International Banks

General

The basic restrictions of an International Bank registered under the International Banks Act of 1999 are that it is prohibited from:

• taking deposits from any resident and
• investing in any asset which represents a claim on any resident except a claim resulting from a loan to a person registered or licensed under any other law in force in St. Lucia relating to International Financial Services.

Two classes of banks exist. A Class "A" Bank is a public offshore bank. A Class "B" Bank shall not receive or solicit funds by way of trade or business from persons other than those listed in the application for the license.

An international bank must have at least one director who is a resident.

Licensing

In order to issue a license, the Minister will consider: -

• The business record and experience of the applicant
• The nature and sufficiency of the financial resources of the applicant or its parent company;
• The soundness and feasibility of the plans of the applicant for the conduct and development of the applicants business; and
• Whether the applicant will be owned and operated responsibly by persons who are fit as to character, competence and experience.
  

Capital

A class "A" bank must have minimum paid-up capital of US$1,000,000 and a class "B" bank a minimum of US$250,000. US$100,000 must be deposited or invested within St. Lucia, as prescribed in the Regulations to the Act.

Audit

An International Bank is required to present audited financial statements to the Minister within 3 months after the end of the financial year.