Antigua and Barbuda's banking sector operates under a dual licensing scheme, providing both domestic banking licenses for banks serving local and international clientele, and offshore banking licenses for banks serving only nonresidents.
Offshore banks are regulated by the Financial Services Regulatory Commission (FSRC). The FSRC is responsible for the regulation and supervision of offshore banks, insurance companies, and other financial service providers, such as digital asset businesses and money service businesses. Banks regulated by the FSRC operate under an International Banking License and only open corporate bank accounts and personal bank accounts for nonresidents, including both Antiguan international business companies and international limited liability companies owned by nonresidents, foreign companies, and nonresident individuals.
Despite its small size, Antigua and Barbuda boasts a relatively large number of offshore banks. According to the latest directory provided by FSRC, there are currently 9 offshore banks operating in the country.
These offshore banks only offer accounts in foreign currencies, including major currencies such as USD, EUR, and GBP, and provide international transactional banking services. They cater to a broad client profile, including international investors, traders (e.g. importers, exporters, agents), online businesses (e.g. e-commerce, software as a service, and other technology-related services and products, etc.), consultants ,freelancers and real estate investors, among others.
Antigua’s offshore banks are typically used for recently incorporated small offshore companies, registered in Antigua and Barbuda and in other offshore jurisdictions. This preference is due to their low initial deposit requirements starting from as little as USD 5,000 and due to their more relaxed onboarding requirements with no substantial restrictions and requirements, other than for very high risk businesses, which are subject to stricter onboarding procedures.
In Antigua and Barbuda, domestic banks are regulated and supervised by the Eastern Caribbean Central Bank (ECCB), which serves as the regulator across the Eastern Caribbean Currency Union and is the issuer of the Eastern Caribbean dollar (XCD). These banks provide banking services primarily to residents and they do not typically onboard non-resident companies and individuals other than medium size to large corporates trading and having business physical presence within the Caribbean region.
At Flag Theory, we assist both nonresident individuals and offshore companies incorporated in Antigua and Barbuda and elsewhere to open personal and business accounts in Antiguan offshore banks.
We work with 3 different banks in Antigua and Barbuda, each bank has different eligibility requirements, types of accounts available and onboarding processes.
We invite you to carefully review each banks requirements and services to better understand if their banking services meet your needs.
Antigua and Barbuda is a Central American country part of the Commonwealth. Formed by several islands to the east of the Caribbean Sea. The country is located on the Lesser Antilles and borders the island of Guadalupe to the south, Montserrat to the southwest, Saint Kitts and Nevis to the west and San Bartolome to the northwest. Saint John, located on the island of Antigua, is its capital, its most populated city, and its main port. Its official currency is the East Caribbean Dollar (XCD), which is pegged to the US$ at a 2.7:1 ratio.
Antigua and Barbuda is a unitary, parliamentary, representative democratic monarchy, in which the Head of State is the Monarch who appoints the Governor General as vice-regal representative. Charles III is the present King of Antigua and Barbuda, having served in that position since the death of his mother, Elizabeth II. She had been the queen since the islands' independence from the United Kingdom in 1981.
Antigua and Barbuda is a beneficiary of the U.S. Caribbean Basin Initiative that grants duty-free entry into the United States for many goods. It is a member of the Caribbean Community and Common Market (CARICOM) and the CARICOM Single Market and Economy (CSME). Antigua is a member of the World Trade Organization (WTO), WIPO, UNCTAD, among other international institutions.
Its main economic sector is tourism, which accounts for approximately 60 percent of the GDP and 40 percent of investments. The agricultural sector is domestic-oriented, mainly of sugar cane, cotton and fruits and considerably limited by its reduced water supply. Other important economic activities include oil refining, textile, carpentry, rum production, beer, cement, local crafts, and furniture.
The country enjoys a high standard of living, well-educated workforce and high average life expectancy.
Antigua is also an offshore financial center, with a legal and tax framework advantageous for the establishment of International Business Companies, which are fully tax exempt, provided that no business is done within the territory. Antigua also offers an Economic Citizenship Program, where it is possible to obtain a second passport through an investment.
Our banking support service is not just a mere introduction to the bank. We assist you in filling out the business questionnaires appropriately and help you understand and provide business details, commercial information and purpose/use of the bank account that a given bank wants to know in order to approve your account application. Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal 'back and forth' and a smooth account opening process.
Bank Account opening requirements are subject to change at the discretion of the bank. There might be additional fees charged by the bank itself. Bank account opening is not guaranteed and is subject to the bank policies and compliance department. There might be restrictions on UBO nationalities, business activities and/or jurisdictions. A refund is available if the account is not successfully opened subject to our terms of service (20% to partly cover service and payment processing and administrative costs apply).