Situated on the eastern side of the Caribbean, the island of St Lucia is renowned for its volcanic beaches, exclusive reef-diving sites, luxury resorts and villas, exotic wildlife, and charming cities and villages.
If you are planning to relocate to this beautiful country, then you can do so by applying through the St Lucia Citizenship by Investment Program, which allows individuals to receive citizenship in return for investments.
After immigrating to a different country, it is critical to be aware of banking operations. In this article, we will take you through the best St Lucia banks to help you choose the right financial institution to suit your needs.
The Top 10 Banks of St Lucia
St Lucia has around 34 banks, ten of which are members of the Association of Caribbean Banks and regarded as the most trustworthy financial institutions in the entire Caribbean region.
You can utilize online banking through the best banks in St Lucia, which includes the remote opening of accounts.
The top 10 St Lucia Banks that are members of the Association of Caribbean Banks are:
- 1st National Bank St Lucia
- Bank of St Lucia
- Hermes Bank
- Berkeley Branch and Trust (Branch of an English bank)
- Capita Financial Services
- Euro Exim Bank
- Financial Investment and Consultancy Services
- Proven Investments Limited
- Republic Bank St Lucia (EC)
- Sagicor Finance Inc.
Bank Services Guidelines in St Lucia
The Financial Sector Control Unit (FSCU) of St Lucia’s government regulates all bank operations in the country. This is under the control of the Eastern Caribbean Central Bank. The bank helps put into place the financial policy for the region, is responsible for keeping the general foreign exchange reserve of participating countries, and issues banknotes and coins.
Currencies – The primary currency in St Lucia and five other Caribbean countries under the Eastern Caribbean States is the Eastern Caribbean Dollar. The currency against the US dollar is 2.7 to one, meaning EC$1 is equal to $0.37.
Apart from the Eastern Caribbean Dollar, bank accounts can be opened in 15 currencies, including US dollars, Pound Sterling, Euros, Canadian dollars, Chinese Yen, and more.
Online Banking – Bank customers in Saint Lucia can access online banking operations for free. From monitoring bank accounts, transactions, and balances, transferring money and bill payments to handling account statements, you can do almost everything online. In addition to having web pages, a few banks also have applications for the smooth management of your financial resources.
The Largest Commercial Bank in St Lucia
Bank of Saint Lucia is the largest commercial bank in the country and the most popular individuals living in St Lucia. It has been in operation since 2001 and was the outcome of a merger between two large banks with over two decades of history.
The bank has multiple branches, including Castries (the capital), Gros Islet, and Vieux Fort in Soufriere. Additionally, the Bank of St Lucia has the largest ATM network in the region.
Bank of Saint Lucia provides banking services to individuals and legal entities and is involved in private capital management and insurance. If you are handling foreign currency accounts in Dollars or Euros in the Bank of St Lucia, it will be cheaper than other banks present on the island – $2 or €2 per month.
This bank has also received various awards, including recognition at the 2020 ECCU Bank of the Year Awards. It was named the best bank in the Caribbean under two important categories – Technological Innovation and Financial Literacy and Empowerment of the population.
St Lucia Cooperative Bank is the oldest national bank in the country, founded in 1938 and renamed the 1st National Bank of St Lucia in 2005. The bank was also recognized twice as the Bank of the Year by the Financial Times.
With seven branches in the country, of which about four are located in Castries itself, the bank also has a cash exchange counter at the airport.
Hermes Bank is one of the most popular banks among investors in St Lucia. This bank prioritizes meeting the banking needs of foreigners and has just one branch in the country. Individuals and legal entities can bank with Hermes Bank. Here, you can open a personal, current account, deposit, and term deposit. But please note that the bank does not provide any debit or credit cards, nor does it have any ATMs. You can manage your entire banking through the bank’s online services.
PROVEN Investments Limited (formerly Boslil Bank Limited) is the Caribbean’s premier investment company that provides multi-currency banking solutions for global trading, personal investments, and corporate accounts. The company is licensed under the International Banks Act, Cap. 12.17, as a Class A Bank and regulated by the Financial Services Regulatory Authority. Products and services offered include foreign exchange, transactional banking, eBanking, loans, etc.
