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 St Lucia banks to help you choose the right financial institution to suit your needs.

The Top 10 Banks of St Lucia

St Lucia has around 34 banks, ten of which are members of the Association of Caribbean Banks and regarded as the most trustworthy financial institutions in the entire Caribbean region.

You can utilize online banking for most banks in St Lucia, which includes the remote opening of accounts.

Bank Services Guidelines in St Lucia

The Financial Sector Control Unit (FSCU) of St Lucia’s government regulates all bank operations in the country. This is under the control of the Eastern Caribbean Central Bank. The bank helps put into place the financial policy for the region, is responsible for keeping the general foreign exchange reserve of participating countries, and issues banknotes and coins.

Currencies – The primary currency in St Lucia and five other Caribbean countries under the Eastern Caribbean States is the Eastern Caribbean Dollar. The currency against the US dollar is 2.7 to one, meaning EC$1 is equal to $0.37.

Apart from the Eastern Caribbean Dollar, bank accounts can be opened in 15 currencies, including US dollars, Pound Sterling, Euros, Canadian dollars, Chinese Yen, and more.

Online Banking – Bank customers in Saint Lucia can access online banking operations for free. From monitoring bank accounts, transactions, and balances, transferring money and bill payments to handling account statements, you can do almost everything online. In addition to having web pages, a few banks also have applications for the smooth management of your financial resources.

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

• 1st National Bank St Lucia
• Bank of St Lucia
• Hermes Bank
• Berkeley Branch and Trust (Branch of an English bank)
• Capita Financial Services
• Euro Exim Bank
• Financial Investment and Consultancy Services
• Proven Investments Limited
• Republic Bank St Lucia (EC)
• 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 the outcome of a merger between two large banks with over two decades of history.

The bank has multiple branches, including Castries (the capital), Gros Islet, and Vieux Fort in Soufriere. Additionally, the Bank of St Lucia has the largest ATM network in the region.

Bank of Saint Lucia provides banking services to individuals and legal entities and is 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 than other banks present on the island – $2 or €2 per month.

This bank has also received various awards, including recognition at the 2020 ECCU Bank of the Year Awards. It was named the best bank in the Caribbean under two important categories – Technological Innovation and Financial Literacy and Empowerment of the population.

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

With seven branches in the country, of which about four are located in Castries itself, the bank also has a cash exchange counter at the airport.

Hermes Bank is one of the most popular banks among investors in St Lucia. This bank prioritizes meeting the banking needs of foreigners and has just one branch in the country. Individuals and legal entities can bank with Hermes Bank. Here, you can open a personal, current account, deposit, and term deposit. 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 the bank’s online services.

PROVEN Investments Limited (formerly Boslil Bank Limited) is the Caribbean’s premier investment company that provides multi-currency banking solutions for global trading, personal investments, and corporate accounts. The company is licensed under the International Banks Act, Cap. 12.17, as a Class A Bank and regulated by the Financial Services Regulatory Authority. Products and services offered include foreign exchange, transactional banking, eBanking, loans, etc.

A Comparative Study of Major Banks in St Lucia

Opening a Bank Account in St Lucia

If you plan to open an account in St Lucia, you need to prove your identity by providing supporting documents along with residence and income information. 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.

Requirements to open an account for an individual:

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. 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.

Requirements to open an account for a legal entity:

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’s National Economic Fund
• Purchase of real estate worth a minimum value of  $200,000
• Purchase of government bonds worth 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 older
• The applicant should be of excellent character with no criminal record
• The applicant should be in excellent health
• The applicant should pass a detailed background check
• The applicant should be able to make the required economic investment
• The applicant must pay all required fees as per St Lucia’s 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 Program Advantages

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

Why use Global Citizen Solutions?

Global Citizen Solutions is a multidisciplinary firm offering bespoke residence and citizenship solutions in Europe and the Caribbean. In a world where the economy and politics are unpredictable, having a second citizenship opens up opportunities and creates flexibility for you and your family.

So, why work with Global Citizen Solutions to obtain St Lucia citizenship?

• Authorized International Marketing Agent. Global Citizen Solutions have official certification by the Government of St Lucia to promote and market their Citizenship by Investment program. You can find a copy of our certificate by clicking the image on the right
• Global approach by local experts. We are corporate members of the Investment Migration Council, with local expertise in all five Caribbean CBI programs.
• 100 percent approval rate. We have never had a case rejected and will offer you an initial, free-of-charge, due diligence assessment before signing any contract.
• Independent service and full transparency. We will present to you all the investment options available, and all expenses will be discussed in advance, with no hidden fees.
• An all-encompassing solution. A multidisciplinary team of immigration lawyers, investment specialists, and tax experts will take into consideration all your and your family's mobility, tax, and lifestyle needs.
• Confidential service and secure data management. All private data is stored within a GDPR-compliant database on a secure SSL-encrypted server.

Frequently Asked Questions About St Lucia Banks