Banks in Antigua and Barbuda: Services, Fees, and Benefits

antigua banks
Contents

Local and offshore banks in Antigua and Barbuda cater to citizens, residents, and foreign investors, providing financial services, including retail and business banking. This guide will provide insights into Antigua’s banking system, discussing products and services, its benefits, and how to open local and offshore accounts.

The Antigua Banking System

banks in antigua

The Eastern Caribbean Central Bank (ECCB) regulates local (onshore) financial institutions in Antigua and Barbuda. Offshore banks are regulated by the Financial Services Regulatory Commission (FSRC). The FSRC is the sole governing authority for non-bank financial institutions and controls policies concerning forming International Business Companies (IBCs).

The FSRC operates under section 2 of the Financial Services Regulatory Act No.5 of 2013 and was established to regulate and supervise all institutions authorized according to the International Business Corporations Act. The FSRC regulates these institutions according to the Offshore Banking Acts.

Antigua and Barbuda has Tax Information Exchange Agreements with jurisdictions including Canada, Australia, France, the United Kingdom, and the United States.

Controlled by the Eastern Caribbean Central Bank (ECCB), the Eastern Caribbean Dollar (XCD or EC), pegged at a rate of EC 2.7 to $1 USD, is central to Antigua and Barbuda’s banking system as the country’s official currency. It is the primary currency for both personal and commercial transactions and is integral to day-to-day financial operations.

List of Banks in Antigua and Barbuda

antigua and barbuda banks

Most national and international banks in Antigua and Barbuda offer a combination of services to suit the requirements of individuals and businesses. These primary banks provide reliable onshore and offshore banking services in Antigua and Barbuda.

Bank

Function

ACB Caribbean (formerly Antigua Commercial Bank Ltd.)

Founded in 1995, ACB is one of Antigua and Barbuda’s most prominent commercial banks. The major regional bank is located in St John’s and has branches across the twin-island nation, providing personal and commercial banking services, credit cards, loans, and investment assistance. The bank’s asset base is over EC 1 billion.

Caribbean Union Bank (CUB) Ltd.

The CUB was established in 2005, and customer experience is central to its services. The bank offers personalized and innovative banking solutions through services, including savings, checking, and business accounts, loans, credit cards, and foreign currencies.

Eastern Caribbean Amalgamated Bank (ECAB)

The ECAB is a relatively new bank, established in 2010. It is one of the largest banks in Antigua and Barbuda, located in English Harbour, and a renowned financial institution offering personal and corporate accounts, credit cards, loans, mortgages, and investment and offshore banking solutions. The ECAB has established advanced banking facilities, competitive interest rates, and efficient customer service.

Global Bank of Commerce Ltd.

Launched in 1983, the Global Bank of Commerce is one of the Eastern Caribbean’s biggest banks. It offers personal and corporate checking accounts, international banking and offshore services, financial trade, and investment solutions. The commercial bank is dedicated to securing its customers’ privacy and providing individualized services.

CIBC FirstCaribbean International Bank

CIBC FirstCaribbean, a Canadian Imperial Bank of Commerce subsidiary headquartered in the Bahamas, has established branches in Antigua and Barbuda. The large regional bank offers personal and commercial bank accounts, fixed term deposits, digital banking options, wealth management solutions, credit cards, loans, and mortgages.

Antigua and Barbuda Development Bank (ABDB)

ABDB was formed in 1971 and is one a primary Antigua and Barbuda investment bank. It specializes in medium and long-term development financing for productive sectors. The ABDB has even subsidized numerous commercial endeavors, including the export of Antigua Black Pineapples to Norway, making it ideal for individuals and corporate entities.

Caribbean Union Bank, ACB Caribbean, Global Ban of Commerce, and Eastern Caribbean Amalgamated Bank are members of the Caribbean Association of Banks. Though CIBC FirstCaribbean is not a member, the Eastern Caribbean Central Bank licenses its mobile banking services in Antigua.

Scotiabank and Royal Bank of Canada had a banking presence in Antigua and Barbuda. However, Scotiabank sold its operations to the Eastern Caribbean Amalgamated Bank in 2021, and ACB Caribbean acquired the Royal Bank of Canada’s operations in the same year.

