Dear Weekender,
In today’s world, trying to live without a bank account is almost impossible. Salaries are deposited digitally, bills are paid online, and even basic government services increasingly depend on electronic payments. Yet in Sint Maarten, thousands of people still remain outside the banking system, excluded from a financial reality that most of society now takes for granted.
THE NATIONAL ORDINANCE ON BASIC BANK ACCOUNTS
To address this issue, the Government of Sint Maarten published the National Ordinance on Basic Bank Accounts (in Dutch: Landsverordening basisbetaalrekening) on April 10, 2026 (the “National Ordinance”). Although the National Ordinance has already been officially published, it has not yet entered into force. The effective date is yet to be determined by national decree.
The purpose of the National Ordinance is to strengthen financial inclusion by ensuring that consumers who have a genuine connection to Sint Maarten (but who are unable to obtain a regular bank account) can still access essential payment services.
The National Ordinance recognizes that participation in modern economic and social life increasingly depends on access to a bank account and the ability to participate in the digital payment system.
A basic bank account is a bank account in the personal name of the consumer that allows essential banking functions. These include depositing cash into the account, withdrawing cash from the account, carrying out payment transactions, using a debit card or similar payment instrument, making transfers and automatic payments and digital management and banking actions are also offered, as per article 1, paragraph 2, article 2 and 2A and 2B, of the National Ordinance.
The National Ordinance applies to consumers, natural persons acting outside of business or professional activities. A payment service provider that offers bank accounts to consumers must allow consumers to apply for a basic bank account in XCG, regardless of nationality or place of residence.
However, the account is intentionally limited in scope. The National Ordinance is designed as a low-threshold financial inclusion measure, not as a full-service banking product. Therefore, limitations apply: The account may not have a negative balance, transfers to accounts outside Sint Maarten and Curaçao are not allowed, only one account may be held, the account must be in the consumer’s own name, joint accounts are not possible. Payment providers may impose monthly deposit limits based on generally binding regulations issued by the Central Bank of Curaçao and Sint Maarten. This monthly deposit limit is intended to ensure that the basic bank account is not misused for purposes such as money laundering or other illicit financial activities.
One of the key concepts in the National Ordinance is the requirement that the applicant has a “genuine interest” (in Dutch: ‘werkelijk belang’), reference is made to article 3, paragraph 2 sub b, of the National Ordinance. The explanatory memorandum makes clear that this requirement should not become an unnecessary obstacle. A genuine interest includes, among other things, individuals living, working (including internship) or studying in Sint Maarten.
Importantly, the National Ordinance aims to create a simplified on-boarding process. Payment service providers are expected to perform a basic screening for anti-money laundering and counter-terrorism financing compliance, but not a full financial investigation into the consumer’s personal circumstances. The explanatory memorandum specifically states that factors such as employment status, income level, credit history, or personal bankruptcy should not determine whether someone can apply for a basic bank account. However, in certain cases, a provider may refuse or terminate a basic bank account.
Ultimately, the law reflects a broader shift toward greater financial accessibility and modernization, seeking to remove barriers that affect individuals far beyond everyday financial transactions. Although cash remains legal and continues to hold an important place in society, access to at least one basic bank account is increasingly becoming a necessity for meaningful participation in the economic and social life of Sint Maarten. As society continues to digitalize, financial inclusion has evolved from a matter of convenience into an essential component of equal participation and opportunity.
Yours sincerely,
Hagir Naas & Nicole Echobardo | HBN Law & Tax
