How to Open a Private Bank Account in Curaçao

Curaçao private bank accounts are suitable for prospective clients seeking Caribbean private banking with a low initial deposit and basic services.

In this article, we’re sharing how to open a private bank account in Curaçao for foreign non-resident individuals and entities.

This will include the specific client profiles that can benefit from financial services in the island country of Curaçao, the benefits they can expect, and which alternative jurisdictions you may want to consider instead of Curaçao when it comes to private banking.

If you would like access to our free Curaçao banking series, click the link above and unlock our team’s expert take on Curaçao banks, Curaçao banking requirements, personal and business banking in Curaçao, and much more.

You can also use the table of contents and jump to the section that matches your private banking needs in Curaçao.

Table of Contents

  1. Open a Private Bank Account in Curaçao
  2. Who Can Open Private Bank Accounts in Curaçao?
    1. How Much Do Curaçao Banks Want You to Deposit?
    2. Who Should Open Private Bank Accounts in Curaçao?
    3. Benefits of Opening Private Bank Accounts in Curaçao?
  3. How to Open a Private Non-Resident Bank Account in Curaçao?
  4. Curaçao Banking System: Private Banking
    1. Alternatives to a Curaçao Private Bank Account
  5. Frequently Asked Curaçao Banking Questions
  6. Ready to Open an Offshore Bank Account?

Open a Private Bank Account in Curaçao

Curaçao private bank accounts can be opened by foreign non-residents and wealth management entities from around the world. However, Curaçao is not a traditional private banking jurisdiction.

Instead, Curaçao is primarily an offshore banking jurisdiction that caters to individuals and entities with clear ties or a rationale for wanting to open a bank account in the country. With this in mind, the top-tier financial parties and the best banks in Curaçao for non-residents serve individuals and entities seeking offshore banking services.

That said, it is possible to open a wide range of bank accounts in Curaçao. This includes establishing an account for yourself to unlock Curaçao personal banking services. Of course, we’ll share the steps to open a private bank account in Curaçao below. But, it’s also worth noting that certain banks here offer institutional financial services through Curaçao business banking and certain non-resident entities.

In terms of private banking, individuals struggling to open elsewhere may benefit from banking in Curaçao. Likewise, individuals seeking a combination of basic banking services and quasi-private banking may find Curaçao suitable.

On the other hand, anyone seeking asset protection, tax planning, strict confidentiality, or sophisticated private banking services may want to consider opening private bank accounts in banking in more established private banking hubs.

Who Can Open Private Bank Accounts in Curaçao?

Private banking in Curaçao is available to most citizenships, residencies, risk levels, and deposits. With this in mind, foreign non-residents, foreign residents, and wealth management entities are eligible for Curaçao private banking.

For clarity, wealth management entities include trusts, foundations, and holding companies. When it comes to banking in Curaçao, these wealth management entities can be structured in Curaçao or in offshore and foreign jurisdictions and can typically access Curaçao offshore banking services with a low qualifying deposit.

In short, there are several key criteria that will determine whether an individual or entity can open a private bank account in Curaçao, which includes whether the applicant can pass the basic Curaçao AML and KYC process.

How Much Do Curaçao Banks Want You to Deposit?

In most cases, the registered authorized institutions and lists of banks in Curaçao expect clients to deposit between USD 5,000 and USD 10,000 in order to open a private bank account. That said, the services offered by Curaçao banks do not reflect traditional private banking. So, while the opening deposit is considerably lower in Curaçao, so is the breadth and depth of private banking services being offered.

As we’ll explain below, we view these deposit requirements as suitable for anyone who has a specific need to bank in Curaçao. However, most other applicants should consider opening accounts elsewhere instead. This is true whether you’re comparing the smallest financial institutions, major financial service providers, or largest banks in Curaçao to other international account opening options.

Who Should Open Private Bank Accounts in Curaçao?

Due to the expected account opening supporting documents, the Curaçao banking requirements, and the availability of more established private banking hubs, the individuals who should consider banking here are those with clear ties and who are unable to meet deposit requirements elsewhere.

However, when it comes to private bank account opening, individuals should review all of the options available to them. This will ensure that they identify a bank that offers the necessary services, accepts their profile, and has opening requirements they can meet.

That said, private banking in Curaçao can offer value to certain client profiles. With this in mind, here is a look at the common benefits that people can expect when opening a private bank account in Curaçao.

Benefits of Opening Private Bank Accounts in Curaçao?

