The even better news is that in this country fresh applicants are actively sought, which means the application process is easy and quick. To top it all, Dominica is one of the most preferred destinations for offshore banking because it also claims at the top of the second passport industries list, meaning that many of the people who start a banking venture also purchase a second Dominican passport.
The Cayman Islands are the most expensive jurisdiction to get a full offshore banking license. The fees paid to the government for issuing the license can hike up to over half a million dollars and another half dedicated to legal fees. Of course, there are many other costs you will have to cover until you get that license. Also the application processing time is not too short and extends to over 12 months.
Lithuania have a favorable regulatory and tax environment, good infrastructure, affordable office space and labor force. Fintech companies find it as an ideal jurisdiction to challenge traditional banking institutions and getting access to the EU banking market with the ability to open offices in many cities with the EU if desired. The application takes over 6 months up to 1 year and requires at least two visits to Lithuania to meet the banking authorities and includes a business plan according to the services permitted under the specialized banking license applied for:
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