Anguilla Banking

Want to keep part of your money outside your home country, in a currency tied to the US dollar, under a legal system you already know? An account with a bank in Anguilla can give you that. The island runs on English common law, its currency has held the same US dollar peg since 1976, and there are no exchange controls on moving money in or out. Here, you'll learn which banks hold a licence, the paperwork you'll need, how fees work, and how tax reporting works, so you know what to expect before you apply.

Why Choose Anguilla for Your Next Bank Account?

Anguilla is a British Overseas Territory in the Caribbean. Tourism and financial services are the two pillars of its economy. That mix gives the island a small but closely supervised banking sector.

Here is what Anguilla offers you as an account holder:

• A stable currency. The EC dollar (XCD) has been pegged at EC$2.70 to US$1.00 since 7 July 1976.
• No exchange controls. You can buy foreign exchange and move profits out freely, as the ECCB's Governor has confirmed.
• Diversification. Holding funds in a second country spreads your risk and can fit into a wider offshore investing plan.
• Asset protection through a clear regulatory framework and a court system rooted in English legal tradition.

Many people call it a politically and economically stable place to bank. The long-running currency peg is the clearest proof of that. Just keep your expectations honest: an account here is not secret, and it does not remove your tax duties where you live.

Fact: The Island Has 5 Licensed Banks, But Only 3 Are Fully Operating

Before you pick a bank, it helps to know who runs the system. The Eastern Caribbean Central Bank (ECCB), based in St. Kitts, is the governing body for domestic lenders. It handles their licensing and day-to-day prudential rules. The Anguilla Financial Services Commission (AFSC) checks those same lenders for anti-money-laundering rules and licenses the offshore financial sector, including offshore banks.

The wider financial landscape includes domestic banks, insurance companies, money services businesses, mutual funds, and offshore banks. Most banking activities in Anguilla run through the two domestic lenders.

On paper, the island has 5 banks. Here is how they break down on the AFSC's register and banking page:

This list is for information only. None of these lenders is an Offshore Protection partner. Anguilla trust companies are also licensed and supervised by the AFSC.

What Types of Bank Accounts Can You Open?

You have two main choices: a personal account or one of the business accounts. Accounts with local lenders are open to individuals and legal entities.

• Personal accounts: chequing and savings accounts for your own money.
• Business chequing: an operating account for paying suppliers and receiving income.
• Term deposits: fixed-term savings for cash you won't touch for a while.
• Extras: the services provided can include online banking, debit and credit cards, and help with currency for trade.

Which currencies you can hold beyond EC dollars, such as US dollars, depends on the bank. We confirm the options for your case before you apply.

Do You Need an Anguilla Company First?

Not always. A personal account needs only you. But if you want an account in a company's name, the company must exist first. Whether a bank will accept a company formed outside Anguilla is the bank's own policy, and we confirm it for your structure before you apply.

If you plan to run a business in Anguilla or hold assets through a company, know that the rules changed in 2022. The Business Companies Act, 2022 took effect on 1 July 2022. This legislation replaced the old Companies Act and International Business Companies Act. Former IBCs are now called business companies. Many offshore companies formed before then still carry the old label, but all companies in Anguilla now follow the 2022 Act.

The new law keeps a flexible corporate structure with limited liability for owners. You can read our guide on setting up a company in Anguilla for the full offshore company formation steps, or see our Anguilla company formation service.

Once your company registration is done, the Registrar issues your certificate of incorporation. Keep certified copies ready. You'll need them.

Required Documents: What the Bank Will Ask For

Banks follow strict know-your-customer rules. For a company account, have all of these ready. For a personal account, you'll usually need items 1 to 5 and item 10.

1. A completed application form.
2. A certified copy of each director's and shareholder's passport (or your own, for a personal account).
3. Proof of residential address for all directors and shareholders.
4. A bank reference letter from your current bank.
5. Recent bank statements.
6. A short business plan explaining what the account is for.
7. Proof of business activity, such as invoices or sales orders.
8. Certified copies of your company's formation documents.
9. A certificate of good standing for the company.
10. Details of where your money comes from (source of funds).

You may be asked for more, depending on your line of work.

Banking Features at a Glance

Here is a quick summary of what to expect.

How to Open Your Account in Anguilla: Step by Step

When your papers are in order, opening an account is a straightforward process. Here are the steps most people follow to open bank accounts on the island:

1. Pick your account type. Decide between a personal or business account.
2. Choose your bank. Compare the domestic banks, or look abroad if another country suits you better.
3. Gather your documents. Use the checklist above and get copies certified.
4. Fill in the application. Answer every question fully. Gaps cause delays.
5. Pass due diligence. The bank checks who you are and where your funds come from. Expect follow-up questions.
6. Fund and activate. Once approved, fund the account and set up online banking.

Approval is always the bank's decision. No provider can promise it. That's why getting professional advice on your paperwork is worth it.

What Rules Apply Once Your Account Is Open?

CRS and FATCA Reporting

Your account will be reported to tax authorities. The island follows the Common Reporting Standard (CRS) under its Tax Information Exchange (International Cooperation) Act. Banks operating in Anguilla send account data to the Comptroller of Inland Revenue through the AEOI Portal. That office then shares it with partner countries that meet data-safety standards. Anguilla signed up as an early adopter, and the OECD confirms its first CRS exchanges took place in 2018, a year later than planned because of the 2017 hurricanes.

