Banks in St Lucia meet the needs of citizens, foreign residents, international businesses, and overseas investors by delivering various financial products and services, from personal and commercial bank accounts to escrow services and asset management. Gain further insight into banking in St Lucia through a breakdown of the following:
- Banks list
- Financial system
- Financial services
- Account types
- Benefits
- Remote account opening process
St Lucia Banking System Overview
St Lucia’s banking system is regulated by the Eastern Caribbean Central Bank (ECCB), the primary governing authority over the Caribbean’s financial framework and financial institutions operating in the region.
The Financial Services Regulatory Authority (FSRA) of St Lucia, established under the Financial Services Regulatory Authority Act, No. 13 of 2011, is St Lucia’s financial sector control unit tasked with enforcing regulations established by the ECCB. Oversight from the FSRA includes International Business Companies (IBCs) and non-bank financial institutions such as:
- Investment firms
- Pension funds
- Mortgage companies
- Insurance companies
Directed by the Eastern Caribbean Central Bank (ECCB) and regulated by the Eastern Caribbean Currency Union (ECCU) is the Eastern Caribbean Dollar (XCD or EC), pegged at EC 2.7 to 1 United States Dollar, which is St Lucia’s official currency.
It is the primary currency for both individual and business financial dealings and is essential to day-to-day financial operations.
List of Banks in St Lucia
St Lucia’s banks offer services to citizens, foreign nationals living in St Lucia, international investors, national and multinational businesses, trusts, and funds. This table contains a list of banks in St Lucia that operate and have bank branch locations in its territory:
National
Bank | Function |
1st National Bank St. Lucia | 1st National Bank St. Lucia was established in 1938 as St. Lucia Co-operative Bank Limited. It is the nation’s most prominent and oldest national bank, providing several services, including commercial and personal account options. The bank’s head office is located in Gros Islet, and it has nine branches across the island. |
Bank of Saint Lucia (BOSL) | The Bank of Saint Lucia was established in 2001 following the merger of National Commercial Bank and the Saint Lucia Development Bank. As an Eastern Caribbean Financial Holding Company subsidiary, the bank provides personal, investment, and merchant banking services. The main branch is located in Roseau, the capital city. BOSL has five branches in St Lucia and the country’s largest ATM network. |
Saint Lucia Development Bank (SLDB) | Saint Lucia Development Bank (SLDB) was formed as a body corporate under the Saint Lucia Development Act, No. 12 of 2008. The bank’s primary purpose is to stimulate economic development by supplying development-related funding and loans for agriculture projects, housing, education, and startups involved with industries such as tourism and renewable energy. |
St Lucia Workers Credit Union (SLWCU) | St Lucia Workers Credit Union is a not-for-profit financial institution established in 1982 that provides various services to its members, including banking services like current accounts alongside programs such as financial literacy training. |
International
Bank | Function |
First Citizens | Under parent company, First Citizens Group Financial Holdings Limited (FCGFH), First Citizens Bank is a community driven international bank serving customers across the Eastern Caribbean. Services include personal and corporate accounts, and global investment solutions. |
Hermes Bank Ltd | Hermes Bank began its banking operations in St Lucia in 2012. It is one of St Lucia’s most reliable financial institutions, allowing customers to manage accounts 24/7 through an expert customer support team. |
Berkeley Branch & Trust | Berkeley Branch & Trust is an international bank with an office in Gros Islet. Operating under Berkeley Financial Holdings based in London, the bank offers financial solutions for individuals, legal entities, and institutions, including deposit accounts and private capital management services. |
Euro Exim Bank Ltd | Euro Exim Bank is a global financial institution headquartered in St Lucia. As an associate member of the Caribbean Association of Banks Inc. (CAB), the bank has an assured reputation for its import and export financial services. |
CIBC Caribbean Bank | CIBC Caribbean Bank became a subsidiary of FirstCaribbean International Bank in 2002. The bank is popular among St Lucians and foreign residents, especially retirees, due to its senior checking and savings account services. The bank has three branches located in Castries, Vieux Fort, and Rodney Bay. |
Proven Investments Limited | Proven Investments Limited (previously Boslil Bank Limited) is a St Lucia-incorporated international bank operating under the International Banks Act, Cap 12.17. This reliable bank is a leading institution for multi-currency accounts and payment services. |
Sagicor | Sagicor is one of the largest Caribbean banks, with operations in 22 countries throughout the Americas. The bank began its operations in St Lucia as Sagicor Finance under the Commercial Code of St Lucia in 1989. The bank is a popular provider of residential and commercial mortgages and comprehensive insurance services. |
Republic Bank St. Lucia | Republic Bank (EC) Limited adopted its title in 1981 and is a popular service provider in several Caribbean countries. The bank acquired Scotiabank’s St Lucia operations in 2021 and now delivers savings and current account services to individuals and businesses. The bank has three branches located in Castries, Vieux Fort, and Gros Islet. |
Caribbean Association of Banks members
The Caribbean Association of Banks (CAB) is the official representative for bank and non-bank financial institutions in the Caribbean. 1st National Bank St. Lucia Ltd is St Lucia’s largest commercial bank and the only national bank with general membership. Associate members include Euro Exim Bank Ltd, Berkeley Branch & Trust, and Hermes Bank Ltd.
