Dominica is a small Eastern Caribbean Currency Union member whose domestic banks are licensed and supervised by the Eastern Caribbean Central Bank. Its own Financial Services Unit licenses offshore banks, money services businesses, insurers and, since 2022, virtual asset businesses. It is a minor offshore centre with a short register of offshore banks.
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes5
CurrencyXCD
Next electiondue by early 2028
Not on the FATF lists of 19 June 2026, the EU high-risk third country list (Delegated Regulation (EU) 2016/1675 as consolidated on 29 January 2026) or Annex I or Annex II of the EU tax list as updated on 17 February 2026; Dominica was on EU tax Annex I in the Council conclusions of 26 February 2021. Checked 7 October 2026.
Government and politics
Government
Parliamentary republic
President
Sylvanie Burton · since October 2023
Prime Minister
Roosevelt Skerrit (Dominica Labour Party (DLP))
Governing parties
Dominica Labour Party (DLP)
Last election
General (parliamentary), snap, 6 December 2022
Next election
General (parliamentary), due by early 2028
Legislature
House of Assembly: unicameral, 21 elected representatives and 9 appointed senators
Legal system
English common law
Economy and finance
Population
65.9k (2025)
GDP
USD 744m (2025)
GDP per person
USD 9,895 (2025)
Currency
East Caribbean dollar (XCD), pegged to USD at 2.7:1 (Eastern Caribbean Currency Union)
Central bank
Eastern Caribbean Central Bank
A small agrarian and ecotourism economy whose public finances lean heavily on its citizenship by investment programme, with a modest offshore sector supervised by the Financial Services Unit.
Statutory minimum paid-up capital US$1.0 million, per the FSU offshore bank licensing checklist
Law
Offshore Banking Act, Act 8 of 1996 (Part II licensing, s. 14 minimum capital); fees under S.R.O. 16 of 2023
Fees
Application fee US$2,000. Offshore only: incorporation fee US$8,000, annual fee US$25,000. Joint offshore/onshore: US$20,000 and US$20,000. Onshore only: EC$50,000 and EC$50,000. General trust licence US$4,000 and US$4,000; restricted trust US$100 and US$100 (S.R.O. 16 of 2023, as published by the FSU).
Passporting
No passport. The licence covers business from Dominica only.
Key requirements
Detailed business plan with five-year cash flow projections and group structure chart
Personal questionnaires, police certificates and two character references for each director, executive officer, significant shareholder and authorised agent
Affidavits of beneficial ownership and source of funds
Audited financial statements for the three years before application; home regulator good standing and no-objection letter for foreign applicants
Proposed systems of control, inspection and reporting
FSU expects licensees to support humanitarian and development programmes in Dominica each year
TimelineECCB must grant or refuse within six months of a completed application
AuthorityEastern Caribbean Central Bank
Not less than twenty million dollars paid-up or assigned capital for a bank; five million dollars for a credit or other financial institution (harmonised ECCB Banking Bill text; Dominica enacted text not opened)
Law
Banking Act 2015 (harmonised ECCU Banking Act enacted in each member state), s. 44 minimum paid-up capital
Fees
Non-refundable application fee and initial licence fee set in Schedule 1 of the Act; amounts not verified for Dominica.
Passporting
No passport. Each ECCU member issues licences under its own enactment of the harmonised Act.
Key requirements
Fit and proper controllers, directors and management
Minimum paid-up capital maintained in the territory
Statutory reserve fund and ECCB prudential standards (capital adequacy, liquidity)
Home supervisor cooperation arrangements for foreign applicants
Money Services Business Act, Act 8 of 2010; fees under S.R.O. 15 of 2023
Fees
Fees by class (EC$, as published by the FSU): Class A money transmission 15,000; Class B issuance, sale and redemption of payment instruments 2,500; Class C cheque cashing 2,500; Class D currency exchange 2,500; Class E payday advances 15,000. Since 1 January 2024 a 2% stamp duty applies to the value of all outbound money transfers.
Passporting
No passport.
Key requirements
Minimum net worth as set in law (amount not stated on the FSU page)
At least two directors, with prior FSU approval of all directors and officers
Compliance with the Money Laundering (Prevention) Regulations
Annual audited financial statements filed with the FSU
No official online gaming licensing regime was found on the FSU or Government of Dominica legislation pages, so gaming is not covered. No separate e-money regime exists; payment instrument issuance falls under Class B of the Money Services Business Act. Offshore trust licences are issued under the Offshore Banking Act fee schedule (general and restricted trust). The Offshore Banking Act 1996 text on the government site is a scanned image, so the US$1.0 million capital figure is taken from the FSU checklist rather than the statute text. The domestic bank capital figure comes from the harmonised ECCB Banking Bill 2015; Dominica's enacted Banking Act text was not opened. Statutory processing times for offshore banks and money services businesses were not found. EU tax list history: Dominica was in Annex I in the Council conclusions of 26 February 2021 (Global Forum rating below Largely Compliant); according to the Commission's EU list timeline it was still in Annex I in February 2022, was in Annex II (not Annex I) in the October 2022 and February 2023 updates, and was removed from Annex II in the February 2024 update; it is on neither annex after the 17 February 2026 update. Insurance is licensed by the FSU under the Insurance Act 4 of 2012 (annual licence fee EC$50,000 per class under S.R.O. 17 of 2023).
General information
About Dominica
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
Roseau
Area
751 km²
Official languages
English
Time zone
UTC-04:00
Main exports
Tourism (ecotourism)
Bananas and other agricultural produce
Soap
Iron blocks
Main export partners
Bahamas
Saudi Arabia
Iceland
Guyana
Antigua and Barbuda
Sources for the country information(8)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
