The Federation of Saint Christopher and Nevis hosts numerous banks providing services to citizens, foreign residents, international investors, and businesses. Gain insights into banks in St Kitts and Nevis, including their products, benefits, local and offshore account opening processes, and the banking system.
The St Kitts and Nevis Banking System
The Eastern Caribbean Central Bank (ECCB) governs the financial framework for local (onshore) banking operations in St Kitts and Nevis. The Financial Services Regulatory Commission (FSRC) is St Kitts and Nevis’s sole financial services regulatory body, enforcing banking regulations, data protection policies, and anti-money laundering prevention measures established by the ECCB.
The FSRC was established under the Financial Services Regulatory Commission Act of 2009. Its oversight includes International Business Companies (IBCs) and non-bank financial institutions, such as insurance and gaming companies.
Managed by the ECCB, the Eastern Caribbean Dollar (EC or XCD), pegged at EC 2.7 to 1 United States Dollar, is central to the St Kitts and Nevis banking system as the nation’s official currency. It is the primary currency for both personal and commercial financial transactions and is essential to day-to-day financial operations.
List of Banks in St Kitts and Nevis
Most local and offshore banks in St Kitts and Nevis offer a wide range of products to suit the requirements of individuals, businesses, and international customers. These banks provide reliable physical and online banking services in St Kitts and Nevis.
Local banks
Bank | Function |
St. Kitts-Nevis-Anguilla National Bank Limited | Founded in 1971, the St. Kitts-Nevis-Anguilla National Bank Limited–SKNA National Bank–is the largest financial institution in St Kitts and Nevis. It is also the oldest national bank in the country and has five branches in St Kitts and one in Nevis. The bank provides regular checking and target savings account services, credit cards, and personal loans. |
Development Bank of St Kitts and Nevis | The Development Bank of St Kitts and Nevis (DBSK-N), formally known as The Development Finance Corporation, has served the country’s citizens for over 40 years. The bank is arguably one the most important St Kitts financial institutions, supporting the development of citizens through business, mortgage, and student loans, as well as a personal development fund. |
Bank of Nevis (BON) | The Bank of Nevis began operating in 1985 as a move to stimulate business development, job creation, and housing stock on the island. It is a member of the Caribbean Association of Banks and provides a range of services, from personal and corporate accounts to multi-level loans and brokerage accounts. |
Republic Bank (EC) Limited | The Republic Bank coined its name in 1981 and began operating in St Kitts and Nevis in 2021 after acquiring Scotiabank’s Eastern Caribbean banking operations. Republic Bank is one of the Caribbean’s largest, offering checking and savings account services and borrowing and investment products. |
Credit unions
Bank | Function |
St Kitts Co-operative Credit Union (SKCU) | St Kitts Co-operative Credit Union is a member-owned financial institution providing members affordable and accessible financial solutions. The institution promotes financial independence and community development through savings and personal loans. |
Nevis Co-Operative Credit Union (NKCU) | Like SKCU, Nevis Co-Operative Credit Union serves a similar purpose for its members, driving fiscal independence and development through various options to save and access loans. |
Police Co-operative Credit Union (PPCU) | The Police Co-operative Credit Union (PPC) exclusively supported St Kitts and Nevis police officers when it was initiated in 1984. Today, the PPCU is available for all citizens to join, distributing a variety of financial products and personal development programs. |
First Federal Credit Union Bank (FFCCU) | The First Federal Co-operative Credit Union Limited is a member-driven credit union that emphasizes providing its members with tailored financial services, including education support, to improve their financial well-being. |
International banks
Bank | Function |
Hamilton Reserve Bank | Hamilton Reserve Bank is the Caribbean’s largest international bank. The bank began operating in St Kitts in 2013 under the Financial Services Regulatory Commission’s (FSRC) oversight. The bank caters to global investors through business banking, asset management, trust, and escrow account services. |
International Merchant Bank Limited (IMBL) | International Merchant Bank Limited (IMBL) is a global bank founded in 2003 and headquartered in St Kitts. The bank services individuals, corporations, and institutions, and its services include personal and private banking, credit, and foreign currency accounts. |
Bank of New Innovation Limited (BONI) | Established in 1998, BONI is a leading international bank in Nevis. The bank provides several tailored financial services and products for local and international customers, including bespoke mortgages, school and college fee planning, and holistic wealth management. |
CIBC Caribbean Bank | A branch of FirstCaribbean International Bank launched in 2002, CIBC Caribbean Bank has a branch in Basseterre, the capital city. The internal bank serves a broad clientele through its personal, corporate, investment, and private wealth services. |
Who can open a bank account in St Kitts and Nevis?
