A Bank Account in Antigua and Barbuda for Non-Residents

If you would like to have a personal or a corporate account in a foreign bank, we suggest that you should consider Antigua and Barbuda in the Caribbean. It is an independent country living by strong political values. Besides, it allows non-residents (both natural persons and legal entities) to use its banks.

Living and working in Antigua and Barbuda

The country of Antigua and Barbuda actually occupies three islands in the Caribbean Sea: Antigua, Barbuda, and Redonda. The islands belong to the Lesser Antilles group of islands. The largest of the three islands is Antigua. It is also the business center of the country and the largest number of foreign tourists choose to visit this island rather than the other two. 

Antigua and Barbuda administers a citizenship-by-investment program that is very similar to the program available in St Kitts and Nevis. It allows foreigners to become citizens of the country in exchange for a donation or investment. Even though Antigua is a remote island, advanced infrastructure can be found there: banks, government services, luxurious hotels, nightclubs, casinos, and various other entertainment facilities. 

Antigua and Barbuda is especially popular with tourists from the USA and Canada but the number of tourists from Europe and other parts of the world is quite impressive too. The second largest island of the country – Barbuda – is a true natural treasure. It is a coral island and there you can find pristine flora and fauna. Next to Barbuda, sits a beautiful tiny uninhabited island of Redonda that has an area of only about 1 square kilometer.

Antigua and Barbuda is a member of the UN, CARICOM, and a dozen of other international organizations. The country is a full-fledged member of the global society of nations.

The island state of Antigua and Barbuda has a rich history and all visitors note the outstanding hospitality of the local people. Foreign nationals will always find high quality services on the islands. The country is appreciated not only for its natural wonders but also for the financial services that it provides. For more than 37 years, Antigua and Barbuda has been a popular financial center in the Caribbean providing valuable services to wealthy people.

International Commercial Corporations Law was passed in 1982 to regulate the services that Antigua offers to international businesspeople. The Law has been amended several times to be in keeping with the financial service transparency requirements. It also ensures that local and international businesspeople can have access to the same level of service quality. Moving with the time, the Government has also passed an Electronic Transactions Law that regulates electronic trade and ensures security of electronic systems and online operations.

The Caribbean region has been a reliable financial haven with a stable business environment for a long time. Local banks have close ties with their Caribbean and international counterparts. The jurisdiction is especially popular with entrepreneurs from North America, Great Britain, China, Europe, the CIS, and other countries in the Caribbean.

Antigua and Barbuda is a member of the Caribbean Financial Action Task Force (CFATF). In 2014, FATF acknowledged that the country conforms to all the requirements as far as ATM and CTF efforts are concerned. The IMF and the World Bank confirm that the legislation of the country is in keeping with the international standards.

Setting up a corporate bank account for non-residents in Antigua and Barbuda

The bank that we are advertising here offers a wide range of services to foreign companies and their founders:

• You can open a personal and a corporate account there;
• Make deposits;
• Make international bank transfers;
• Open checking accounts;
• Obtain asset management services.

The bank is a SWIFT member and it has correspondent banks in North America and Europe. Since 2003, the bank has been using the banking system called Phoenix Core Banking (product D + H Financial). It offers the following benefits to its customers:

• Attractive interest rates on fixed-term deposits;
• An opportunity to open multicurrency accounts including USD, EUR, GBP, and CAD;
• A full spectrum of banking services;
• Qualified and loyal personnel;
• Adaptation to the needs of each individual client;
• Secure online banking services;
• In-house processing center and reliable channels of payment delivery.

Specifics of opening a bank account in Antigua and Barbuda

After the changes in the world banking system that took place in 2018, it has become more challenging to open foreign bank accounts due to the counter-terrorism measures. However, even though some restrictions have been introduced, Antiguan banks offer favorable conditions to international clients anyway. They provide for a high level of personal data confidentiality and the bank officers are prepared to look deep into each particular situation that the client may have.

To improve your chances of setting up an account with the Antiguan bank that we are describing here, please apply for our consultations. We will help you fill out the application forms, tell you what documents you have to submit and put you through to the bank administration.

Service restrictions

The bank in Antigua and Barbuda values honesty and openness and it expects the customers to act by the same principles. We have to note that the bank contributes to the international anti-money laundering and counter-terrorism financing efforts.

For this reason, you will have to demonstrate lack of any connection with illegal activities as well as sanctioned people and countries if you want the Antiguan bank to take you onboard. Our experts will help you determine what risk group your business company belongs to. In most cases, we should be able to tell you if the bank will cooperate with you or not even before you file an application for services.

Who the banks in Antigua and Barbuda will not service:

• Large deposits from Nigeria are not accepted;
• Citizens of Afghanistan and Iran cannot obtain services from the bank and transactions from these countries will not be accepted;
• The bank will not accept transactions from any known terrorist organization nor from the country that is on the OFAC list or that does not cooperate with FATF.

