- Home to a reputable & stable banking sector
- Currency is pegged to USD (2 BBD = 1 USD)
- Experience in serving high-net-worth individuals
- And more…
Frequently Asked Barbados Banking Questions
Below are a few of the most common questions we receive about opening offshore accounts in Barbados. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can a Foreigner Open a Bank Account in Barbados?
Yes, a foreigner can open a bank account in Barbados. Of course, like many offshore banking jurisdictions, foreign non-resident banking can be selective. In other words, the banks available to you will depend on your residency, deposit, and reason for banking in Barbados. Additionally, not all banks in Barbados accept foreigners. And, of the banks that do, they usually cater to private banking and wealth management clients. So, if you are looking for lower deposit options, you may want to consider other jurisdictions.
What International Banks Are Licensed in Barbados?
There are seven (7) international banks that are licensed to operate in Barbados. Of course, the international banks available to you will depend on your desired balance and the type of services you require. This is because not all international banks in Barbados offer non-resident retail banking services. In fact, the banks in Barbados that cater to non-residents offer investment and wealth management services.
What is the Best Bank to Bank With in Barbados?
The best bank to bank with in Barbados as a foreign non-resident ultimately depends on your client profile. More specifically, your residency, deposit level, banking objectives, and reason for wanting to bank in Barbados. This is because not all banks in Barbados accept the same client types. In fact, the best Barbadian banks may not accept foreign non-resident individuals at all. So, it’s important to choose banks that meet your banking needs and offer the services you require.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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