A Comparative Study of Major Banks in St Lucia
Name of Bank | Service Cost | Minimum Amount to Activate Account | Fees |
1st National Bank St Lucia | • Starting at $5 per month for individuals • Starting at $7.5 per month for legal entities | Starting at $100 | • $5 per transaction at the Marigot Bay Branch and GFL Charles Airport Free - deposits at other branches, internet, and mobile banking • $0.75 plus stamp duty per withdrawal from personal chequing accounts • $1 plus stamp duty per withdrawal from business chequing accounts |
Bank of Saint Lucia | • $7.5 per month for personal account • $2 per month for foreign currency accounts (in US Dollars) • €2 per month for foreign currency accounts that are in Euros. | Information not available | $25 one-time transfer to a client of another bank |
Hermes Bank | €15 per month | Starting at €1000 | • €10 per transfer between bank accounts • 0.15 percent of the transfer amount (international transfers) • €5 to €30 per operation (incoming transfer in euros) |
Republic Bank Limited | $5 per month for foreign currency accounts in US dollars | Starting at $100 for foreign currency accounts that are in US dollars. | • Two percent of the transaction amount • Withdraw cash from ATMs outside St Lucia • $0.75 for requesting an account balance at the ATM • Two percent of the transaction account (for purchasing online) |
Opening a Bank Account in St Lucia
If you plan to open an account in St Lucia, you need to prove your identity by providing supporting documents along with residence and income information. The bank might also require you to give them a letter of recommendation from a lawyer or another bank and documentation of your tax payment history.
Requirements to open an account for an individual:
Proof of Identity | Passport, resident card, driver’s license, ID card, or any other similar document. |
Proof of Residence | Invoice for payment of utilities like electricity, gas, etc., under the name of the applicant, a letter from their employer verifying the address of residence, or a statement from another financial institution with the name and address of the applicant. |
Proof of Income | Complete bank statement of the previous year or a certificate from the employer stating the applicant's position, service time period, and salary. |
Tax Details | Taxpayer identification number. |
Reference Letter from Another Bank | This letter must include the time of opening of the applicant's account and that the bank is satisfied with the customer's cooperation. In most cases, the bank requires the applicant to have been associated with another bank for at least two years. |
If you are planning to open a current account for your company based out of St Lucia, then you need to prove its existence and verify the structure of its directors, shareholders, and beneficiaries associated with the company. You will also need to provide a power of attorney to the account manager of the company that will allow the individual to open and manage accounts on behalf of the company.
Requirements to open an account for a legal entity:
Documents verifying the existence of the company | The registration certificate of your company, articles of association or company charter, and certificate of good standing (or equivalent to the certificate of good standing). |
Documents verifying the composition of directors and shareholders | Certificate of appointment of directors and executive secretary, register and resolution on the issue of shares, composition certificate of shareholders. |
Documents verifying information about the beneficiaries of the company | Passport, utility bills, statement of personal account, and tax returns for each of the relevant individuals. A trust declaration from the shareholder to their benefit, in case the beneficiary of the company is not a shareholder. |
Citizenship by Investment in St Lucia
In addition to citizens and residents of St Lucia, foreign investors in the country can also open bank accounts in the country. The St Lucia Citizenship by Investment Program allows foreign investors to obtain Citizenship in the country in exchange for an economic investment in the country. You can gain citizenship on the island through one of the following ways:
- Donation of $240,000 to the government’s National Economic Fund
- Purchase of real estate worth a minimum value of $300,000
- Purchase of government bonds worth at least $300,000
- Investing a minimum of $250,000 in local enterprise
With a St Lucia passport, you can visit more than 140 countries visa free. Here are the St Lucia passport requirements that you need to fulfill:
- The applicant should be 18 years or older
- The applicant should be of excellent character with no criminal record
- The applicant should be in excellent health
- The applicant should pass a detailed background check
- The applicant should be able to make the required economic investment
- The applicant must pay all required fees as per St Lucia’s Citizenship Program
Take a look at our St Lucia Citizenship by Investment Ultimate Guide
Passport and Visa Requirements When Travelling to St Lucia
Citizenship | Passport Requirement | Return Ticket | Visa Requirement |
 European Union | Yes | Yes | No |
 USA | Yes | Yes | No |
 Canadian | Yes | Yes | No |
 Australian | Yes | Yes | No |
 British | Yes | Yes | No |
St Lucia Citizenship Program Advantages
- The application process for this citizenship is fairly quick, as it takes only around 10 to 12 months to obtain citizenship.
