St. Vincent Offshore Bank License

Class I Offshore Banking License

Granted for carrying on offshore banking activities. A minimum paid up capital of USD$1,000,000 is required, or its equivalent in another currency. Banks with this type of license are also required to hold a deposit of USD$500,000 or its equivalent in another currency.

Class II Offshore Banking License

Granted for carrying on offshore banking activities, but with the restriction that the holder shall not offer or provide its banking services or receive or solicit funds, except from non-Residents, specifically named in a written undertaking. Banks with this type of license are required to have a minimum paid up capital of USD$500,000 or its equivalent in another currency. These banks must also hold a deposit of USD$50,000 or its equivalent in another currency.

Holders of these licenses will not carry on any banking activities with any resident except those related to offshore banking services from within the State or as expressly provided by in the laws governing the operations and activities of the holder.

Requirements to obtain an offshore bank license in St. Vincent:

1. Complete and submit application form
2. Submit prescribed fee to IFSA
3. Complete and submit questionnaire
4. Physical address on the island
5. Local employees
6. One local director, approved by the Offshore Finance Authority

If you have questions about St. Vincent Offshore Bank license please contact us.