Opening a bank account in St. Maarten: 3 things you should know
At BrightPath, bank account opening services remains one of our core products. We maintain relationships with multiple banks throughout the island and we can facilitate you with the process. Here are some pointers that we recommend that you take into consideration.
- Compliance is key – To preserve the integrity of the jurisdiction of St Maarten from a banking and overall economic standpoint, you will need to declare and substantiate your initial source of funds, as well as the source of ongoing funding. Additionally, the nature of the financial activity to the account must remain transparent and the bank reserves the right to accept or withdraw the application at any time and solely to the bank’s discretion.
- You must have economic ties to the island – Basically, you must have a locally incorporated and licensed business if you require a business bank account on the island. If you require a personal bank account, you must possess a valid residency permit. In some cases, exceptions are made for bank accounts for non-residents who own property on the island. Again, this is solely to the bank’s discretion. As a rule of thumb, it’s best to assume that for banking activity financial ties to St. Maarten must be established by way of a locally registered business or legal residency for the individual requesting the personal bank account.
- Multiple currencies are an option – One of the big advantages about banking in St. Maarten is that you can obtain multiple bank accounts, in multiple currencies! Most banks on the island will grant you the option to bank in Euros, United States dollars, and/or Antillean Guilders. The latter is the official currency of the island.
For more detailed information on banking requirements for St. Maarten, contact us at email@example.com or visit https://www.brightpathcaribbean.com/sxm/services for more information on our services.
Disclaimer: This article published on our website and our social media platforms should not be construed as investment advice. We strongly advise our readers to always do their due diligence before investing and/or banking in any jurisdiction or territory abroad. BrightPath does not implicitly nor explicitly endorse, promote, or hold any affiliation to any bank. Furthermore, it is the reader’s sole responsibility to know the laws regarding bank accounts abroad and the inherent tax implications that may result from the same.
Our Blogposts are not intended as (legal) advice and do not take your personal circumstances into consideration. All information provided and statements made only serve to provide you with a general understanding of immigration, residence and business incorporation procedures on Sint Maarten. BrightPath does not accept any liability for damages resulting from using the provided information. We highly recommend you to seek personalized advice from us before you act or fail to act because of the content of our Blogposts.