Nevis banking laws provide utmost secrecy for Nevis accountholders, making it one of the world’s prized jurisdictions. Furthermore, Nevis is a solid banking destination for those that might not want to look for exclusive banking destinations such as Switzerland, Cayman Islands, or Liechtenstein, but still want first-level privacy and tax optimization. 

For wealthy families and individuals, privacy is key. It is not a coincidence that the Rockefeller family has established their properties in such a fine structure of trusts that it is actually impossible, even for governments, to know what they own. We are not saying that everybody needs such a high anonymity level, but we show this as an example of how important privacy is for high and ultra-high net worth individuals.

Saint Kitts and Nevis actually offers this type of privacy through a solid banking system. The country is a CRS member since 2017, but again, so is practically the rest of the world. Nevis still maintains an important level in the current financial arena when it comes to privacy and asset protection. This level of privacy is highly competitive and a rare diamond in the financial world nowadays.

However, St. Kitts and Nevis is still a first-level banking jurisdiction for a variety of reasons: 

- Under CRS, banks only report to the country of residency, but they don’t disclose information to anyone else nor the general public.

- Saint Kitts and Nevis does not tax foreign income, and there lies your solution to this problem. If you establish an official tax residency in Saint Kitts and Nevis and receive income and dividends abroad, then the foreign banks will report to Saint Kitts, which won’t tax these profits.

- You can enjoy utmost privacy in Nevis because, if you establish a bank account with a Nevis LLC or foundation, your name as UBO will be kept private. 

- A bank account is typically opened within ten days after an application is accepted. No personal visit to the bank is required. 

- Zero tax on foreign-sourced income. 

- Multi-currency accounts and online banking are available. 

- Banks are highly liquid. 

- The local currency (Eastern Caribbean Dollar) is pegged to USD 1:2.70.  

St. Kitts and Nevis has a lot more to offer than simply beautiful landscapes and beaches in the Caribbean. We want to introduce you to the broad options you have for offshore banking in this country. 

First, in St. Kitts and Nevis, international banking is understood as receiving foreign funds through foreign deposits, sale or placement of foreign bonds, certificates, notes, or other debt obligations or securities. It also includes any other activity deemed and declared by the Minister of Finance similar to international banking activity. 

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International Banking in St. Kitts and Nevis

St. Kitts and Nevis is a member of the Eastern Caribbean Currency Union (ECCU) comprised of 8 territories, including these islands. The central bank of the ECCU is the Eastern Caribbean Central Bank (ECCB), responsible for regulating the group’s banking industry in collaboration with each participating member. St. Kitts and Nevis has its own supervision framework for anti-money laundering and is a member of the Caribbean Financial Action Task Force (CFATF). 

St. Kitts and Nevis Financial Services (Regulation and Supervision) Department is the regulatory authority for Nevis’s international banks. Therefore, this institution sets the procedures and documents you need to follow and gather when trying to deploy banking activities in this country. 

Check out the Nevis international banking regulations right here.

This department aims to encourage the development of St. Kitts and Nevis as a reliable international financial center. Therefore, the banking legislation is comprehensive with a strong built-in regulatory framework to ensure that licensed banks can be properly monitored to safeguard the depositor's funds.

A foreign company incorporated in St. Kitts and Nevis is not required to open a bank account there. In addition, there is no direct legislation controlling transfers of funds into and outside the country. Foreign companies can freely repatriate dividends and profits to the extent of their foreign business. 

All of this proves that Nevis is one of those few nations whose economy is centered around its offshore banking sector, meaning it is specifically geared towards providing the exact type of environment that you, as an investor or family office, are looking for. 

How to open an account in St. Kitts and Nevis? 

Whether it is a personal or corporate account, St. Kitts and Nevis has a broad range of options for foreigners interested in international banking. In that sense, we must highlight that there are two primary ways to open an account in Nevis: 

1. A personal account held by the individual. 

2. A corporate account through the formation of an offshore limited liability company (LLC). 

Opening a corporate account with an LLC is much preferable as it creates a separation between the individual and their assets. Consequently, this strengthens their asset protection capabilities. 

Now, the main attractive feature of St. Kitts and Nevis's banking system is that it is possible to open accounts remotely. To do so, you will need the following documents: 

- Bank forms. 

- Bank statements of the latest 6 months as proof of funds. 

- Bank reference letter not older than 3 months. 

- Certified copies of valid passports and residency proofs from the past three months for all directors/ shareholders/ account signatories. 

- If it is a corporate account, the banks will ask for copies of the company’s documents (confirmation of the beneficial owners’ positions, the charter, registration certificate, etc.). 

- Business trading proofs. 

- Business plan. 

Even though these are not all the possible requirements, they are, for sure, the most common. In general, St. Kitts and Nevis’s local government provides foreign business owners with comprehensive support for conducting profitable and stable business activities. This means that they know how much these investors need a simplified process to open bank accounts in the country.

Just so you know, banks in St. Kitts and Nevis offer a full range of services for natural persons and legal entities at internal, regional, and international levels. 

Banking product includes: 

- Remote asset management. 

- Prepaid, debit, credit cards. 

- Deposit accounts. 

- Currency transactions through VISA and MasterCard systems. 

- Credit facilities. 

- Merchant account. 

- Brokerage services, etc. 

St. Kitts and Nevis's offshore banking system is especially recommended for those who are looking for a very high degree of confidentiality and asset protection. You are unlikely to find any other place that ensures the same security level as Nevis offshore bank accounts. 

Mundo provides services for registration, maintaining companies, and opening bank accounts in different jurisdictions including St. Kitts and Nevis. 

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Are there any international standards applicable to international banking in Nevis? 

The Core Principles guide of the FSRC is St. Kitts and Nevis Branch for Effective Banking Supervision, released by the Basel Committee on Banking Supervision. These principles address in detail supervisory powers, compliance with supervisory standards, risk-based supervision, a bank's responsibilities and functions, intervention and supervisory actions, and the importance of good corporate governance and risk management. As such, these principles form the supervisory pillar for all onsite examinations that will be administered by the FSRC. 

The RBS Framework is used for both onsite and off-site surveillance of international banks and includes the actions to be performed during the supervisory process. The framework provides a structured approach for understanding and assessing key risks inherent to an international bank's activities. This will apply if its risk management processes are adequate in the context of the key risks and if its earnings, capital, and liquidity are sufficient to support its risk profile and withstand unexpected shocks. 

The report must also be read to the shareholders at the annual meeting of the international bank. In the report, the auditor must state whether he/she has obtained all the information and explanations needed and provide an opinion on all relevant financial statements for the period under review. The auditor must also note any instances where the operations of the international bank may not follow the requirements of St. Kitts and Nevis International Banking Ordinance or Regulations. The international bank must ensure that a copy of the auditor's report is displayed in a conspicuous place at its office in Nevis. 

What can we do for you? 

We work with registered agents in St. Kitts and Nevis for banking and corporate services. If you want to open your bank, or simply open corporate or personal bank accounts, do not hesitate to contact us for help and guidance in the process.

We also work with a pre-approval system to enhance your chances of effectively open a bank account. We have plenty of experience opening bank accounts in Nevis because we offer wide corporate services on the island including trusts, foundations, LPs, and LLCs. The process to open a bank account is simple: 

1. You send us your documents. 

2. We pass it through our pre-approval to see if we can find a matching bank for you. 

3. We send your application to the bank. 

4. You wait for a few days, and your bank account is available to be used. 

Do not let misinformation stop you from widening your horizons and appreciating the advantages that this Caribbean country can offer. Contact us right now for a consultation.

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