Who can open a bank account in Antigua and Barbuda?

banks in antigua and barbuda

Antigua and Barbuda has broad criteria for individuals and entities who can open local and offshore accounts in the country.

Citizens: Antigua and Barbuda citizens can easily open personal or corporate bank accounts as part of their citizenship rights.

Expats: Foreigners living in Antigua and Barbuda can open bank accounts in Antigua and Barbuda, requiring national identification and proof of address.

Legal entities: Corporations registered in Antigua and Barbuda can open corporate bank accounts by submitting incorporation and director identification documents.

Foreign citizens: Antigua and Barbuda has an established offshore bank system, entitling foreigners to open bank accounts, provided they have a valid ID, a legal source of funds, and make a minimum deposit.

Foreign businesses: Offshore banks in Antigua and Barbuda allow legal entities registered in foreign jurisdictions to open bank accounts. This generally requires business registration documents, director ID, proof of funds, and an initial deposit.

Trusts and foundations: Antigua and Barbuda banks offer account services to trusts or foundations, typically requiring formal documentation related to their purpose and administration.

Take a look at our Antigua and Barbuda Citizenship by Investment Ultimate Guide

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Antigua Banking Services and Products

Comparing products and services is essential when considering banking services as a foreigner or retiree in Antigua and Barbuda. Global investors may look at retail and commercial banks in Antigua that provide offshore services, whereas Antigua residents often seek ordinary banking services requiring minimal maintenance.

Antigua bank account types

Checking, savings, trading, corporate, and escrow accounts to buy Antigua and Barbuda real estate are available at retail and commercial banks in Antigua and Barbuda. Banks transact in the Eastern Caribbean Dollar, and major banks like the Global Bank of Commerce offer foreign currency accounts in US dollars and other common currencies such as British Pounds Sterling, Canadian Dollars, Euros, and Japanese Yen.

The following table indicates the types of bank accounts individuals and companies can open in Antigua and Barbuda.

Account type

Individual

Corporation

Function

Currency account

Yes

Yes

Checking, savings account, or term deposit in foreign currencies.

Checking account

Yes

Yes

Day-to-day transactions

Escrow account

Yes

Yes

Secures a real estate purchase transaction during the construction phase. The buyer’s funds are held in the account until the developer has fulfilled their contractual obligations.

Savings account

Yes

Yes

Storing and increasing savings. Deposits and withdrawals can be made at any time.

Term deposit

Yes

No

Opened for a specific term of 3, 6, or 12 months. Money withdrawn ahead of schedule results in cancellation of profits and a penalty.

Company account

No

Yes

Enables businesses to make and accept payments. Allows businesses to accept payments from credit cards and electronic methods.

Trading account

Yes

Yes

Allows individuals or legal entities to buy and sell financial instruments, such as shares, stocks, bonds, commodities, and currencies.

Bank service fees in Antigua and Barbuda

Antigua and Barbuda banking service fees vary. For instance, you can pay $50 annually for a credit card and $7 to $10 per month for a checking account in US dollars.

ABC Caribbean

Caribbean Union Bank

Eastern Caribbean Amalgamated Bank

Global Bank of Commerce

Checking Account (Individual)

EC $20 monthly

EC $35 monthly

EC $20 monthly

$10 monthly

Checking Account (Legal Entity)

EC $20 monthly

EC $50 plus monthly

EC $20 monthly

$10 monthly

Debit Card

No charge for debit cards

EC $40 plus annually

No charge

Credit Card

EC $100 plus annually

EC $125 annually

$50 plus annually

Trading Account

EC $150 annually

Safety Deposit Box (Small)

EC $200 annually

EC $125 annually

EC $130 annually

How to Open a Bank Account in Antigua and Barbuda

offshore banking services in antigua

Foreign nationals and residents can open accounts to access Antigua and Barbuda banking services. Obtaining Antigua and Barbuda citizenship by investment simplifies bank account opening process for a foreign national and non-CARICOM citizen. Several banks accept documents submitted online. However, a foreign national may need to provide additional documentation in certain circumstances.

