Banks in Antigua: Your Guide to Banking in Antigua and Barbuda

Antigua and Barbuda – an independent Commonwealth nation in the Eastern Caribbean – is one of the Caribbean’s most prosperous nations, mainly due to its thriving tourism industry and offshore financial services. Banks in Antigua and Barbuda serve locals and foreign nationals, providing services ranging from personal to commercial banking services.

In this guide, we’ll take an in-depth look at the nation’s banking sector, discussing everything from the products and services provided to the requirements to open offshore accounts.

• Antigua and Barbuda’s banking structure has a well-established framework overseen by the Eastern Caribbean Central Bank (ECCB).
• Banks in Antigua comprise domestic and international institutions that provide personal, corporate, and offshore services.
• Antiguan international banks allow foreigners to open accounts remotely, but follow international AML and KYC requirements.
• Citizenship by Investment applicants may access local Antigua and Barbuda banking services. However, approval depends on source-of-funds verification rather than citizenship.

Antigua banking regulations allow citizens, foreign residents, and international investors to open bank accounts in the country. According to the Financial Services Regulatory Commission (FSRC), all individuals can use the services of offshore banks in Antigua and Barbuda, provided they meet the deposit criteria and the necessary documents.

While foreign nationals can access Antigua’s banking system, the process and requirements are more straightforward for citizens. The Antigua and Barbuda citizenship by investment program is an effective tool to gain Antigua and Barbuda citizenship and simply accessibility to banking services in Antigua.

International Business Companies (IBCs) are also eligible for corporate banking in Antigua, allowing them to open accounts, manage financial transactions, trade internationally, and optimize taxes.

For those considering citizenship by investment, the Antigua and Barbuda Official Unit provides detailed guidance on eligibility requirements and application procedures.

There are many banks in Antigua and Barbuda, each offering a variety of products and services to suit the needs of individuals and businesses. The following list is not exhaustive but provides the names of a few reliable financial institutions in Antigua and Barbuda.

ACB Caribbean (formerly Antigua Commercial Bank Ltd.)

Established in 1995, ACB is one of the oldest and most prominent commercial banks in Antigua and Barbuda. The bank has a network of branches across the islands and provides a variety of services, such as personal, business, and corporate banking, credit cards, loans, and investment services. The bank owns an Eastern Caribbean Dollar asset base of over EC$1 billion.

Caribbean Union Bank (CUB) Ltd.

Founded in 2005, CUB approaches banking with the customer at its center. Often named the best bank in Antigua and Barbuda, it provides clients with personalized attention and innovative solutions through its range of products and services, including savings and checking accounts, loans, credit cards, and foreign exchange.

Eastern Caribbean Amalgamated Bank

Established in Antigua and Barbuda in 2010, ECAB is a trusted financial institution that offers personal and business accounts, credit cards, loans, mortgages, and investment and offshore banking services. Among its clientele, this commercial bank is known for its modern banking facilities, competitive interest rates, and efficient customer service.

Global Bank of Commerce Ltd.

Founded in 1983, the Global Bank of Commerce is one of the biggest in the Eastern Caribbean region, offering personal and corporate accounts, international banking, offshore services, trade finance, and investment options. Whether a national or offshore bank account holder, the commercial bank is dedicated to ensuring its customers’ privacy, security, and individualized services.

CIBC FirstCaribbean International Bank

A subsidiary of the Canadian Imperial Bank of Commerce, this Caribbean bank has branches in Antigua and Barbuda and its headquarters in the Bahamas. A major regional bank, CIBC FirstCaribbean offers personal and commercial banking services, digital banking options, wealth management, credit cards, loans, and mortgages.

Antigua and Barbuda Development Bank (ABDB)

Antigua and Barbuda Development Bank is based in the nation’s capital, St John’s. One of Antigua’s primary commercial banks, specializes in medium and long-term development financing for the productive sectors and has provided finance for mortgages, student loans, and small-micro enterprises. The ABDB has even helped subsidize the export of Antigua Black Pineapples to Norway, making it ideal for individuals and corporate entities.

ACB Caribbean, Caribbean Union Bank, Eastern Caribbean Amalgamated Bank, and Global Ban of Commerce are all members of the Caribbean Association of Banks (CAB). While CIBC FirstCaribbean is not a member of the Caribbean Association of Banks, its online banking services in Antigua are licensed by the Eastern Caribbean Central Bank.

Two international banks – Scotiabank and Royal Bank of Canada – previously had a presence in the nation. In 2021, Scotiabank’s operations were sold to Eastern Caribbean Amalgamated Bank. In the same year, ACB Caribbean acquired the Royal Bank of Canada’s operations in Antigua and Barbuda.

At banks in Antigua and Barbuda, you can open a checking account, savings account, trading account, escrow account, and term deposits. By default, accounts are opened in the nation’s currency – Eastern Caribbean dollars. However, all major banks offer foreign currency accounts in US dollars. If you prefer to open a foreign currency account in British pounds sterling, Canadian dollars, or euros, you can do so at certain banks such as the Global Bank of Commerce.

