Dominica banking license: offshore banking regime and practical uses
Partner, Corporate & Commercial
Concept
Dominica is one of the leading Caribbean jurisdictions issuing offshore banking licenses. The regime is established under the Offshore Banking Act No. 8 of 1996; the regulator is the Financial Services Unit (FSU) Commonwealth of Dominica. The license permits accepting deposits, issuing cards, granting loans, and acting as custodian within the offshore regime—meaning for non-residents of Dominica. Dominica has no domestic banks of US/EU scale—the offshore sector is the significant part of the island's financial industry.
The cost of obtaining and maintaining a banking license in Dominica ranges from hundreds of thousands to a million dollars: FSU licensing fees, capital requirements, compliance infrastructure, IT systems. For comparison: entry into an EU banking license in the second tier starts at €20m capital plus a multi-year process under ECB. UK PRA and SG MAS also represent a different level of requirements and investment.
Use cases for opening an account in a Dominican bank
Investment structuring and discretionary asset management.UHNW clients and holdings requiring a banking circuit for a multi-currency portfolio (fiat + crypto) with individual portfolio management, bank statements, and direct contact with the wealth team. Not safer than Switzerland, but a working option for the digital layer of a portfolio that classic private banks either refuse or accept with major restrictions.
Prime brokerage and OTC crypto conversion within a banking circuit.Companies and private clients who need to regularly convert BTC/ETH/USDT to fiat and back so the transaction appears on the statement as banking, not as an exchange withdrawal. For compliance documentation in receiving banks in EU/HK/SG, this distinction is critical.
USD/USDT escrow with a banking contract.Cross-border transactions where one party settles in USDT and the other wants a banking circuit and paper contract suitable for presentation to their bank as justification for incoming transfer. EQIBank operates through DBS Singapore and UAB Myanmar.
Lombard loans against digital assets.Clients with large positions in BTC/ETH/USDT who need fiat liquidity without selling the asset (and without a tax trigger) receive a loan secured by digital assets. LTV, rate, and term are individual.
Custody of digital assets within a banking circuit.Crypto storage with custodian liability and custody balance statements in a format accepted in securities infrastructure.
Family office and private club.Some Dominican banks operate as multi-family offices with a networking component—exclusive events, concierge service, sourcing investment opportunities. Nodabank leans this way; EQIBank more toward digital private banking.
Banks operating under Dominican license we work with
private.lawhandles legal work with two Dominican-licensed banks—EQIBank and Nodabank. Both operate within the same regulatory framework, both targeting non-resident corporate and UHNW clients. The difference lies in positioning, history, and product set.
EQIBank—launched 2015, CEO Jason Blick, team from HSBC, Credit Suisse, Bank of New York, and UBS; 180+ client jurisdictions. Digital private banking focused on crypto operations within a banking circuit: OTC desk, USD/USDT escrow via DBS Singapore, lombard loans against digital assets, custody. Fees: opening from $1,000, transaction fees 0.5–0.75% (cap $500–$950).
Nodabank—launched 2023, team from Switzerland, UK, US; 100+ jurisdictions. Positioned as "bank + family office + private club" with concierge service. Additional VASP license. Tier-based fees by turnover: SEPA 0.35–0.55%, SWIFT 0.6–0.95%, crypto FX 0.75%, onboarding €1,500, monthly €250.
Common mandatory requirements
Both Dominican banks operate within the same regulatory framework, and basic documentation requirements are identical.
- Company website mandatoryfor corporate applications. Clear business model, service description, and team information.
- Foreign passport or long-term residence permit.Russia and Belarus—stop list regardless of second citizenship or residence fact.
- Clean source of funds.Documentary proof of capital origin.
- Notarized documents.Neither EQIBank nor Nodabank accepts without notarization.
- Counterparties outside sanctions-sensitive jurisdictions.Russia, Belarus, Iran, Syria, DPRK—stop list for transactions.
Who Dominican banks do not suit
- Citizens of Russia and Belarus—regardless of residence permit in another country.
- Regular cross-border settlements with Western correspondents.Heightened compliance scrutiny of WIRE chains from Dominica. For this—Wise,AirwallexorStatrys.
- Bank reference letter for US/UK/EU.Caribbean offshore banks are rarely accepted by Western banks as a reliable reference source.
- Investment-grade storage of large balances.No deposit insurance, sovereign below investment grade. For this—Swiss or Singapore private bank.
- Retail/SME with typical operational model.Cost and onboarding do not pay off.
Q/A
Who regulates Dominican banks?
Financial Services Unit (FSU) Commonwealth of Dominica under the Offshore Banking Act No. 8 of 1996 framework.
Does a Dominican bank meet FATF criteria?
Dominica is a member of CFATF (Caribbean FATF), not on FATF's black list. Periodically appears on the grey list, undergoes mutual evaluation. In practice, this means heightened questions from receiving banks, but not refusal to work in principle.
Is there deposit insurance in Dominica?
No. For investment-grade capital storage, better to choose a Swiss or Singapore private bank.
Are Russian or Belarusian passports accepted?
No, neither EQIBank nor Nodabank works with Russian or Belarusian passports regardless of residence permit in another country.
Do Dominican banks file CRS and FATCA reports?
Yes, Dominica participates in CRS and FATCA. Information on non-resident accounts is transmitted to tax authorities of countries of residence.
How do EQIBank and Nodabank differ?
Both operate under Dominican license and refuse Russians and Belarusians. EQIBank—older (2015), focused on digital private banking and crypto operations within a banking circuit, OTC desk, USD/USDT escrow. Nodabank—younger (2023), with family-office positioning, concierge service, and private club. Nodabank has tier-based fees by turnover, EQIBank fixed percentages with caps.
Related materials
- EQIBank: Dominica offshore bank and OTC operations within a banking circuit
- Nodabank: offshore bank and family office under Dominica banking license regime
- The Kingdom Bank: international bank of Dominica and digital assets
- Neobanks: rating and review of payment providers
- Personal account abroad
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