Opening a bank account remotely

The Antigua Commercial Bank, Eastern Caribbean Amalgamated Bank, and CIBC FirstCaribbean Bank are three banks in Antigua and Barbuda that allow prospective clients to open accounts remotely.

Required documents

To adhere to regulations enforced by the Eastern Caribbean Central Bank (ECCB) and Financial Services Regulatory Commission (FSRC), Antigua banks conduct due diligence checks on potential customers, which requires analyzing the following documents:

Individuals 

  • Identity document (valid passport, driver’s license)
  • Proof of residential address (utility bills, letter from a landlord or bank, envelope with postage stamp)
  • Proof of residency (for foreign residents)
  • Letter from your employer, on the company letterhead, indicating your place of work, position, employment period, and salary
  • Invoices and income declarations (if self-employed or entrepreneur)
  • Proof of income source for the last year
  • Two letters of recommendation from another bank or highly qualified specialist, e.g., doctor or lawyer (for foreign nationals)

 Legal entities 

  • Two forms of identification for each beneficiary, director, and individual with the right to sign
  • Certification of registration or articles of association
  • Certificate of Good Standing (or equivalent)
  • Corporation’s financial statements for the last quarter
  • Certificate of composition of shareholders and appointment of directors
  • Letter of recommendation from another bank (for foreign companies)
  • 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.

Eight Reasons to Open a Bank Account in Antigua and Barbuda

  1. Antigua and Barbuda has a strong banking system upheld by robust regulations.
  2. The country’s official currency (Eastern Caribbean Dollar) is pegged to the US dollar, making international and local banks in Barbuda and Antigua stable and ensuring predictable Antigua living costs.
  3. Antigua banking services offer easy access to trade with members of the Caribbean Community (CARICOM).
  4. Banks in Antigua and Barbuda offer advanced online and mobile banking services, including regularly update apps and 24-hour account access.
  5. The 2020 World Bank Ease of Doing Business report ranked Antigua and Barbuda among the top countries, highlighting its commitment to improving business efficiency in the country.
  6. Antigua and Barbuda’s international banking services are tailored to international clientele, offering multi-currency accounts, wealth management, and investment services.
  7. Funds held in Antigua and Barbuda bank accounts are not subject to Antigua taxes on income, capital gains, wealth, or inheritance.
  8. Antigua and Barbuda’s citizenship by investment program simplifies the process of opening an account while granting an Antigua and Barbuda passport and enhancing the account holder’s protections as a citizen.

Discover the Benefits of an Antigua and Barbuda Passport

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Frequently Asked Questions about Antigua Banks

US citizens can open bank accounts in Antigua whether they’re residents or non-residents, provided they fulfill the bank’s eligibility criteria.

ACB Caribbean is Antigua and Barbuda’s largest bank and one the largest banks in the Caribbean, with an asset base exceeding EC $1 billion.

Stanford International Bank operated in several Caribbean islands, including Antigua, between 1986 and 2009 before going into receivership due to the failure of the parent company, Stanford Financial Group, which the US government seized in early 2009 in connection with an investigation into Allen Stanford.

Residents, non-residents, or tourists just exploring things to do in Antigua and Barbuda can open bank accounts in Antigua and Barbuda as the country has an established offshore banking sector, which has become increasingly popular among foreign nationals and businesses.

Antigua and Barbuda’s attractive Caribbean taxes includes no income, capital gains, inheritance, or wealth taxes. International Business Companies (IBCs) in Antigua and Barbuda can access income tax holidays.

The process to transfer money internationally from an Antiguan bank account varies. Some banks in the Antigua and Barbuda banking sector may allow you to submit an online through an online banking app or website.

Most businesses and institutions, including supermarkets, hotels, restaurants, retail stores, and medical centers in Antigua, accept payment in Eastern Caribbean Dollars (EC). In specific tourist areas, businesses may accept USD, but the conversion rate is generally not favorable. Many banks providing escrow account services in Antigua and Barbuda allow Caribbean real estate purchases to be made in USD.

The best banks in Antigua and Barbuda are:

  1. ACB Caribbean
  2. Eastern Caribbean Amalgamated Bank
  3. CIBC FirstCaribbean International Bank
  4. The Antigua & Barbuda Development Bank
  5. Global Bank of Commerce Ltd
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