Who can open bank accounts in St Lucia?
St Lucia’s banking system allows the following individuals and entities to open personal and corporate accounts:
Nationals: Citizenship rights for St Lucia nationals include the option to open savings or checking accounts or become members of national credit unions.
Foreign residents: Expats and foreign retirees in St Lucia can open a bank account in St Lucia, provided they can present a national ID card proving legal residence, and proof of address.
Companies: St Lucia-registered corporations can open a corporate bank account by providing incorporation and director identification documents.
Foreign investors: Offshore bank accounts are available to international investors, provided they have valid identification, can prove a legal source of funds, and fulfill minimum deposit requirements.
International corporations: Foreign corporations can open offshore accounts in St Lucia. For international corporations to open an offshore business account, they’re typically required to provide incorporation documents, director identification, proof of funds, and a minimum deposit.
Trusts and foundations: Asset management, philanthropic services, and structural support are available to trusts or foundations at international banks in St Lucia. This requires formal documentation demonstrating their purpose and formation.
Take a look at our St Lucia Citizenship by Investment Ultimate Guide
St Lucia Banking Services and Products
The top banks in St Lucia serve citizens, expats, companies, and institutions. Their products include several account options, including savings, checking, merchant, multi-currency, and escrow accounts to buy off-plan St Lucia real estate.
Major banks in St Lucia, such as Berkeley Branch & Trust and CIBC Caribbean, allow account holders to hold the following currencies:
- Japanese Yen
- US Dollar
- UAE Dirham
- Swiss Franc
- Hong Kong Dollar
- Australian Dollar
- Singapore Dollar
- Canadian Dollar
- British Pound Sterling
Types of bank accounts in St Lucia
The table below indicates the bank account types available for personal and commercial use in St Lucia.
Account type | Individual | Corporation | Function |
Foreign currency account | Yes | Yes | Checking, savings, or term deposits in foreign currencies. |
Checking account | Yes | Yes | Day-to-day transactions |
Escrow account | Yes | Yes | Secures a property investment 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 as little as one month up to five years. Funds withdrawn ahead of schedule result in cancellation of profits and a penalty. |
Company account | No | Yes | Enables legal entities to make payments and accept payments from credit cards and other electronic methods. |
Trading account | Yes | Yes | Allows individuals or corporations to buy and sell financial assets, such as shares, stocks, government bonds, commodities, and currencies. |
St Lucia services for online and mobile banking
The best Caribbean banks in St Lucia offer online banking that allows local and overseas account holders to access account statements, transfer money between accounts, make and receive international transfers, and pay mobile and utility bills.
1st National Bank St. Lucia | Bank of Saint Lucia (BOSL) | Republic Bank St. Lucia | CIBC Caribbean Bank | |
Checking Account (Individual) | EC $5 monthly (EC $100 minimum deposit) | EC $7.50 monthly | EC $13 monthly (No charge for account holders aged 60 and over) | EC $10 monthly |
Savings Account (Individual) | No charge (EC $500 minimum balance) | EC $3 monthly | EC $5 monthly | EC $8 monthly |
Checking Account (Legal Entity) | EC $7.50 monthly (EC $100 minimum deposit) | EC $35 monthly | EC $10 plus monthly | EC $30 monthly |
Debit Card | EC $20 annually | No charge | No charge | No charge |
Credit Card | EC $100 plus annually | No charge | EC $150 plus annually | No charge |
Safety Deposit Box (Small) | EC $125 annually | EC $230 annually | EC $125 annually | EC $125 annually |
Other banks, such as Euro Exim Bank Ltd, offer more personalized Caribbean banking services. Their associated fees vary depending on deposit amounts and terms.
