Offshore banking, technical definition
In recent years, a Caribbean country has shifted its focus away from International Business Company (IBC) registrations, redirecting its efforts toward more valuable offerings for both the nation and its stakeholders. One significant opportunity is the offshore banking license available in the Commonwealth, which permits individuals to establish their own banking services. This can encompass remittance services, cryptocurrency custody, forex trading, and lending, all streamlined under a single license. However, a notable challenge that aspiring offshore bankers face is the necessity of securing a banking partner for corresponding banking services. Although establishing a new offshore bank is feasible in Dominica, it is essential to maintain a local presence through a small office, ensuring compliance with regulatory requirements while tapping into the growing potential of offshore banking.