St Kitts and Nevis has broad criteria for opening personal and corporate accounts.
Citizens: As part of their citizenship rights, St Kitts and Nevis citizens can easily open personal or business bank accounts or become members of St Kitts and Nevis credit unions.
Foreign residents: Expats and foreign retirees living in St Kitts and Nevis can open bank accounts, which typically require national identification, proof of residency, and proof of address.
Businesses: Corporations registered in St Kitts and Nevis can open a corporate bank account by providing incorporation and director identification documents.
International investors: St Kitts and Nevis offshore banks allow foreigners to open offshore accounts, provided they have valid identification, a legal source of funds, and fulfill minimum deposit requirements.
Foreign companies: Offshore banks in St Kitts and Nevis allow foreign businesses to open bank accounts to conduct international business activities through online services. Opening an offshore bank account as a foreign company typically requires incorporation documents, director ID, proof of funds, and a minimum deposit.
Trusts and foundations: International banks in St Kitts and Nevis offer asset management, philanthropic advisory, and administrative support services to trusts or foundations, generally requiring formal documentation related to their purpose and administration.
Take a look at our St Kitts and Nevis Citizenship by Investment Ultimate Guide
St Kitts and Nevis Banking Services and Products
Evaluating products and services is essential when considering personal and investment banking in St Kitts and Nevis. International clients may look at St Kitts banks that provide offshore investment and cash management solutions. In contrast, those living in St Kitts and Nevis often seek ordinary banking services, such as a regular savings account.
Types of bank accounts in St Kitts and Nevis
Banks across St Kitts and Nevis provide checking, savings, trading, merchant, foreign currency, and escrow accounts for buying St Kitts and Nevis real estate. Banks transact in the East Caribbean Dollar, and major banks like the SKNA National Bank and Republic Bank (EC) Limited offer foreign currency account options, including the following currencies:
- United States Dollar
- British Pound Sterling
- Euro
- Canadian Dollar
- Japanese Yen
- UAE Dirham
- Swiss Franc
- Hong Kong Dollar
- Australian Dollar
- Singapore Dollar
The table below indicates the types of bank accounts individuals and businesses can open in St Kitts and Nevis.
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 property purchase during the construction phase. The buyer deposits money into the escrow account, which is held 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 fixed term of as little as one month up to five years. Fixed deposit funds withdrawn ahead of schedule result in cancellation of profits and a penalty. |
Company account | No | Yes | Enables businesses to make payments and accept payments from credit cards and other electronic methods. |
Trading account | Yes | Yes | Allows individuals or companies to buy and sell financial assets, such as shares, stocks, bonds, commodities, and currencies. |
Bank service fees in St Kitts and Nevis
St Kitts and Nevis banking service fees vary. For instance, you can pay $100 annually for a credit card and $10 monthly for a checking account.
SKNA National Bank | Bank of Nevis | Republic Bank (EC) Limited | |
Checking Account (Individual) | EC $25 one-time fee | EC $11.70 monthly | EC $13 monthly |
Checking Account (Legal Entity) | EC $25 one-time fee | EC $23.40 monthly | EC $20 monthly |
Debit Cards | No charge | No charge | No charge |
Credit Cards | EC $125 plus annually | EC $117 annually | No charge |
Safety Deposit Box (Small) | EC $150 annually | EC $175.50 annually | EC $150 annually |
International Merchant Bank Limited and BONI offer international client accounts and provide personalized banking rates and minimum deposit amounts.
