Caribbean Banking in 2022-2023: Expert Recommendations

Caribbean banking is still good – despite some turmoil in the banking sector. You can find excellent offers at moderate cost to satisfy your personal and corporate banking needs. However, you have to know where to look: if you pick just any Caribbean bank, the results may be deplorable.

We at Offshore Pro Group help clients from different countries choose the right bank in the Caribbean. Our recommendations are based on real cases, and we have local contacts on site as the Caribbean banks are reluctant to talk to prospective clients directly. 

This is a brief outline of the main Caribbean destinations, and you can read a longer version on our portal. 

St. Lucia

Features:

• 14 banks, not all actively operating

• One trusted institution: Proven Bank (PB)

• PB offers quick wire transfers

• PB is a conservative bank that does not open accounts quickly

Our opinion: 

If you need an account in Saint Lucia, opt for Proven Bank. You will be a client of a bank with an unblemished reputation that provides high-quality banking. Your counterparties will be impressed with the speed of PB’s wire transfers. Contact our experts to open an account online!

Belize

Features:

• A banking paradise!

• Favorable laws in the financial sector

• An impressive variety of services

• Best institution: Caye International Bank

• Swiss service at a moderate cost

Our opinion: 

This is the destination we definitely recommend to all clients. Both individuals and legal entities will have all their needs satisfied, and they will not pay an arm and a leg for the services. We can help you open an account with a respected Caye International Bank – just contact our experts on the portal!

Antigua and Barbuda

Features:

• Stable financial sector

• 8 banks operating internationally

• The range and level of services you will appreciate

Our opinion: 

Antigua and Barbuda’s banking sector was considerably shaken up before 2013, and then the country adopted its own legal framework and made its banking institutions the pillar of its economy. Contact Antiguan banks through an agent: they mostly accept new clients by recommendation.

Dominica

Features:

• Banking is risky

• Banking licenses revoked and never renewed

• Signs of chaos in the banking sector

Our opinion: 

If you are going to open an account in 2022-2023, you’d better keep away from Dominica as the country’s financial stability is not as good as it used to be. Several of our clients decided to accept the risks and lost their money. Following that, we decided not to recommend the destination – at least for the time being.

St. Kitts and Nevis

Features:

• Banking system experiencing mild turbulence

• Our recommendation: International Merchant Bank (IMB)

• IMB is not a crypto-friendly bank

Our opinion: 

The jurisdiction’s banking sector in general is not on top of our recommendations, while the International Merchant Bank definitely is. The institution is rather picky about clients, so don’t expect an account to be opened overnight. But you will finally get good banking at reasonable fees, so the whole procedure is worth it. As for crypto, look for other options.

Caribbean banks are not suitable for large-scale crypto transactions. If your company is planning an ICO or managing a crypto exchange, you’d better look elsewhere. However, if your crypto ambitions are not that high, you can contact our expert to get assistance in finding the right option to suit your needs.

Visit our portal and use the live chat or information on top of the page to schedule a meeting with our specialist.