Frequently Asked Questions
ANSWERS TO QUESTIONS YOU MAY HAVE ON THE TRANSFER OF ACCOUNTS TO THE NATIONAL BANK OF ANGUILLA (PRIVATE BANKING AND TRUST) LIMITED
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What is the National Bank of Anguilla (Private Banking & Trust) Co. Ltd. (NBA PB&T)?
National Bank of Anguilla (Private Banking & Trust) Ltd. is a wholly owned subsidiary of the National Bank of Anguilla Ltd. It was incorporated to provide Offshore Financial Services on Anguilla.
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Why did National Bank of Anguilla Ltd. create the NBA PB&T at this time?
The law requires that all banks operating from within Anguilla and conducting banking business in currencies other than Eastern Caribbean Dollars with persons or entities who are not citizens of or resident in Anguilla shall apply for and obtain a special licence, viz., an "Offshore Banking Licence" to conduct this business.
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Who is a resident of Anguilla?
- A resident of Anguilla includes:
- A person who is a Belonger of Anguilla regardless of where domiciled and by extension his/her children and grandchildren
- A company formed under the Companies Act, LLC Act or LP Act that engages in revenue generating activities in Anguilla.
- A person who has been granted permanent residency status or who has a valid work permit to work in Anguilla
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When will this change take place?
This change will take place on April 1st, 2005 at which time the NBA PB&T will become fully operational.
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How will this change affect the way I conduct my banking business?
The transfer of your account(s) to the NBA PB&T will result in your account number(s) being changed. The rules, regulations and agreements that governed your account(s) with the Bank will remain the same. The Bank will notify you promptly of your new account number(s) when they have been assigned. This change in your account number(s) will impact your ability to use your ATM card.
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Where will the NBA PB&T be situated?
On the ground floor of the Conrad W. Fleming Corporate Building
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Which NBA accounts will be transferred to NBA PB&T?
The NBA accounts, which will be transferred to NBA PB&T, are foreign accounts owned and operated by non-residents. The definition of a non-resident includes:
An International Business Company, an LLC, an LP and or a Company, which does not engage in any revenue generating activities in Anguilla.
A person who is not a Belonger of Anguilla nor has been granted permanent residency status nor has been granted a work permit to work in Anguilla
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Why will my foreign currency accounts be transferred to NBA PB&T while my Eastern Caribbean Dollar accounts remain with NBA?
Accounts held in EC Dollars are not considered to be offshore accounts and, therefore, these accounts will remain with the Bank.
Will I be able to use my local ATM card (NBA Convenience Card) and international debit card (NBA VISA Cheque Card) once the change takes place?
As of April 1st, 2005, your ATM cards will no longer be functional for accounts of the NBA PB&T. Therefore, you will be issued with a new NBA PB&T Visa Cheque Card, which will allow you to access the funds in your account at ATMs and retail outlets worldwide. If your existing ATM Card is attached is an EC Dollar account it will still be functional.
What should I do if I believe that according to your definition of "Residents" my account(s) has/have been misclassified as offshore?
If you believe that your account(s) has/have been misclassified as offshore, please contact the Bank.
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Will there be a requirement to maintain a minimum balance in any of my accounts that will be transferred to the NBA PB&T
Yes and these are as follows:
Statement Savings Account US$3,000.00 Checking Accounts US$1,000.00 Term Deposits US$1,000.00