US persons are also covered by FATCA. Anguilla has a Model 1 intergovernmental agreement with the United States, which is not a tax treaty. Under it, banks report US accounts to the Comptroller of Inland Revenue, who passes the data to the IRS. So every transaction you make should fit your tax filings at home. Strong compliance keeps your account safe.

Confidentiality here means your details are not public. It does not mean they are hidden from tax authorities.

Is Your Money Insured?

Not yet. There is no deposit insurance scheme running in the ECCB's currency union today. On 19 July 2024, all eight member governments, Anguilla included, signed the agreement to set up the Eastern Caribbean Deposit Insurance Corporation. Member countries are now passing their own laws to bring it into effect. The ECCB's new 2026–2031 strategic plan commits to introducing deposit insurance. Until it launches, your deposits are not insured.

What About Tax?

You won't find direct taxation of income or corporate profits on Anguilla's main tax list. The Inland Revenue Department names its main taxes as a payroll levy on work done on the island, property tax, accommodation tax, and licence fees. A goods and services tax (GST) also applies. Tax rules where you live still apply to you and to any interest your account earns.

How Is Anguilla Offshore Banking Changing in 2026?

Two changes this year matter for your account. First, on 17 February 2026, the Council of the EU updated its list of non-cooperative jurisdictions for tax purposes, and Anguilla stayed on it, alongside nine others. The next review is due in October 2026. For any offshore jurisdiction, a listing like this adds friction. Anguilla is not on the FATF grey list or blacklist, based on the June 2026 FATF update.

Second, on 30 June 2026, Anguilla gazetted the International Tax Compliance (Common Reporting Standard) (Amendment) Regulations, 2026, which bring the OECD's updated CRS rules into force from 1 July 2026. Banks must now report more detail, such as whether your self-certification is valid and whether the account is joint.

What we've learned since 1996: when a place is on a list like this, the first thing to slow down is rarely the local bank. It's the banks and payment firms in other countries that you send money to. Clients who arrive with a clear account purpose and source-of-funds file tend to get through those extra checks much faster.

Our outlook: if the EU listing stays in place, expect EU-based banks to keep asking more questions about payments linked to the island. Under the new CRS rules, expect a fuller self-certification form when you open your account. If the regional deposit insurance plan moves forward, local accounts could become more attractive over the next few years.

Frequently Asked Questions

• Can a foreigner open a bank account in Anguilla?

  Yes, foreigners can apply, as long as they meet the bank's own rules. You'll need photo ID, proof of address, a reference letter, and details of your source of funds. Each bank decides on its own, so approval is never automatic.

• How much does it cost to open and maintain an Anguilla offshore bank account?

  Anguilla's regulators don't publish bank fees. Each bank sets its own opening deposit, monthly charges, and wire fees, and these change over time. We give you the current figures for your case before you apply. Our own service fee for preparing and submitting your Anguilla application is US$1,350.

• What documents does an Anguilla company need for a bank account?

  Plan on an application form, certified passports and address proofs for directors and shareholders, a reference letter, recent statements, a short plan for the account, proof of business activity, certified company documents, a certificate of good standing, and source-of-funds details.

• Can I open an account remotely?

  It depends on the bank and on your profile. Some banks may ask you to visit in person, and others may accept a certified paper file. We check the bank's current policy for your case and tell you before you apply.

• What currency is used in Anguilla?

  The island uses the Eastern Caribbean dollar (XCD). It has been fixed at EC$2.70 to US$1.00 since 7 July 1976. Whether you can also hold US dollars or other currencies depends on the bank.

• Who regulates banks in Anguilla?

  The Eastern Caribbean Central Bank licenses and supervises the domestic banks. The Anguilla Financial Services Commission licenses offshore banks and checks every bank on the island for anti-money-laundering rules.

• Will my account be reported to tax authorities?

  Yes. Banks report accounts to the Comptroller of Inland Revenue, who shares the data with partner countries under CRS and with the US under FATCA. Make sure your account fits your tax filings at home.

• Are deposits in Anguilla insured?

  Not yet. There is no deposit insurance scheme running in the Eastern Caribbean Currency Union today. All eight member governments, Anguilla included, signed an agreement in July 2024 to set one up, and the ECCB plans to introduce it under its 2026–2031 strategic plan.

• Do I need to form a company before I apply?

  Only if you want the account in a company's name. For a personal account, you apply as an individual. Anguilla company formation now falls under the Business Companies Act, 2022.

• Is Anguilla on the EU or FATF blacklists?

  Anguilla is on the EU list of non-cooperative jurisdictions for tax purposes. The EU kept it there in its 17 February 2026 update. It is not on the FATF grey list or blacklist after the June 2026 update. The EU listing can mean extra checks on payments linked to the island.

• Is an Anguilla bank account private?

  Your details are kept confidential from the public, but not from tax authorities. The bank verifies who you are and where your money comes from, and it reports your account under CRS and, for US persons, FATCA.

• Which banks operate in Anguilla?

  Two domestic banks operate: National Commercial Bank of Anguilla and Republic Bank (Anguilla). The AFSC lists three offshore banks, but two are under an administrator, which leaves Foreign Commerce Bank as the only one not in administration. None of them is an Offshore Protection partner.

Ready to Open Your Account?

An account here gives you a US dollar-pegged currency, no exchange controls, a common law legal system, and a way to spread your risk beyond one country. With the right documents and honest tax reporting, you give your application its best chance. Talk to our team today, and we'll help you prepare a clean, complete file.