First Citizens Investment Services
Overview
First Citizens Investment Services Limited (FCIS) gives you personal access to global opportunities. Our financial strength, matched by our industry expertise, keeps your portfolio ahead of the market.
Our Research Unit has become renowned for the world class analysis and thought leadership. We produce periodic publications on diverse economic and financial topics in all of the territories in which we operate.
Services
BBD Fixed Income Paper (FIP)
Our Market leadership in Repurchase Agreements is testament to the peace of mind and flexibility that this product offers. Our attention to asset quality, flexible timeframes and competitive returns are hallmarks of our Fixed Income Product.
Benefits:
- Securities pledged with the Central Bank of Barbados/Trustees of Corporate Bonds
- Competitive rate of return
- Relatively low risk (refer to the brief description of risk outlined in Risk Disclosure section)
- Fixed rate of return
- Low initial minimum investment of BBD $15,000.00
- No fees
- Upon maturity, your funds can be paid via an Automatic Clearing House (ACH) payment and cheques.
Local Brokerage Services
We actively trade in equities through our branch, First Citizens Investment Services Ltd – Barbados — a member of the Barbados Stock Exchange (BSE), thereby ensuring that we provide a complete range of services which
cater to your investing needs.
Commissions and Fees
- BDS $1.00 to $10,000.00 a commission charge of 2% of the value is applied.
- BDS $10,001.00 to $25,000.00 a commission charge of 1.5% is applied.
- BDS $25,001.00 and above a commission charge of 1% is applied
- BSE charges a commission fee of 0.25% on the value of the shares.
- BSE charges a commission fee to the seller (only) of 0.10% of the nominal value of the bond or a minimum of $10.00
- FCIS’ Brokerage fee for bond transactions is 0.5% of the nominal value of the bond.
We are located at:
One Welches
Welches
St. Thomas
Tel: (246) 417-6810
Email: invest@firstcitizensbb.com
Global Investment Solutions
First Citizens Investment Services Limited has partnered with Pershing LLC, a Bank of New
York Mellon subsidiary, and the industry’s leading business solutions provider to bring you
international trading access at your fingertips through a robust, user-friendly platform.
Benefits
- Secure method of trading on your own in US markets
- Access to equity and bond instruments on the US, Canada andother international markets
- Low initial account minimum of US $3,500*
- Option to trade on your own or with guidance
*Don’t have USD, but another available hard-currency? Contact one of our Wealth Management personnel to get advice on how to proceed.
Fees
Trading on your own (US markets only)
- 0.65% of the value of the trade with a US $35 minimum
- US $2 custodian fee for securities held in a non-US market per month
- US $100 re-activation fee
Trading with guidance (US and most international markets)
- 0.95% of the value of the trade with a US $35 minimum
- US $2 custodian fee for securities held in a non-US market per month
- US $100 re-activation fee
Managed Accounts
A portfolio of investments created especially for you with your financial goals and
needs in mind. We assess your risk appetite along with your investment time
horizon and recommend a portfolio that you are comfortable with.
Benefits:
- Expert management by a team of professional portfolio managers and analysts
- Diversification through asset allocation and access to global markets
- Assignment of a dedicated Wealth Manager for consultation on your portfolio
Fees:
- From 1.5% per annum
Minimum investment: US $146,500.00
Global Managed Portfolios
First Citizens Global Managed Portfolios give you an intuitive and integrated experience made to offer:
- Expertise
- Options
- Access
- A dedicated Investment Associate assigned to your account
- 1.5% per annum with a minimum of USD $100.00
Individual Account Opening Documents
Risk Profile Calculator
Board of Directors

