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 article, 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.

Both individuals and legal entities can open bank accounts in Antigua and Barbuda.

The Regulatory Framework

When choosing an offshore banking solution, it’s essential to do your research before deciding on which of the country’s offshore banks is right for you.

All ‘onshore’ financial institutions are regulated by the Eastern Caribbean Central Bank (ECCB), who also oversees the Eastern Caribbean Currency Union (ECCU) of the OECS. All offshore banks in Antigua and Barbuda are regulated by the Financial Services Regulatory Commission (FSRC). The FSRC is the single regulatory authority for all non-bank financial institutions and governs the formation of International Business Companies (IBCs).

The FSRC functions under section 2 of the Financial Services Regulatory Act No.5 of 2013 and is responsible for the regulation and supervision of all institutions licensed under the International Business Corporations Act. The FSRC regulates these institutions in accordance with Offshore Banking Acts.

Finally, Antigua and Barbuda has Tax Information Exchange Agreements with countries including Australia, Belgium, Germany, the Netherlands, the UK, and the US.

Top Banks in Antigua and Barbuda

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 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. The bank provides its 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 business 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. 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.

Banking Services and Products

When 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, and customer support offered by each bank, you can make a truly informed decision when analyzing the list of banks in Antigua and Barbuda.

Types of Antigua and Barbuda bank accounts

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.

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.

How to Open a Bank Account in Antigua and Barbuda

A great benefit of opening an Antigua bank account is that it can be done both in person and remotely. When opening an account in person, you will need to visit the bank branch with all the required 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. Some banks even allow you to make an appointment in advance, either by phone, email, or using their website.

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.

Once you have opened your account, you can make use of the bank’s online banking services. Some banks connect you automatically as soon as the account is open, while others require you to register and create a username and password.

Online banking allows you to check your account balance and transaction history at no additional cost, receive electronic account statements, make money transfers, and set up automatic payments. By linking your credit and/or debit card to your online banking profile, you can also apply to block or reissue them if they are lost or stolen.

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.

Required Documents

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.

Why You Should Open an Antigua and Barbuda Bank Account

• Banking in a country with a strong banking sector and robust common law legal system.
• 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.
• 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.

How to Obtain Antigua and Barbuda Citizenship

Foreigners can become citizens of this Caribbean nation through the Antigua and Barbuda Citizenship by Investment Program. This program allows investors to make an initial minimum investment of $100,000 in the county and receive an Antigua passport.

The program offers four investment options: The National Development Fund (minimum contribution of $100,000), real estate (minimum investment of $200,000), the University of the West Indies Fund (minimum donation of $150,000), and business investment (minimum investment of $400,000).

Unlike citizenship by investment programs offered by the four other Eastern Caribbean states, Antigua’s program is particularly affordable for large families thanks to the University of the West Indies Fund option. You can include your spouse, children under 30, siblings, parents, and grandparents over 55 in your application.

Antigua and Barbuda passport holders enjoy visa free travel to over 150 countries, including the UK, Hong Kong, Singapore, and the Schengen Area, as well as several great tax benefits.

Frequently Asked Questions about Banks in Antigua