The following table shows the type of bank accounts that can be opened in Antigua and Barbuda by individuals and legal entities.

Banking services and products

If you are considering immigrating to Antigua and Barbuda and deciding on the right bank for you, it is important to research and compare the products and services offered thoroughly. If you’re a global investor, you may want to look at Antigua banks offering offshore banking services, whereas an Antigua resident seeking an ordinary banking system requiring little account maintenance may choose local banks in Antigua with services across the country.

By comparing the specific services, fees, accessibility, customer support, and exposure to Non-performing Loans (NPL), you can make a truly informed decision when analyzing the list of local and international banks in Antigua and Barbuda.

Bank service fees in Antigua and Barbuda

Different banks in Antigua charge different service fees. For example, you can pay around $50 annually for a credit card and between $7 and $10 each month for a checking account in US dollars.

An Antigua bank account can be opened in person or remotely, provided applicants pass the bank’s know-your-customer (KYC) criteria. When opening an account in person, you will need to drop by the bank branch with your documents and fill in your application form. If you can’t visit the bank yourself, you can send a representative who will act on your behalf. Most banks even allow you to make an appointment in advance, either by phone, email, or using their website.

1. Choose a bank: Choose the Antigua bank that suits your financial objectives.
2. Gather required documents: Most banks in Antigua require a valid passport or Antigua government-issued ID, proof of address, proof of legitimate funds, and a bank reference letter.
3. Visit the branch: Visit the bank’s branch to open an account. Some banks may require you to schedule an appointment to speak with a representative about opening an account.
4. Complete the application form: Fill out the account opening form provided by the bank. Some banks may request supporting documents regarding the source of funds and intended account usage.
5. Make a deposit: Some Antigua banks require an initial deposit to activate the account.
6. Receive your account details: Once approved, the bank will provide an account number, online banking access (if applicable), and a debit card.

Remotely

When opening a bank account remotely, you must visit the bank’s official website and fill out an online application form. In addition to the form, you may be required to attach scans of any documents the Antigua and Barbuda bank requires. If this is the case, the documents must be translated into English, with certified copies delivered to the bank.

Important note: Online banking in Antigua does have some restrictions. For example, you can’t transfer money between legal entities’ accounts or transfer money to another bank account. To transfer money online, you must submit a request to your bank, which will be processed and executed on a business day.

Before an Antigua and Barbuda bank allows you to open an account, it will conduct a due diligence check on you as a potential customer. To do so, they may request the following documents from individuals and businesses:

Individuals

• Identity document (current and valid passport, driver’s license, etc.)
• Proof of residential address (utility bills, letter from a landlord or bank, envelope with postage stamp)
• Letter from your employer, on the company letterhead, indicating your place of work, position, employment period, and salary.
• Invoices and income declarations (only if self-employed or entrepreneur)
• Proof of source of income for the last year (account statements, copy of the will, contract for the sale of real estate, etc.)
• Two letters of recommendation from another bank or highly qualified specialist, e.g., doctor or lawyer (requirement for foreigners only)

 Legal entities 

• Two identification cards for each beneficial owner, two directors, and the individual with the right to sign.
• Company’s certificate of registration or articles of association
• Certificate of Good Standing (or equivalent)
• Company’s financial statements for the last quarter
• Certificate of composition of shareholders and appointment of directors
• Letter of recommendation from another bank
• TIN (tax identification number) if the company is not registered in Antigua and Barbuda

While the process of opening an account as a foreigner is pretty straightforward, it’s even easier as a citizen of the country.

• Banking in a country with a strong banking sector, a robust common law legal system, and stringent Anti-Money Laundering (AML) standards.
• The Antigua tax residency program allows you to  bank in Antigua without paying taxes.
• The Eastern Caribbean Dollar is pegged to the US dollar, making banks in the Eastern Caribbean region a reliable choice for those accustomed to the stability.
• Antigua banking services offer easy access to Caribbean markets.
• Besides safe banking, Antigua is safe to live.
• The World Bank Ease of Doing Business report in 2020 proved that Antigua and Barbuda is committed to improving the ease of doing business in the country.

As you can see, international banks in Antigua and Barbuda are an excellent option for foreigners looking for offshore banking solutions, individuals looking to diversify their investment portfolios, and investors interested in benefitting from the country’s favorable tax environment.

Foreigners can enjoy Antigua’s favorable tax system through the Antigua and Barbuda Citizenship by Investment Program. This program allows investors to make an initial minimum investment of $230,000 in the country and receive an Antigua passport, also removing the requirement to obtain an Alien Landholding License to buy Antigua and Barbuda real estate.

The program offers four investment options: The National Development Fund (minimum contribution of $230,000), real estate (minimum investment of $300,000), the University of the West Indies Fund (minimum donation of $260,000), and business investment (minimum investment of $400,000). Applicants can include their spouse, dependent children, parents, grandparents, and siblings in their application.

Besides the opportunity to optimize taxes, investors receive an Antigua and Barbuda passport, providing visa free travel to 164 countries. A family is eligible for Antigua and Barbuda Citizenship by Investment with a single donation or real estate purchase.