- You can include your family in your application process.
- St Lucia’s Citizenship by Investment Program is one of the most affordable CBI programs in the Caribbean.
- The complete investment is required from the applicant only after receiving citizenship approval.
- With a St Lucia passport, you can travel to over 140 countries without a visa.
- The St Lucia tax infrastructure is favorable for foreign nationals.
- The requirements under the St Lucia CBI program are quite flexible. The government recently reduced the required documents from right to five, and there are no residence or visitation requirements.
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So, why work with Global Citizen Solutions
to obtain St Lucia citizenship?
- Authorized International Marketing Agent. Global Citizen Solutions have official certification by the Government of St Lucia to promote and market their Citizenship by Investment program. You can find a copy of our certificate by clicking the image on the right
- Global approach by local experts. We are corporate members of the Investment Migration Council, with local expertise in all five Caribbean CBI programs.
- 100 percent approval rate. We have never had a case rejected and will offer you an initial, free-of-charge, due diligence assessment before signing any contract.
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- An all-encompassing solution. A multidisciplinary team of immigration lawyers, investment specialists, and tax experts will take into consideration all your and your family's mobility, tax, and lifestyle needs.
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Frequently Asked Questions About St Lucia Banks
Can a foreigner open a bank account in Saint Lucia?
Yes, a foreigner can open an account in St Lucia but can access limited banking functions. To open an account, the applicant has to provide their passport, income, and residence proof.
How to choose a reliable bank in Saint Lucia?
Banks that are members of the Association of Caribbean Banks are the most reliable financial institutions in the Caribbean. The following list of banks in St Lucia are part of the Association:
- 1st National Bank St Lucia
- Berkley Bank and Trust
- Capita Financial Services
- Bank of St Lucia
- Euro Exim Bank
- Financial Investment and Consultancy Services
- Hermes Bank
- Proven Investments Limited
- Republic Bank St Lucia
- Sagicor Finance
How many banks are there in Saint Lucia?
There are around 34 banks in Saint Lucia, among which 10 are members of the Association of Caribbean Banks. They are regulated by the Financial Sector Control Unit (FSCU), under the Eastern Caribbean Central Bank to ensure compliance and adherence with anti-money laundering (AML) policies.
How to open a bank account in Saint Lucia?
What do you need to open bank accounts in St Lucia? If you are opening a personal account, you will need to show proof of identity (passport, driver’s license, etc.), proof of residence (utility bills, a letter from your employer, or another document), proof of income, tax details, and a reference letter from another bank.
Can I open a bank account without residency?
Citizens and residents of Saint Lucia can open bank accounts in the country. So, if you have Saint Lucia citizenship but don’t live on the island, you can still open an account, provided you fulfill all the requirements of the chosen bank.
Can I open a bank account without a passport or driving license?
To open an account with local or international banks in St Lucia, you will need to present proof of identity. This document may be a passport, resident card, driver’s license, ID card, or any other similar document.
Can I use ATMs in St Lucia?
Yes, you can use ATMs in St Lucia located in Castries, Soufrière, Rodney Bay, and Vieux Fort.
Can you use American money in St Lucia?
Saint Lucia uses the Eastern Caribbean dollar (EC$) at its official currency; however, US dollars are widely accepted and often used in tourist areas, major hotels, and other businesses catering to international visitors. Nevertheless, it’s advisable to carry local currency for smaller transactions and when shopping at local supermarkets or making purchases in less touristy areas.
