St. Vincent has a long tradition of banking and finance. The interantional finance sectore include: 6 banks, 11 international insurance companies and 25 mutual funds. Currently there are two indigenous commercial banks, as well as five other commercial domestic banks operating in St. Vincent and the Grenadines.
The international finance legislation was overhauled and a package of financial laws was introduced. The laws provide the basic for the formation of the following entities:
The international entities registered in St. Vincent and the Grenadines are not subject to taxation. Favorable tax laws are common also in the domestic economy, where there is no capital gains tax, no inheritance tax, no tax on dividends and corporate tax ranges from 10-35%. There is freedom to repatriate capital and profits up to UDS100,000. Amounts exceeding that sum requireapproval before repatriation, which is usually given. Also there are no exchange controls on current transactions under USD100,000.
St. Vincent and the Grenadines has a small, carefully vetted and properly regulated informational private banking sector. At present there are only 6 banks licensed to conduct international banking business. The regulatory body, the International Financial Services Authority, has concentrated its efforte on ensuring that only banks with a real presrnce, and sound business operations and policies, operate in St. Vincent and the Grenadines. There are no sheel banks site examinations by the authorities every 12-18 months.
It is clear that the banks in St. Vincent and the Grenadines make us feel safe to open international bank account as well as make transactions with clients and partners.
We offer 2 banks service in St. Vincent and the Grenadines with Euro Pacific Bank and Loyal Bank.