Offshore banking in Belize is known to have many advantages. Apart from great tax reductions, you can make use of these banking destinations for few other reasons. Unlike traditional banking policies and requirements, opening an offshore account in Belize is not very difficult. In fact, many corporate companies choose to open an account in this part of the world. Ideally, this is because offshore banking in places like Belize can diversify your finances, and help you uphold a better financial status for the next generation. Meanwhile, the idea of holding multiple currencies to spread risk is difficult in various part of the world. In such cases, offshore banking proves to be useful.
With this being said, let’s understand more about how to open offshore bank account in Belize.
Personal or business account
First things first, you need to choose between a personal and a business account. As mentioned previously, many businesses choose to open account in Belize. And, the offshore banking system is quite aware of this. Hence, it has clearly differentiated business accounts from the personal ones. This means, the requirements and procedure for opening a business offshore account in Belize is different from the personal ones. Now, the differences are not very big. However, you need to be aware of the fact that there are small variations.
The offshore business account can be used to manage your International Business Company (IBC), or your onshore based Local 250 company. In case you don’t intend to start a business in Belize, or if you don’t have an existing business – the personal offshore account will be sufficient. When you choose to open a personal offshore bank account in Belize, the experience will be similar to your conventional banking systems. Yet, marked differences will be seen around the interest, and taxation methods.
Picking the right Bank
Whenever you choose to open offshore bank account in Belize, you need to pick the right bank. This theory holds good for all offshore banking destinations.
As an investor, you need to be aware of the fact that banking systems are never designed alike. No two banks will have the same set of facilities, or procedures. Take a closer look – and you will see the differences. Even in Belize, you are bound to see differences between banks. When you find and filter banks, few factors should be kept in kind. One, the bank must have customer friendly policies. Many a times, investors don’t go through the policy documents. Mainly because the policy documents can be extremely long. The best way to handle policies documents is by hiring a tax lawyer. They are professional who have sound knowledge on offshore banking policies. Next, you need to check if the bank offers prompt customer support. The bank should hold a good reputation for customer care. The staff must be both skilled and polite. Also, check if the bank has in-house financial advisors. In-house financial advisors can help you make informed decisions on the deposits. This is crucial because deposits are directly linked with interest rates. Finally, the bank should be reputed by expats. If many offshore investors have opened accounts in the bank – you don’t need to have any second thoughts.
One of the finest banks in the region would be the Caye International Bank. This bank in Belize has a long history. And, it carries a very good reputation amongst offshore investors.
Moving on, you should satisfy the minimum requirements of the banks. When you choose to open offshore account in Belize, the requirements will be different from your local bank. Read through the requirements document, and ensure that you have all the necessary documents prepared. Opening an offshore account in Belize becomes easy when you have the documents ready!
Meanwhile, you need to be aware of the charges for opening an account. Every offshore bank account comes with maintenance fees, and operating charges. You need to pay them on an annual basis. In some cases, the charges have to be paid quarterly. These policies differ from one bank to another. This is why, investors are expected to read the requirements document carefully.
Some banks in Belize expect their offshore customers to reside outside the region. This means, you cannot live within Belize and open an offshore account. The main reason behind this requirement is to ascertain on the quality of service. Also, your place of residence decides on the tax benefits.
Submitting the application
If you strongly believe that the minimum requirements are met and satisfied, you should submit an application. The application can be submitted in two different ways. One, you can choose to visit Belize, and make the application in person. Or, you can apply for an offshore bank account from your local country. Most banks in Belize have an online portal. This means, you are not expected to travel to Belize for completing the application. Conversely, the banks will expect you to submit the application and the documents together. This makes it easier for processing the application and the documents.
Basic documents to be included along with the application are: a reference letter from one of your current banks, copy of your passport, address proof in your home country, address proof in Belize and a personal recommendation letter. All of these documents should be notarized. A primary reason why many applications are rejected in Belize would be unsigned and un-notarized documents.
The notarized documents need to be scanned and submitted along with the application. Meanwhile, you need to send the hard copies by post to the bank in Belize.
Setting up internet banking
Once you open offshore bank account in Belize, the online banking services need to be set. These services are important because you wouldn’t be present in Belize all the time. You need to have a platform that will let your access the offshore account. Likewise, you must be able to perform transactions without any hassles or tussles. The online banking services will let you achieve this in minutes.