Shankar Bidaisee
Chairman

Dr. Sterling K Frost O.R.T.T.
Deputy Chairman

Nichelle Granderson
Director

Sandy Roopchand
Director

Crystelle Smith
Director

Javan Lewis
Director

Jo-Anne Boodoosingh
Director

Tricia McNeil-Beckles
Director
FATCA FAQ and CRS
What is AEOI?
Automatic Exchange of Information (AEOI) is an international framework that enables tax authorities in various participating jurisdictions to exchange financial account information annually, in an effort to combat offshore tax evasion and increase tax transparency.
AEOI includes:
- FATCA – the United States reporting regime.
- CRS – the OECD global reporting standard.
What is FATCA?
The Foreign Account Tax Compliance Act (FATCA) is United States legislation enacted on 18 March 2010 and effective 1 July 2014. It requires Financial Institutions to identify and report U.S. Reportable Accounts to the Barbados Revenue Authority (BRA), which may exchange the information with the U.S. Internal Revenue Service (IRS) under the Barbados–U.S. Intergovernmental Agreement.
What is CRS?
The Common Reporting Standard (CRS) was developed by the OECD in 2014.
It requires Financial Institutions to identify and report accounts held by tax residents of participating jurisdictions to the BRA for international exchange.
Why We Request Your Tax Information
Our institution is legally required to collect tax residency information under the Income Tax (Automatic Exchange of Information) Regulations, 2017.
We may request:
- Country(ies) of tax residency
- Tax Identification Number (TIN)/ Tax IDs
- Self‑certification forms – these are documents completed by customers to declare their tax residency status for FATCA and CRS purposes. These forms help Financial Institutions determine whether an account holder is reportable under international tax reporting regulations.
What Information May Be Reported?
Under Barbados law, Financial Institutions must report specific financial account information including:
- Name, address and date of birth
- Tax residency and TIN
- Account balance or value
- Interest, dividends or other income
Note: Transaction details, spending habits, passwords and private notes are not reported.
Financial Institutions are also required to report the account balance/value as at year-end, along with certain amounts paid or credited to the account during the reporting period.
These reportable amounts may include:
- Cumulative interest payments
- Cumulative dividend payments
- Gross proceeds from the sale or redemption of financial assets
- Other income generated with respect to assets held in the account, where applicable
The reporting obligations and applicable data fields may vary depending on the account type and whether the reporting is being conducted under FATCA or CRS.
Reporting Period – FATCA/CRS (Barbados)
For both FATCA and CRS in Barbados, reporting is generally conducted on a calendar year basis
(January 01st to December 31st).
Who Receives My Information?
Our institution reports to the BRA.
Under FATCA, reportable information is exchanged specifically with the IRS in accordance with the FATCA Intergovernmental Agreement (IGA) between Barbados and the United States.
Under CRS the BRA may exchange this information with relevant partner jurisdictions under CRS agreements.
Do We Need Consent?
Financial Institutions are not required to obtain customer consent to report information where reporting is required by law.
Is My Information Safe?
Information exchanged under FATCA and CRS is protected by strict confidentiality safeguards and international data protection standards.
In Barbados, FATCA and CRS reports are submitted through the BRA’s secure online reporting portal, which is designed to protect the confidentiality and integrity of taxpayer and financial information during submission and exchange processes.
What are my responsibilities as a Customer?
Under the Income Tax (Automatic Exchange of Information) Regulations, 2017 of Barbados, Financial Institutions are required to obtain and maintain accurate tax residency information for their customers. To support these legal obligations, customers also have important responsibilities such as:
Providing Accurate Self-Certification
Customers are required to provide complete and accurate tax residency information when opening an account or when requested by our firm. This includes completing and signing the relevant FATCA or CRS self-certification forms and providing a valid Tax Identification Number (TIN), where applicable.
Keeping Information Up to Date
Customers must notify our firm within 30 days if there is a change in circumstances that may affect their tax residency status. Examples include:
- Moving to another country
- Becoming a tax resident of another jurisdiction
- Changes to controlling persons of an entity
- Obtaining or changing a Tax Identification Number (TIN)
Providing Supporting Documentation
Where required, customers may be asked to provide supporting documents to confirm their tax status. This may include government-issued identification or additional FATCA forms (e.g., W-9 or W-8 series).
Consequences of Not Providing Information
If customers do not provide the required information:
- Accounts may be treated as recalcitrant (FATCA) or undocumented (CRS).
- Information may be reported to the Barbados Revenue Authority in accordance with applicable laws.
- Certain services may be delayed until the required documentation is provided.
Why This Matters Providing accurate tax information helps ensure compliance with international tax regulations and supports global efforts to combat tax evasion.
What Happens if Information is Not Provided?
FATCA – Accounts may be reported as recalcitrant. A recalcitrant account holder is a person who:
- Fails or refuses to provide required FATCA documentation (e.g., W-9 or W-8 forms), or
- Fails to respond to requests necessary to determine U.S. status.
CRS – Accounts may be treated as Undocumented and reported where required.
An undocumented account arises where:
- A valid CRS self-certification cannot be obtained after reasonable efforts, or
- The information provided is insufficient to determine tax residency.
Where in response to a request by us, a customer fails to provide information or documentation required to support the customer’s FATCA or CRS tax status or FATCA or CRS reporting by us, the delivery of services to the customer may be delayed or suspended pending receipt by us of the requested information. Where a customer repeatedly fails or refuses to provide such information or documentation, we reserve the right to terminate the customer relationship and exit the customer. Such action shall not affect the observance of our obligations to report under our FATCA and CRS agreements.
What are the FATCA Reporting Thresholds?
For existing accounts, FATCA identification and reporting procedures apply where aggregate balances exceed:
- US$50,000 – Individuals
- US$250,000 – Entities
Additional Frequently Asked Questions
Does FATCA apply to business and investment accounts?
Yes. FATCA and CRS apply to personal, business, investment and brokerage accounts.
Does AEOI affect my balance or investments?
No. AEOI is a reporting requirement only.
Do different currencies matter?
FATCA applies to your entire relationship, including BDS$, US$ and other currencies.
Why does AEOI matter?
It supports global financial integrity and tax compliance.
