The Caribbean offers one of the most established banking systems among island economies. With dozens of independent states and a wide range of financial institutions, both residents and foreign investors can access banking services under clear procedures.
Banking Landscape in the Region
Across 35 independent Caribbean countries there are about 150 financial institutions, including state-owned banks and branches of major American and European firms. Common currencies include the East Caribbean dollar, the U.S. dollar, and the euro. Several states also issue their own national currencies, such as the Dominican peso and the Haitian gourde.
The Association of Caribbean Banks was established in 1974 to represent reliable financial institutions and to help them reduce risks in times of economic volatility. Two large regional banks also play key roles.
The Caribbean Development Bank is the largest in the region, funding government programs and supporting anti-poverty measures. It does not serve individual clients.
The Eastern Caribbean Central Bank (ECCB) oversees the monetary policy of eight states: Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. It manages shared foreign exchange reserves, issues the East Caribbean dollar, and coordinates regional financial policy. Like the CDB, it does not offer services to individuals or corporations.
In 2021, the ECCB introduced a digital currency called DCash, which can be used even by people who do not have Caribbean bank accounts. It allows transfers and payments internationally, while residents and citizens enjoy expanded functions.
Eligibility to Open Accounts
Banking access is available to both individuals and companies. Citizens and residents can use the full range of services, while non-residents may also open accounts but must verify which services are available to them.
Applications are often submitted online, and in some cases a representative may provide the necessary documents on behalf of the client with a notarized power of attorney. Accounts can be opened in local currencies as well as in U.S. dollars and euros.
Types of Accounts and Digital Services
The Republic Bank of Grenada demonstrates the options typically available. This institution, which has operated for three decades, lets clients open personal, savings, currency, or checking accounts.
Branches are located across Grenada, including St. George’s, St. Andrew, and the island of Carriacou. Online banking is free and offers functions such as transfers between accounts, sending money to other customers, reviewing statements, paying utilities and loans, and opening or closing accounts.
Documents and Timeline
The process for different account types is largely the same. To open a personal account in Grenada, applicants generally need to provide:
- An identity document such as a passport, driver’s license, or resident card
- A certificate of income
- Proof of registration such as a utility bill
In some cases, a recommendation letter from another bank and an initial deposit are also required. Minimum deposits can range from zero to 10,000 U.S. dollars. Processing usually takes between one day and one week.
Corporate clients must present notarized corporate documents translated into English.
Citizenship as a Gateway to Banking
Caribbean citizenship opens wider access to banking services. While it can be acquired through naturalization or marriage, the fastest route is through investment. Five countries in the region offer citizenship by investment programs, giving investors a second passport and broader banking privileges.
St. Kitts and Nevis requires a minimum investment of 250,000 U.S. dollars, while Grenada sets the threshold at 235,000 U.S. dollars. Prominent institutions in these countries include the National Bank of St. Kitts and Nevis, the Caribbean Credit Card Corporation, the Republic Bank of Grenada, and the Grenada Co-operative Bank Limited.
