Our Jurisdictions

Choosing a Jurisdiction for your Offshore Banking License

Choosing the right jurisdiction for the application for your offshore banking license is an important part of setting up your own bank. You will need to choose the jurisdiction that is most suited to your needs, in regards to the international banking license requirements they have, like capital adequacy, management structure, office requirements and company structure. As well as the requirements that the regulatory body will have, you will also need to consider other factors, like the location, political and financial climate of the jurisdiction, as well as the international relations that the jurisdiction has with the rest of the world.

Once you have gone through the initial check lists for the possible banking jurisdictions, you will have to choose the country that is the best choice for the formation of your bank. Knowing as much as possible about the banking license requirements, as well as the stability of the country, both financially and politically will be advantageous to you when you decide to apply for your offshore banking license.

If you have more questions about the jurisdictions where you can obtain your own banking license, or any of the banking regulatory body requirements in a certain jurisdiction, please Contact Us.

Jurisdictions where you can Apply for a License

panama

Panama

3 types of banking licenses available; General Banking License, International Banking License and License for Representative Offices. The general banking license and the license for representative offices requires a minimum capital of US$10 million, whereas for an offshore banking license the requirement for minimum capital is US$3 million. The major advantage of a Panama banking license is sponsored SWIFT membership which can get you a membership in the SWIFT organization a lot faster than any other banking jurisdiction.

panama

Dominica

There is only one type of Dominica banking license, and this allows the bank to engage in all aspects of banking. The major requirement of the Dominica Banking Act is that the ownership structure of the bank needs to be completely transparent, meaning the shareholders and directors need to be natural persons, and the shares cannot be bearer shares.

Antigua and Barbuda

Antigua and Barbuda

Applicants must apply to the IFSA, and banks in Antigua are regulated by International Business Corporations Act. Applicants must apply to the IFSA, and banks in Antigua are regulated by International Business Corporations Act. There are three categories of licenses: Class I, Class II and Class III. A Class I International Banking License permits to conduct banking operations in general and shall maintain a minimum of USD 3,000,000 paid up capital, of which USD 500,000 shall be deposited with the Commission or in a manner approved by the Commission. A Class II International Banking License permits the licensed institution to carry on international banking business for a restricted list of customers, approved by the Commission, or specified in the list issued as part of the terms upon which the license is granted. A Class II licensed shall maintain a minimum USD 500,000 in paid up capital, of which USD 100,000 shall be deposited with the Commission or in a manner approved by the Commission. A Class III International Banking and Trust License permits the licensed institution to carry on international banking and trust services for an unrestricted list of customers. A licensed institution holding a Class III International Banking and Trust License shall maintain a minimum USD 3,000,000 in paid up capital, of which USD 500,000 shall be deposited with the Commission or in a manner approved by the Commission.

belize

Belize

In Belize, the International Banking Act allows for the application for a Belize banking license, which enables banks to operate with Belize in foreign currencies, securities and assets owned by non-residents of Belize. Two types of offshore banking licenses are available in Belize:

  • Class A banking license which is an Unrestricted International Banking License and allows to transact international banking business through its business office in Belize. Class A license must establish, maintain and operate a business office in Belize. Class A Bank License requires a minimum capitalization of US$ 3,000,000
  • Class B banking license which is a Restricted International Banking License and allows to transact only such international banking business as specified in the license and may not transact business with persons or entities resident in Belize. Class B license prohibits from soliciting or accepting any deposits of money or any other valuable property from the general public. A Holder of Class B license must establish, maintain and operate a business office in Belize. Class B Bank License minimum capitalization is US$ 1,000,000.
cayman islands

Cayman Islands

There are 3 types of Cayman Islands international bank licenses. The first which is called a class “A” bank license allows for full banking operations in the Cayman Islands, for both local and international clients. The second international bank license issued in the Cayman Islands is the class “B” bank license which allows only overseas banking operations in the Cayman Islands, and does not allow banks to offer services to residents of the Cayman Islands. The last type of bank licensing is the class “B” restricted bank license, which has the same restrictions as a class “B” banking license, just with less capital needed. The minimum paid-up capital requirement for Class A and B licenses is CI$400,000.00 (equivalent to US$500,000.00). Class B restricted licenserequirement is CI$20,000 (equivalent to US$25,000.00).

saint lucia

St Lucia

There are 2 types of St Lucia bank licenses issued. You can either get a Category A St Lucia banking license or a Category B St Lucia banking license. Class A license permits the applicant to conduct banking business with third parties and the minimum paid up capital requirement is $1,000,000.00. A Class B license restricts the persons with whom the bank can do business and the application for the Class B licence must include a list of the persons or companies with whom the bank will be doing business. The minimum paid up capital requirement for Class B banking license is $250,000.00.