How to Open a Bank Account in St Kitts and Nevis
Citizens and legal residents can open a St Kitts or Nevis bank account. Obtaining St Kitts and Nevis citizenship by investment streamlines the experiences for foreigners and non-CARICOM citizens opening checking and savings accounts. Several commercial banks in St Kitts and Nevis accept documents submitted online. However, the number of required documents may increase in some cases.
Opening a bank account remotely
SKNA National Bank, BONI, and Hamilton Reserve Bank are three St Kitts and Nevis banks that allow individuals and businesses to open accounts remotely.
Required documents
To comply with regulations implemented by the Eastern Caribbean Central Bank (ECCB) and Financial Services Regulatory Commission (FSRC), Banks in Nevis and St Kitts conduct due diligence checks on potential customers, which involve assessing the following documents:
IndividualsÂ
- Identity document (valid passport, national ID, driver’s license)
- Proof of address (recent utility bill, letter from a landlord or bank, envelope with postage stamp)
- Proof of residency (for foreign residents)
- Letter from 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., an engineer or civil servant (for foreign nationals)
Companies
- 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 and bank statements for the last quarter
- Certificate of composition of shareholders and appointment of directors
- Letter of recommendation from another bank (for foreign legal entities)
- TIN (tax identification number) if not registered in St Kitts and Nevis
While the account opening process for foreigners is relatively straightforward, it’s even easier for citizens of the country.
Seven Reasons to Open a Bank Account in St Kitts and Nevis
- St Kitts and Nevis’s Financial Services Regulatory Commission ensures the country’s robust banking and data protection regulations are enforced.
- St Kitt’s and Nevis’s official currency (Eastern Caribbean Dollar) is pegged to the US dollar, ensuring stability for international and national banks in the country.
- As a member of CARICOM, St Kitts and Nevis banking services streamline trade with member states.
- Banks in St Kitts and Nevis provide modern online and mobile banking services, including frequently updated apps and 24-hour account access for interbank and international transfers.
- Offshore banking in St Kitts and Nevis is customized for an international clientele, offering multi-currency accounts, holistic wealth management, escrow, and investment services.
- Money held in current and savings accounts in St Kitts and Nevis is not subject to income, capital gains, wealth, or inheritance taxes.
- The St Kitts and Nevis citizenship by investment program eases the process of opening a bank account while granting a powerful St Kitts and Nevis passport, enhancing the account holder’s protection while expanding mobility.
Discover the Benefits of a St Kitts and Nevis Passport
Frequently Asked Questions about St Kitts and Nevis Banks
St. Kitts-Nevis-Anguilla National Bank Limited is St Kitts and Nevis’s largest bank, with an EC $3.79 billion asset base in 2023. Other large banks in St Kitts and Nevis are Republic Bank and the Development Bank of St Kitts and Nevis.
There are 10 to 15 banks in St Kitts and Nevis, comprising local and international banks.
Foreigners, whether citizens, residents, or non-residents, can open a bank account in St Kitts or Nevis, provided they fulfill the bank’s eligibility criteria.
While St Kitts and Nevis taxes are favorable, imposing no income, inheritance, wealth, or capital gains taxes, tax implications for individuals and businesses banking in St Kitts and Nevis depend on whether Caribbean tax residency in St Kitts and Nevis has been established.
The steps to make international money transfers from a St Kitts and Nevis bank account vary. Some banks have a swift system that facilitates international transfer requests online through the bank’s official website or app.
All banks in St Kitts and Nevis are tightly regulated by the Eastern Caribbean Central Bank (ECCB) and Financial Services Regulatory Commission (FSRC), making them safe for personal and business banking needs. Banks such as SKNA National Bank provide mobile banking apps with security features that allow account holders to activate or block debit cards instantly.
The minimum cost to obtain an offshore banking license in Nevis includes:
- A non-refundable application fee of $2,000
- An annual unrestricted license fee of $8,000 ($4,000 for a restricted license)
- A minimum capital investment of $2 million
The best banks in St Kitts and Nevis are:
- SKNA National Bank
- Bank of Nevis
- Republic Bank (EC) Limited
- Hamilton Reserve Bank
- International Merchant Bank Limited
- BONI