  1. Accepting of foreign non-resident individuals and entities
  2. Clean jurisdiction reputation (no blacklists)
  3. Lower deposit requirements compared to other jurisdictions
  4. Easier to access than in other jurisdictions
  5. Accepting of certain high-risk income sources (gaming and gambling)

Not surprisingly, Curaçao citizens and residents will unlock different incentive schemes and Curaçao banking benefits than non-residents.

If you fit into the categories mentioned above or you’re specifically seeking one of the above benefits, private banking in Curaçao may be worth exploring.

How to Open a Private Non-Resident Bank Account in Curaçao?

To open a private non-resident bank account in Curaçao, individuals need to complete the following steps:

  1. Select a Curaçao bank that accepts your client profile and matches your desired private banking services
  2. Complete the Curaçao bank’s account opening application, including the standard KYC and AML questionnaires
  3. Obtain necessary document verifications requested by the Curaçao bank
  4. If you are opening a private bank account in Curaçao remotely, you may need to mail original copies of all documents to Curaçao
  5. After the account opening process is complete, the Curaçao bank will give you between one and two weeks to make the account opening deposit

It’s important to note that each Curaçao bank has slightly different account opening and deposit requirements. With this in mind, it’s important to explore all of the banking options available to you in Curaçao to find banks that you qualify for before applying.

And, as mentioned above, you should compare Curaçao’s banking system to other alternative options. This is especially true when opening private bank accounts, which demands a higher level of sophistication.

With this in mind, let’s take a look at the Curaçao banking system, specifically for private banking, and see how it stacks up to global alternatives.

Curaçao Banking System: Private Banking

Curaçao’s banking system in terms of private banking is not known for being an established private banking hub. This is due to the fact that Curaçao is an offshore banking jurisdiction that supports individuals and entities that are primarily seeking basic banking services.

As mentioned, there are more established private banking hubs available elsewhere that offer a wider range of services compared to Curaçao. With this in mind, instead of accessing less sophisticated finance options or banking services in Curaçao, you could open bank accounts in private banking hubs like Andorra, the Bahamas, or the Cayman Islands, if they better match your needs.

That said, there are certain reasons that may make banking in Curaçao unavoidable. One of these reasons includes gaining direct access to the ANG, the currency of Curaçao. On the other hand, if you need to make international transfers, send money to Curaçao, or send transfers out of Curaçao, then opening a bank account in the country can make sense since many digital transfer platforms do not support transfers to the island.

Here is a look at some of the alternative jurisdictions that you might want to consider instead of opening a private bank account in Curaçao.

Alternatives to a Curaçao Private Bank Account

  • Andorra
  • Austria
  • Bahamas
  • Bermuda
  • Cayman Islands
  • Singapore
  • Switzerland
  • Liechtenstein

When comparing jurisdictions, you should look at the specific country threats and Curaçao banking risks against the alternatives that you’re considering. Likewise, the financial service tariffs and Curaçao banking costs, including both opening and maintaining accounts should be considered.

If you would like to explore any of these alternative private banking options, you can get immediate access to banks in each of these countries in the GlobalBanks IQ Database. Use the link below to learn more about GlobalBanks IQ now.

Frequently Asked Curaçao Banking Questions

Below are a few of the most common questions we receive from people considering private bank accounts in Curaçao. If you have further questions you would like answered, don’t hesitate to contact us directly.

Can Foreigners Open a Bank Account in Curaçao?

Yes, foreigners can open a bank account in Curaçao. In fact, it is possible for foreigners to open bank accounts in Curaçao remotely. That said, not all banks in Curaçao accept foreign non-residents. And, of the ones that do, many offer limited services that meet the needs of foreign non-resident clients. With this in mind, you should always compare Curaçao account opening against other international alternatives.

Can I Get a Private Bank Account in Curaçao?

Yes, you can get a private bank account in Curaçao. However, the specific services that banks in Curaçao offer to private banking clients are limited when compared to other traditional banking jurisdictions. With this in mind, non-residents seeking private banking services are often better served by opening accounts elsewhere.

How Much Do You Need For a Private Bank Account?

How much you need for a private bank account will depend on your client profile, the country you want to bank in, and the specific bank that you are considering. In short, your citizenship, residency, and the banking services you require will play a role in determining how much you need to deposit in order to establish a private banking relationship. That said, in most countries, private banking relationships can start at USD 250,000 to USD 500,000.

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.

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.

Use this link to see how GlobalBanks Insider can help you successfully open accounts.

Share This Article on Your Favorite Platform
GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

Sorry, but you cannot copy the content on this page.