How to Open a Bank Account in St Lucia
Overseas investors and residents of St Lucia can open accounts in the country. If you choose to open an account remotely, the financial policy set by the ECCB for banks in St Lucia requires documents to be sent to the bank by mail with an apostille and notary certification.
Documents required:
Individuals
- Identity document (valid passport, driver’s license, national identification card)
- Proof of address (utility bill, letter from a landlord or bank, electoral registration card)
- Proof of residency, such as a resident card (for foreign residents)
- Employment contract 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 professional, e.g., a solicitor or accountant (for foreign citizens)
Legal entities
- Two forms of identification for each beneficiary, director, and business acquaintance 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)
- Tax identification number (TIN) if the corporation is not registered in St Lucia
Opening a bank account remotely
Banks will request additional documentation from international investors to open accounts remotely. For example, the Bank of Saint Lucia (BOSL) requires foreigners to provide two forms of identification instead of the one required for citizens.
Foreign investors who obtain citizenship in St Lucia through the St Lucia citizenship by investment program enjoy a streamlined account opening process with fewer KYC (Know Your Customer) requirements.
Seven Reasons to Open a Bank Account in St Lucia
- St Lucia’s Financial Services Regulatory Authority (FSRA) is an efficiently governed authority, overseeing banks and non-bank St Lucia financial institutions to ensure compliance, transparency, and trust in the country’s financial system.
- St Lucia’s official currency (Eastern Caribbean Dollar) is pegged to the US dollar, which maintains stability within its banking system.
- St Lucia has strong diplomatic ties, including membership of CARICOM and OECS, facilitating ease of doing business within the region.
- Commercial banks in St Lucia provide modern online and mobile banking services, including frequently updated apps and 24-hour account access.
- The offshore services of the St Lucia banking sector are geared toward international investors and renowned for their technological innovation in online banking.
- Funds held in checking and savings accounts in St Lucia are not subject to foreign income, capital gains, wealth, or inheritance taxes.
- The St Lucia citizenship by investment program eases the way successful applicants handle banking in the country, along with issuing a strong St Lucia passport for enhanced protection and travel benefits.
Discover the Benefits of a St Lucia Passport
Get in touch with a Caribbean Citizenship by Investment specialist
Frequently Asked Questions about St Lucian Banks
St Lucia has around 30 to 35 financial institutions, with 12 being national and international banking institutions.
The St Lucia banking system allows foreign nationals to open accounts at international banks, but the process takes longer and has more requirements than it does for legal residents and nationals.
The regulator of onshore and offshore bank in St Lucia is the Financial Services Regulatory Authority (FSRA), which assumed the responsibilities of the Financial Sector Supervision Unit (FSSU) when it was formed in January 2014.
1st National Bank St. Lucia is St Lucia’s largest bank. Besides 1st National Bank, two more of the largest banks in St Lucia are Bank of St Lucia and Saint Lucia Development Bank.
St Lucia’s central banking authority is the Eastern Caribbean Central Bank (ECCB), which was established in 1983 as the monetary authority for eight Eastern Caribbean states.
St Lucia does not impose foreign income, capital gains, inheritance, or wealth taxes on foreign investors. If you become a St Lucia tax resident, you’ll be liable only to pay St Lucia tax on income earned in the country.
The cost to obtain an offshore banking license in St Lucia includes the following:
- Non-refundable application fee of $500
- Annual license fee of $15,000 for a Class B license or $25,000 for a Class A license
- Minimum capital investment of $700,000 for a Class B license or $2.2 million for a Class A License
- Maintain a security deposit of $300,0000.
The best banks in St Lucia are:
- 1st National Bank St. Lucia
- Bank of St Luca
- Republic Bank St. Lucia
- Hermes Bank
