Bank account in St. Vincent and the Grenadines

Open an offshore bank account in Saint Vincent and the Grenadines

Saint Vincent and the Grenadines is a reliable and economical option to open a bank account in offshore. The banks of this jurisdiction are solvent and most of them count in their shareholding with banks registered in the European Union. Saint Vincent and the Grenadines offers a very complete range of banking services: foreign currency investment programs, stock exchange accounts and savings accounts. The customer service is offered in different languages: Spanish, English, German, Russian, French and Chinese.

Saint Vincent and the Grenadines is one of the most important financial centers of the Caribbean due to the favorable conditions for constitution of offshore companies and bank accounts opening for technological businesses. In other jurisdictions such as Switzerland, Luxembourg and Liechtenstein, there are some businesses whose commercial activities don’t fit into the portfolio of its banks representing a high risk for them. Therefore Saint Vincent and the Grenadines is an ideal place to open the bank account for all types of legal business, both for individuals and legal entities.

The banking system of Saint Vincent and the Grenadines has very strict regulations and modern legislation. It also has an optimum level in telecommunications, as well as favorable political environment, considered to be one of the most consolidated in the Caribbean.

Banking secrecy and automatic exchange of financial account information 

By now Saint Vincent and the Grenadines has signed 40 bilateral agreements of automatic exchange of financial account information. Saint Vincent and the Grenadines together with other countries is committed to eliminate bank secrecy for individuals and companies that hold non-resident bank accounts in the banks of all participating countries. What does this mean? On 29th of October 2014, in Berlin an agreement was signed with the purpose to exchange automatically the information on bank accounts opened by non-residents in other countries. By now the automatic exchange of information agreement has been signed by more than 100 countries (the countries that have signed information exchange agreement), however it doesn´t mean that the bank account information will be exchanged between all of them. That is, if two countries do not show a mutual interest in sharing banking information of their citizens between them and therefore do not sign a bilateral agreement, the OECD cannot force them to proceed with the joint exchange of information. For example, Saint Vincent and the Grenadines has signed the automatic exchange of information agreement but will not exchange financial account information with all other participants and will only do so with the countries with which it has signed an additional bilateral agreement. Currently Saint Vincent and the Grenadines has signed this agreement with 40 countries. You can see the updated information following this link (bilateral automatic information agreements).

The bilateral agreements signed by Saint Vincent and the Grenadines will affect the citizens of 40 jurisdictions, in particular those who hold non-resident bank accounts, eliminating completely the idea of financial secrecy and anonymity. The banking confidentiality of the rest of the countries that have not signed the bilateral agreement with Saint Vincent and the Grenadines will not be affected, that is, the foreign banks will never report their financial information to the tax authorities of their resident country. The new regulations for the exchange of information have created many problems for and between some of the countries. The intention of European Commonwealth countries such as Germany, Spain, France, Italy and the United Kingdom was that all countries signed bilateral agreements with each other, but after all things did not go that way. In a real world it is hard to imagine Israel signing a bilateral agreement for the automatic exchange of financial information with Lebanon, Saudi Arabia, Indonesia or the Arab Emirates. Due to the "non-fiscal conflicts" that exist between these countries it makes it very difficult or even impossible for them to work together on elimination of banking secrecy.

Bilateral agreements with Saint Vincent and the Grenadines

It is completely legal to open an offshore bank account in Saint Vincent and the Grenadines. An individual or a company that wants to develop an international business or simply to move its money offshore in order to achieve more security will not be committing any crime. If a physical person is a citizen of a country that has signed a bilateral agreement with Saint Vincent and the Grenadines, it is advisable for him/her to inform his/her tax authorities about the intentions to open a non-resident account in Saint Vincent and the Grenadines, and then through double taxation agreements deduct the income taxes in his country of residence. If, on the other hand, the bank account has been opened by a resident company (registered in Saint Vincent and the Grenadines) or non-resident company (for example, registered in Belize) the beneficial owner will not be obliged to repatriate the dividends of the company annually and therefore will be able to keep all the generated earnings on his offshore bank account in Saint Vincent and the Grenadines without paying income taxes. The owner of the company will have to pay the income taxes only when he transfers the money to his country of residence but in case if he wants to keep it on the account for further business investments or just as a security deposit legally the generated profits will still belong to the company and the beneficial owner doesn’t have to pay tax on this amounts. With time the company might go through the international expansion requiring corresponding expenses. Consequently, the dividends would decrease and logically the income taxes that the beneficial owner will have to pay in his country of residence would decrease correlatively.

Advantages of opening a bank account in Saint Vincent and the Grenadines

The main advantages of opening a bank account in Saint Vincent and the Grenadines are the following:

• Opening an offshore bank account Saint Vincent and the Grenadines is legal.
• Bank secrecy and anonymity are guaranteed for the citizens of those countries that did not sign a bilateral agreement with Saint Vincent and the Grenadines.
• The possibility to open business and personal offshore bank account in Saint Vincent and the Grenadines remotely.
• High expertise level, online banking platforms with the possibility to request any type of financial service: foreign currency accounts, credit cards, letters of credit, accounts to invest in the stock market, payment gateways, credits.
• Professional financial advises for great fortune owners.
• Low maintenance rates. 
• Banks in Saint Vincent and the Grenadines are extremely regulated. 
• Once the requirements are fulfilled it takes 10 to 14 days to open the account.

Bank commissions in St. Vincent

*The customer can open a bank account in any international legal currency they want, (Euro, Dollar, Canadian Dollar, Australian Dollar, British Pound, Japanese Yen, Swiss Franc etc)

*All the management at the opening of bank account do not need a physical presence in the country, all efforts will be made through e-mail and / or registered mail.