Top St Lucia Banks

Situated on the eastern side of the Caribbean, the island of St Lucia is renowned for its volcanic beaches, exclusive reef-diving sites, luxury resorts and villas, exotic wildlife, and charming cities and villages. If you are planning to relocate to this beautiful country, then you can do so by applying through the St Lucia Citizenship by Investment Program, which allows individuals to receive citizenship in return for investments.

After immigrating to a different country, it is critical to be aware of banking operations. In this article, we will take you through the best banks in St Lucia to help you choose the best bank for yourself.

St Lucia Banks that are Members of the Association of Caribbean Banks

• 1st National Bank St Lucia
• Hermes Bank
• Bank of Saint Lucia
• Republic Bank St Lucia (EC)
• Berkeley Branch and Trust (Branch of an English bank)
• Capita Financial Services
• Euro Exim Bank
• Financial Investment and Consultancy Services
• Proven Investments Limited
• Sagicor Finance Inc.

The Largest Commercial Bank in St Lucia

Bank of Saint Lucia is the largest commercial bank in the country. It has been in operation since 2001 and was an outcome of a merger between two large banks with more than two decades of history.

The bank has multiple branches, including Castries (the capital), Gros Islet, and Vieux Fort in Soufriere. In addition to this, the Bank of St Lucia also has the biggest ATM network in the region.

Bank of Saint Lucia ensures access to banking services to individuals as well as legal entities. In addition to this, the bank is also involved in private capital management and insurance. If you are handling foreign currency accounts in Dollars or Euros in the Bank of St Lucia, it will be cheaper in comparison to other banks present on the island – $2 or €2 per month.

This bank is also the recipient of various awards. In the year 2020, the Bank of St Lucia was recognized at the ECCU Bank of the Year Awards. It was awarded as the best bank in the Caribbean under two important categories – Technological innovation and Financial Literacy and Empowerment of the population.

St Lucia Cooperative Bank was founded in 1938 and is the oldest national bank in the country. Back in 2005, it was renamed the 1st National Bank of St. Lucia. The bank was also recognized twice as the Bank of the Year by Financial Times

This bank has seven branches in the country, among which around four of them are located in Castries itself. The bank also has a cash exchange counter at the airport as well.

Hermes Bank is one of the most popular banks among investors in St Lucia. This bank prioritizes meeting the banking needs of foreigners. The bank only has one branch in the country. Individuals, as well as legal entities, can do banking with Hermes bank. You can open either a personal or current account; deposit and term deposit with this bank. But please note that the bank does not provide any debit or credit cards, nor does it have any ATMs. You can manage your entire banking through online services provided by the bank.

A Comparative Study of Major Banks in St Lucia

Name of Bank	Service Cost	Minimum Amount to Activate Account	Fees
1st National Bank St Lucia	Starting at $5 per month for individuals Starting at $7.5 per month for legal entities	Starting at $100	$5 per transaction at the Marigot Bay Branch and GFL Charles Airport Free – deposits at other branches, internet and mobile banking $0.75 plus stamp duty per withdrawal from personal chequing accounts $1 plus stamp duty per withdrawal from business chequing accounts
Bank of Saint Lucia	$7.5 per month for personal account $2per month for foreign currency accounts (in US Dollars) €2 per month for foreign currency accounts that are in Euros.	Information not available	$25 one-time transfer to a client of another bank
Hermes Bank	€15 per month	Starting at €1000	€10 per transfer between bank accounts 0.15% of the transfer amount (international transfers) €5 to €30 per operation (incoming transfer in euros)
Republic Bank Limited	$5 per month for foreign currency accounts in US dollars	Starting at $100 for foreign currency accounts that are in US dollars.	2% of the transaction amount Withdraw of cash from ATMs outside St Lucia.  $0.75 for requesting an account balance at the ATM 2% of the transaction account. This is for purchasing online

Opening a Bank Account in St Lucia – Documents Needed

If you are planning to open an account in St Lucia, then you need to prove your identity by providing supporting documents along with residence and income information. In addition to this, the bank might also require you to give them a letter of recommendation from a lawyer or another bank and documentation of your tax payment history.

To open a bank account for an individual, you need to provide the following:

Proof of Identity	Passport, resident card, driver’s license, ID-card or any other similar document
Proof of Residence	Invoice for payment of utilities like electricity, gas, etc, under the name of the applicant, a letter from their employer verifying the address of residence, or a statement from other financial institution with the name and address of the applicant
Proof of Income	Complete bank statement of previous year or a certificate from employer stating the applicant’s position, service time period and salary
Tax Details	Taxpayer identification number
Reference Letter from Another Bank	This letter must include the time of opening of the applicant’s account and that the bank is satisfied with the customer’s cooperation. In most cases, the bank requires the applicant to have been associated with another bank for at least two years.

