Petrus Private Bank — an international bank domiciled in St Lucia — holds a Class A banking license granted by the Financial Services Regulatory Authority (FSRA) under the patronage of the Ministry of Finance, Economic Affairs, Planning & Social Security of Saint Lucia.
The FSRA is responsible for administering the International Banks Act (1999) and for the licensing, supervision and regulation of the island’s financial sector. The scope, depth and rigour of Saint Lucia’s offshore banking legislative arrangements exceed the recommendations and requirements of both The Organisation for Economic Co-operation and Development (OECD) and The Financial Action Task Force (FATF).
St Lucia’s legal system is based, in part, on English common law, cemented under British Sovereignty. In 1979, the territory became an independent member of the Commonwealth of Nations with the British queen as the head of the state.
The island offers a range of benefits for investors including a favourable tax regime, a stable political and economic environment and that regulated banks are not legally allowed to disclose a customer’s personal details to any third party without his or her permission. Couple those advantages with St Lucia’s tradition of excellence in trade and commerce and it comes as no surprise that the private banking sector considers the island to be an ideal offshore location.