Due to the military conflict between Ukraine and Russia and to the international sanctions that it has entailed, the banks in Antigua and Barbuda will neither send payments to these two countries nor receive payments from these jurisdictions. 

Restricted types of activities

Before the bank in the Caribbean country opens an account for a foreign applicant, it has to make sure that the prospective client has nothing to do with money laundering and terrorism financing. Besides, when a large deposit (exceeding US$ 100,000) is made to an account, the account holder has to disclose the source that the money comes from.

Bank clients who make profits from digital advertisement and media sales face longer security checks. The bank managers will have to look deep into their business operations.

Currencies that you can use when opening an account and when making transactions

The basic currency that the bank in Antigua and Barbuda uses for various operations is the US dollar. On the client’s request, however, the following national currencies can also be used:

• GBP;
• EUR;
• CAD (Canadian dollar).

Non-resident customers can apply for opening the following types of accounts in the bank:

• An operational account (corporate or personal);
• A classic savings account in USD, CAD, EUR or GBP with quarterly payments of interest;
• A multicurrency gold bond savings account.

You will have to make an initial deposit of at least US$ 5,000 when opening an account with the bank. All bank clients have access to Internet banking facilities.

Tariffs, interest rates, and conditions of the Antiguan bank

Companies incorporated in other jurisdictions (including offshores) can obtain services from the bank that we are promoting. Please note that non-resident physical persons are also welcome to set up accounts in the bank. Let’s see what kinds of accounts can be opened in the Antiguan bank and on what conditions. If you choose to apply for our professional assistance in the matter, your involvement in the process is going to be minimal.  

Operational accounts for corporate clients

• You can use this account for business operations, corporate investments, escrow, CIP, and so on.
• No interest is paid.  
• Minimum initial deposit — US$ 25,000.
• Security balance — US$ 25,000.
• Monthly account maintenance fee — US$ 25.

Classic savings account in Antiguan bank for non-resident private individuals

• You can use this account for savings, asset management, personal investments, and so on.
• Interest rates: USD – 0.5%, в EUR, GBP, and CAD – 0.25%.
• Minimum initial deposit and security balance US$ 25,000.
• Monthly account maintenance fee — US$ 25.

If your balance falls under US$ 25,000 for three months in a row, the bank commission is US$ 100.

GOLD BONDS — FIXED-TERM DEPOSITS

This is a wonderful chance to increase your passive income. The following conditions apply to this kind of account:

• Minimum initial deposit — US$ 100,000.
• The interest rates are fixed and they depend on the amount and the term of the deposit.
• The interest is paid quarterly, every six months, or once a year.  
• The interest earned is not subject to withholding tax.
• When the term of the deposit expires and the account holder does not issue any instructions, the interest earned will be added to the account balance and the deposit will be automatically extended for the same term.

Gold bond fixed-term deposit interest rates 

Deposit	Term
USD GOLD BOND	6 months	12 m	24 m	36 m	48 m	60 m
100,000 — 300,000	2.0%	2.1%	2.2%	2.3%	—	—
301,000 — 500,000	2.4;	2.5%	2.6%	2.7%	—	—
501,000 — 1,000,000	—	2.8%	2.9%	3.0%	—	—
1,000,001 — 3,000,000	—	3.1%	3.2%	3.3%	—	—
3,000,001 — 5,000,000	—	3.4%	3.5%	3.6%	3.75%	3.9%
5,000,001 — 7,000,000	—	4.05%	4.2%	4.35%	4.5%	4.65%
7,000,001 — 10,000,000	—	4.8%	4.95%	5.1%	5.25%	5.4%
10,000,000 and more	—	5.55%	5.7%	5.85%	6.0%	6.15%
EUR GOLD BOND	6 m	12 m	24 m	36 m
from 500,000	0.75%	1.5%	2.5%	3.0%
GBP GOLD BOND	6 m	12 m	24 m	36 m
500,000 and more	1.0%	1.75%	2.75%	3.25%

Types of bank cards available to corporate and individual clients

The Caribbean bank clients can use the cards issued by the financial institution in more than 170 countries of the world. You can acquire a personal card or a corporate one from the bank.

UPI Prepaid corporate bank card:

• It is not linked to the bank account and it has a chip and an PIN-code for enhanced security;
• Payments can be made in US dollars and other currencies are going to be available soon;
• UnionPay payment system is functional in more than 170 countries.

Personal debit card:

• UnionPay International (UPI) with a PIN-code for enhanced security;
• Payments can be made in US dollars and other national currencies are going to be available soon;
• Enhanced protection against unauthorized encroachment on the card holder’s account;
• Favorable currency exchange rates;
• A wide network of ATMs in different countries.

