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Caribbean & Offshore Crypto Licences 2026

The two offshore VASP regimes we cover here. Neither Seychelles nor SVG is on the FATF grey list — but they differ sharply on capital requirements, cost, and international recognition.

2Jurisdictions covered
~2–3 moTimeline range
0%Tax on foreign income
Jurisdictions

Offshore Crypto Jurisdictions

🇸🇨
Seychelles
FSA VASP · VASPA 2024
Timeline2–3 months
Corp tax (IBC)0% (foreign income)
Min. capitalNone specified
FATF statusNot grey-listed
Gov. feeUSD 3,000
Lighter Capital · Broader Recognition 🇻🇨
St. Vincent & Grenadines
FSA VASP · Virtual Asset Business Act (2025)
Timeline~90 days
Corp tax (IBC)0% (foreign income)
Min. capitalEC$300,000 paid-up
FATF statusNot grey-listed
Year 1 fees~USD 10k–21k
Formal Regime — Capital-Intensive
Offshore Realities — Read Before You Choose
  • Neither Seychelles nor SVG is on the FATF grey list, but both are small offshore jurisdictions — correspondent banks still apply heightened due diligence, so plan banking early
  • SVG's Virtual Asset Business Act (in force 31 May 2025) now requires EC$300,000 minimum paid-up capital plus an EC$100,000 statutory deposit — it is no longer a low-capital option
  • Seychelles needs no statutory minimum capital and charges a $3,000 government fee, making it the lighter entry point of the two
  • Neither carries the recognition of an EU (MiCA), Singapore, or Hong Kong licence — treat both as offshore, not institutional-grade
Comparison

Seychelles vs SVG — Direct Comparison

Factor🇸🇨 Seychelles🇻🇨 SVG
Legal frameworkVASPA 2024Virtual Asset Business Act (in force 31 May 2025)
RegulatorFSAFSA
Timeline2–3 months~90 days
Corporate tax0% on foreign income0% on foreign income
Capital gains tax0%0%
FATF statusNot grey-listedNot grey-listed
Min. paid-up capitalNone specifiedEC$300,000 + EC$100,000 deposit
Government / FSA feeUSD 3,000EC$4,000 + EC$12,000 on approval
Banking accessModerateHeightened due diligence
Legal systemEnglish common lawEnglish common law
Year 1 feesUSD 13k–40kUSD 10k–21k + locked capital
International recognitionBroaderNarrower
VerdictLighter capital, broader recognition — our default offshore pickFormal regime; suits operators committed to its capital requirements

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.