Jurisdictions
Offshore Crypto Jurisdictions
The FATF Grey List — What It Means For Your Business
- Correspondent banks apply enhanced due diligence to all SVG entities — opening bank accounts is harder
- Major payment processors and exchanges may refuse to partner with SVG-licensed operators
- Institutional clients conduct deeper due diligence on SVG entities vs Seychelles
- Some jurisdictions require extra disclosures when dealing with grey-list entities
Comparison
Seychelles vs SVG — Direct Comparison
| Factor | 🇸🇨 Seychelles | 🇻🇨 SVG |
|---|---|---|
| Legal framework | VASPA 2024 | Virtual Asset Business Act |
| Regulator | FSA | FSA |
| Timeline | 8–12 weeks | 4–8 weeks |
| Corporate tax | 1.5% on net profit | 0% (IBC, foreign income) |
| Capital gains tax | 0% | 0% |
| FATF status | White list ✓ | Grey list ✗ |
| Banking access | Moderate–Good | Difficult |
| Legal system | English common law | English common law |
| Year 1 cost | USD 13k–40k | USD 6.5k–18k |
| Min. capital | None specified | None specified |
| Derivatives permitted? | Yes (VASPA) | Limited |
| Staking / yield? | Yes | Limited guidance |
| Verdict | Recommended for most offshore needs | For speed/cost when banking not critical |
When does offshore licensing make sense?
Offshore licences (Seychelles, SVG) are appropriate for: international operations excluding US/EU regulated clients, early-stage projects bootstrapping before upgrading, back-office entities within a multi-jurisdiction structure, or projects where the target market explicitly accepts offshore-licensed operators. They are not appropriate as a substitute for EU/Singapore/Hong Kong licences when serving regulated market clients.
◆ MARKET SNAPSHOT
Caribbean Crypto Licensing Landscape 2026
12
Active Jurisdictions
45–90 days
Average Approval Time
USD 50K–500K
Initial Capital Range
USD 5K–25K
Annual Regulatory Fees
68%
Applications Approved (2025)
3–4 weeks
Setup & Registration Window
◆ JURISDICTION COMPARISON
Antigua & Barbuda vs. Saint Vincent & the Grenadines
Antigua & Barbuda (FSC)
Regulator
Financial Services Commission
License Types
Money Services, Virtual Asset Provider
Processing Time
60–90 days
Application Fee
USD 8,000
Annual License Fee
USD 15,000–25,000
Minimum Capital
USD 250,000
AML/KYC Required
Yes (FATF Compliant)
Tax Residency
Non-resident friendly
Saint Vincent & Grenadines (SVGFSA)
Regulator
Financial Services Authority
License Types
Crypto Exchange, Wallet Provider, Broker
Processing Time
45–75 days
Application Fee
USD 5,000
Annual License Fee
USD 10,000–20,000
Minimum Capital
USD 50,000–100,000
AML/KYC Required
Yes (Enhanced Screening)
Tax Residency
Non-resident friendly