Other services provided by the Antiguan bank

In addition to the services described above, the bank has some additional offers. These include the following ones:

1. Mail storage. If you are a client of the bank, you can use its address as your mailing address in Antigua and Barbuda. The bank will keep the letters addressed to you that it receives. You can pick the letters yourself or authorize somebody to do that. If you don’t claim your letters for more than three years, the bank reserves the right to destroy them. The bank can also send letters on your request. 
2. Global electronic commerce trade acquiring – is a full package of services for those engaged in electronic commerce. It includes obtaining the permit, regulation, screening and prophylactics of fraudulent activities, and payment processing. When providing this service, the bank conducts normative and fiduciary due diligence procedures, provides risk management, inspection of the buyers’ conformity to the rules, and facilitates trade alliance formation. Merchant services are also available to those account holders who are founders of international business corporations in Antigua and Barbuda.  
3. Loan to those clients who can pledge sufficient assets as loan support. The bank managers work diligently with the clients to find a loan solution that would fit both the client’s needs and the bank’s security requirements. Loans are made in US dollars.
4. Private banking – professional services in asset management including inheritance planning, trusts, and international corporations. The bank has signed strategic agreements with asset management companies. The companies are long-standing partners of the bank and they are analogous to similar companies that exist in such financial centers as Great Britain, Switzerland, and Luxembourg. Some examples of financial solutions for HNWIs:
   1. discretionary services in investment management for clients who wish to diversify their investment portfolios at the international level;
   2. investment consulting;
   3. international trusts and asset planning services.
5. Wealth management and asset management for wealthy persons and corporations. The services include the following ones:
   1. asset/ portfolio management;
   2. pension fund management;
   3. financial planning, trusts, and corporate structures;
   4. securities trading;
   5. investment consulting;
   6. underwriting and insurance services; 
   7. Investors’ Club consultation services;
   8. Individual retirement accounts;
   9. wealth accumulation plans for teenagers.

If you are interested in some other banking services, please contact our experts to find out whether they are available. Please also note that the list of available services can change over time depending on the bank administration policies and political decisions made by the Government of Antigua and Barbuda. If any changes take place, we do our best to inform the readers of our portal about them as soon as possible.

How to open a bank account in Antigua and Barbuda

If you are interested in opening an account with one of the most reliable and multifunctional banks to be found in the Caribbean region, you will have to take the task of application document preparation seriously. A number of documents are going to be required and you will have to fill out several forms.

Application document package for opening a bank account in Antigua and Barbuda

A non-resident of Antigua and Barbuda has to supply the following documents when applying for bank account opening in the country:

For corporate entities:

• A completed and signed application form for bank account opening.
• Signature samples for authorized company officers.
• A completed form reflecting the types of company’s activities/ account allocations.
• The original of a bank statement from the bank that the company currently uses (the company has to be in cooperation with the bank for not less than a year).
• Notarized passport copies of all company directors and beneficiaries.
• A copy of a recent utility bill indicating the physical address of your company.

An important note: The compliance department may have some special requests as far as the application documents are concerned. We will tell you about them immediately if this is the case.

After the application is provisionally approved, the applicant company has to supply copies of the following additional documents:

• Company registration certificate.
• The most recent financial report.
• Memorandum and Articles of Association.
• Protocol (or a different type of document) certifying the appointment of the company director and other authorized personnel.
• registry of shareholding.

For trusted agents:

• The original of a personal bank certificate.
• A notarized copy of a valid passport.
• A copy of a recent utility bill carrying the agent’s address that has to be real.

For trusts:

• Trust Agreement (including the Trustee appointment certificate).
• A declaration from the Trustee identifying the trustor, the trustee, and the beneficiaries of the trust.
• Trustee appointment certificate.

For private individuals, non-residents of Antigua and Barbuda:

• Application form, completed and signed.
• The form that describes the intended banking activities.
• Request for Internet banking service package.
• Request for the issuance of a prepaid card.
• Signature sample (samples).
• A letter of recommendation from a bank.
• A notarized copy of a valid passport (you can also submit the original of your passport to the bank administration when applying for account opening if you are in Antigua and Barbuda).
• A copy of a recent utility bill carrying your present residential address.
• Your biography/ personal profile.

The timeframes of account opening in Antigua and Barbuda will depend on what risk category your business belongs to. Please be prepared to wait as the process can take from one to several months. Please discuss this issue with our consultants.

The procedure of opening a bank account in a fast and safe manner

1. Please contact our consultants to gain access to the banking services in Antigua and Barbuda. Write right now to info@offshore-pro.info.
2. Cover the cost of our services. We accept payments made through any channel that you prefer: bankcard, Bitcoin or other cryptocurrencies, bank transfer, PayPal, WebMoney, Western Union or any other payment system.
3. We will supply the bank forms to you and help you complete them. You will have to have some application documents notarized. All documents have to be in the English language (translated if necessary). The bank accepts application documents sent by email or fax.

If you have any questions related to banking opportunities abroad or to business immigration, please do not hesitate to seek our assistance! We have a lot to offer!