Dominica Proves to be the Go-To Jurisdiction for Offshore Banking
Dominica has established itself as a reputable and attractive destination for offshore banking, with its robust regulatory framework and strict confidentiality laws making it an ideal choice for international clients seeking to open bank accounts.
Regulatory Body: Financial Services Unit (FSU)
The FSU is the sole regulatory authority for the non-bank financial sector in Dominica, responsible for issuing offshore banking licenses. The unit ensures that all applicants meet the required standards and adhere to strict regulations.
Types of Offshore Banking Licenses
Dominica offers four types of offshore banking licenses:
- Retail banking
- Investment banking
- Crypto Currency Banking
- Restricted territory and Nationals (CARICOM countries and their nationals)
Minimum Capital Requirement
The minimum capital requirement for an offshore bank license in Dominica is fixed at USD 1 million. The capital can be deposited in a bank account outside the country, pledged in favor of the Government of Dominica.
Director and Compliance Officer Requirements
Applicants must have a minimum of one physical person residing in Dominica as a director, while additional non-resident directors are permitted if approved by the FSU. A compliance officer is also required to be appointed and approved by the FSU.
Shareholders’ Requirements
A minimum of one shareholder, either a physical person or corporate entity, is required. All connected physical persons must be approved by the FSU.
Due Diligence Procedure
The Government of Dominica conducts enhanced due diligence on all applicants, with all information submitted to the FSU. A strict and exhaustive Due Diligence report is mandatory at the expense of the interested party.
Requirements for Obtaining a Bank License
To apply for a bank license in Dominica, applicants must provide documentation including:
- Disclosure Form
- Consent Form
- Legislation requirements such as the Offshore Banking (Amendment) Act 2019, among others
How to Obtain an Offshore Bank License
Applicants must undergo Due Diligence, which includes providing:
- Passport copies
- National ID
- Driving license
- Utility bills
- Professional references
- Curriculum vitae
- Proof of funds for capitalization may be required
- Filling out an application or new business plan is also necessary
Contact Information
For more information on establishing an offshore bank in Dominica, contact the Dominica Consulate Athens Greece at:
+30 210 361 15 05 +30 6932 488 888 or email consulate@dominicaconsulategreece.com