 

If you are planning to open a current account for your company based out of St Lucia, then you need to prove its existence and verify the structure of its directors, shareholders, and beneficiaries associated with the company. Apart from this, you will also need to provide a power of attorney to the account manager of the company that will allow the individual to open and manage accounts on behalf of the company.

To open a bank account for a legal entity, you need to provide the following:

Documents verifying the existence of the company,	The registration certificate of your company, articles of association or company charter, and certificate of good standing (or equivalent to the certificate of good standing)
Documents verifying the composition of directors and shareholders	Certificate of appointment of directors and executive secretary, register and resolution on the issue of shares, composition certificate of shareholders
Documents verifying information about the beneficiaries of the company	Passport, utility bills, statement of personal account, and tax returns for each of the relevant individuals . A trust declaration from the shareholder to their benefit, in case the beneficiary of the company is not a shareholder.

Citizenship by Investment in St Lucia

In addition to citizens and residents of St Lucia, foreign investors in the country can also open bank accounts in the country. The St Lucia Citizenship by Investment Program allows foreign investors to obtain Citizenship in the country in exchange for an economic investment in the country. You can gain Citizenship on the island through one of the following ways:

• Donation of  $100,000 to the government National Economic Fund
• Purchase of real estate with a minimum value of  $200,000
• Purchase of government bonds that is at least $300,000
• Investing a minimum of  $1 million in local enterprise

With a St Lucia passport, you can visit more than 140 countries visa-free. Here are the St Lucia Passport requirements that you need to fulfill: 

• The applicant should be 18 years or more
• The applicant should be of excellent character and should have no criminal record
• The applicant should be in excellent health conditions
• The applicant should pass a detailed background check
• The applicant should make the required economic investment
• The applicant must pay all required fees as per St Lucia Citizenship Program

Passport and Visa Requirements When Travelling to St Lucia

Citizenship	Passport Requirement	Return Ticket	Visa Requirement
European Union	Yes	Yes	No
USA	Yes	Yes	No
Canadian	Yes	Yes	No
Australian	Yes	Yes	No
British	Yes	Yes	No

St Lucia Citizenship by Investment Program – Advantages

• The application process of this citizenship is fairly quick as it takes only around three months to obtain citizenship.
• You can include your family in your application process.
• The St Lucia Citizenship by Investment Program is one of the most affordable CBI programs in the Caribbean.
• The complete investment is required from the applicant after receiving citizenship approval.
• With a St Lucia passport, you can travel to over 140 countries without a visa.
• St Lucia offers a tax-friendly infrastructure .
• The requirements under the St Lucia CBI program are quite flexible. There is no residence or visitation requirements.

 

FAQs:

Can a foreigner open a bank account in St Lucia?

Yes, a foreigner can open an account in St Lucia but can access limited banking functions. For opening a bank account, the applicant has to provide their passport, income, and residence proof. 

How can you choose a reliable bank in St Lucia?

Banks that are members of the Association of Caribbean Banks are the most reliable financial institutions in the Caribbean. The following banks in St Lucia are part of the Association:

• 1st National Bank St Lucia
• Berkley Bank and Trust
• Capita Financial Services
• Bank of St Lucia
• Euro Exim Bank
• Financial Investment and Consultancy Services
• Hermes Bank
• Proven Investments Limited
• Republic Bank St Lucia
• Sagicor Finance

How many banks are there in St Lucia?

There are around 34 banks in St Lucia, among which 10 are members of the Association of Caribbean Banks. They are regulated by the Financial Sector Control Unit (FSCU), under the Eastern Caribbean Central Bank. 

How to open a bank account in Saint Lucia?

What do you need to open a bank account in St Lucia? If you are opening a personal account, you will need to show proof of identity (passport, driver’s license, etc), proof of residence (utility bills, a letter from your employer, or another document), proof of income, tax details, and a reference letter from another bank.

Can I open a bank account without residency?

Citizens and residents of Saint Lucia can open bank accounts in the country. So, if you have Saint Lucia citizenship but don’t live on the island, you can still open an account, provided you fulfill all the requirements of the chosen bank.

Can I open a bank account without a passport or driving license?

To open an account in St Lucia, you will need to present proof of identity. This document may be a passport, resident card, driver’s license, ID card, or any other similar document.