Dominica Has An Investor-Friendly Banking System
A former British Commonwealth, Dominica has an established banking and financial system that is investor-friendly and governed by a legal system based upon English Common Law.
The financial sector in Dominica is primarily served by commercial banks and insurance companies.
Two international banks operate branches in Dominica, namely – Republic Bank and First Caribbean International. One indigenous bank – National Bank of Dominica Ltd., and one development bank – the Agricultural, Industrial, and Development (AID) Bank also operate in Dominica. These provide financing to many investment projects on island. Find a bank.
What you need to know about banking in Dominica.
- Dominica’s favourable offshore financial services legislation encourages the establishment of quality offshore banking and international businesses, and presents opportunities for new and innovative investments in all facets of the financial services sector in Dominica.
- The Financial Services Unit (FSU) of the Ministry of Finance is responsible for the supervision of banking and insurance activities, and for the facilitation and supervision of the offshore and international business activities on Dominica.
- A foreign currency bank account can be allowed on application to the Ministry of Finance. The major consideration is that the applicant must have a source of foreign earnings/income; repatriation of capital is allowed.
- The Currency Exchange is US$1.00 = EC$2.70 (official rate, fixed).
International and regional insurance companies such as Sagicor, New India Insurance, Pan American Life, The Insurance Company of the West Indies (ICWI), and American Life (ALICO) among others, provide general insurance services in Dominica.