Nodabank: offshore bank and family office under Dominica banking license

Partner, Corporate & Commercial

Concept

An offshore bank is not an ideal place to simply open an account and hold money. The cost of an offshore banking license in a jurisdiction like Dominica reaches $1 million — below the entry threshold for any serious banking jurisdiction. Offshore banks have no state deposit insurance and no retail business model to keep a traditional bank's economics afloat. Therefore, as a place to "just hold money," offshore banks lose to any EU/UK/HK/SG bank.

The point of an offshore bank is different: it's a bank that listens to a specific client's needs and is not bound by rigid retail constraints — because it does not serve mass retail. It's a tool for specific tasks: structuring investments, prime brokerage, OTC transactions, lombard loans, escrow, discretionary asset management.

Nodabank — an offshore bank of the Commonwealth of Dominica, launched in 2023 by a team from Switzerland, the United Kingdom, and the United States. Operates under two Dominica licenses — banking (details inOverview of Dominica offshore banking regime) and VASP (for direct virtual asset operations). Serves clients from 100+ jurisdictions, positioned as "bank + family office + private club" with dedicated concierge service.

Nodabank is a client ofprivate.lawas a law firm, which gives us insight into the bank's procedures from the inside and helps assemble the package in the format that Nodabank compliance accepts on the first attempt. The decision on each application is made by the bank.

What tasks Nodabank is suited for

Family office and discretionary portfolio management.UHNW clients who need a bank managing a multi-currency portfolio (USD, CNY, EUR and 20+ more currencies) together with securities investments and individual investment strategies. Nodabank is clearly building itself as a multi-family office, not just a settlement bank — this is evident in both the product lineup and positioning. Individual terms, personal manager, 24/7 access viasales@nodabank.com.

OTC crypto exchange within banking perimeter.Companies and private clients who need to convert BTC, ETH, USDT, USDC to fiat and back so the operation appears in the statement as a banking transaction, not an exchange withdrawal. FX Crypto fee per price list — 0.75% (both directions and crypto-to-crypto). Crypto deposit/withdrawal without individual bank fee.

Cross-border settlements with USDT component.SWIFT, SEPA, and USDT in one cabinet — a rare combination for a legal bank. Suitable for transactions where one party settles in stablecoin and the other in fiat, and both need a banking perimeter and paper trail.

C2B accounts for merchants.Companies that need to accept payments from buyers in fiat or crypto, and are willing to pay the bank a premium for entering its regime (C2B tariff 3.5% in/out). Niche — merchant companies that EU acquirers have refused.

Concierge service and private club.A separate layer that is virtually absent at EQIBank or Kingdom Bank — selection of events (Oscars, Formula 1, Burning Man), business networking in London, New York, Dubai, and private bank events. For some UHNW clients, this is a clear part of the value proposition — the bank simultaneously acts as a network for deals.

What Nodabank does technically

Multi-currency accounts in USD, CNY, EUR and more than 20 currencies. Transfers via SWIFT, SEPA, FPS, USDT in one cabinet. Internal transfers between Nodabank clients — free. CNY in the lineup — a distinct difference from most Dominican banks that do not maintain yuan accounts.

Crypto operations under VASP license. Deposit and withdrawal of BTC/ETH/USDT/USDC/EURT without bank fee (network fees paid by client). Crypto-to-fiat and crypto-to-crypto exchange — 0.75%.

Family office services: purchase and custody of securities through partner brokers, individual portfolio management, selection of investment strategies. Specific instruments and exposures are discussed individually with personal manager.

Concierge layer: access to private bank events, business introductions in London, New York, Dubai, organization of individual requests (Oscars, Formula 1, etc.). 24/7 service.

Tariffs

Mandatory client requirements

• Company website mandatoryfor corporate applications. Clear business model and team information.
• Foreign passport or long-term residence permit.Nodabank does not work with citizens of Russia and Belarus (see section below).
• Clean source of funds.Documentary proof of capital origin — statements, tax returns, asset sale agreements.
• Notarization of documents.Cost individual, discussed before submission.
• Counterparties outside sanction-sensitive jurisdictions.Russia, Belarus, Iran, Syria, DPRK — stop-list for operations.

Opening throughprivate.law: stages and timeline

1. Package preparation.We collect passport, proof of address (statement with address or utility bill no older than 3 months), CV, business summary or source of funds description. For company — constitutional documents, website, LinkedIn profiles of directors and UBO ≥ 25%.
2. Document notarization.Notarial certification through our partner.
3. Submission through our legal team.Documents reach Nodabank through the same channel we use for legal work with them. This ensures the package passes in the correct format on the first attempt.
4. Compliance review.Nodabank verifies source of funds, conducts KYC/UBO screening.5–7 business daysin standard profile, up to 2–3 weeks for high-risk.
5. Approval, onboarding fee payment, activation.€1,500 onboarding + €250 monthly. After payment — issuance of details and access to digital cabinet. Access to concierge service and private events — after opening.

Total timeline with clean profile — 7–14 business days.

Russian and Belarusian clients

Russian-language bank materials are aimed at Russian-speaking clients with other citizenship — Israeli, Armenian, Georgian, Kazakh, Ukrainian, European. This is not a signal "opens for Russians" — a Russian passport in the package blocks the application in any case.

Not suitable for

• Citizens of Russia and Belarus— regardless of residence permit from another country.
• Regular cross-border settlements with Western correspondents.WIRE chains from Dominica pass through HK/SG/EU with elevated compliance scrutiny. For this —Wise,AirwallexorStatrys.
• Bank reference letter for US/UK/EU operations.Caribbean offshore banks are rarely accepted by Western banks.
• Investment-grade storage of large balances.Dominica has no deposit insurance, sovereign below investment grade.
• Regulated financial business.Funds, brokerage companies under FCA/MAS/SEC — Nodabank is not suitable as primary banking relationship.
• Retail / SME with local payments.Onboarding and monthly fee costs do not pay off. For these profiles —WiseorAspire.
• Transactions with Russia and Belarus.Nodabank does not process direct settlements with these jurisdictions.
• Gambling, adult content, weapons.Prohibited.
• Shell companies without business.Refusal.

Q/A

Related materials

• Dominica banking license: offshore banking regime and practical applications(parent)
• EQIBank: Dominica offshore bank and OTC operations in banking circuit
• The Kingdom Bank: Dominica international bank and digital assets
• Neobanks: rating and review of payment providers
• Personal account abroad

Contact information

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