Belize is definitely a holiday wonderland! This is a famous holiday destination that is located in Central America. The place is beautifully nested between Guatemala and Mexico. Many a times, people are often assessed by the quality of road, water and air. These are three major factors in choosing the right offshore banking platform too. When you want to invest your money in a safe location, you need to ensure that the jurisdiction is reliable. Safety is a key parameter for people who are involved in financial matters. And, if you have plenty of money in your bank, you need a system that assures tax relief and diversification. Without such qualities, the country is likely to raise many red flags. This is what happens in conventional jurisdictions around the world.
Belize’s unique banking System for investors!
When compared with conventional banking environments, the system maintained in Belize is very unique. Most people are not accustomed to such banking techniques. For example, banks in Belize function till 2 in the afternoon. On a hectic day, the banks would operate till 3 PM. When you want to open offshore bank account in Belize, you need to present reference letters. Every investor has to be backed by a guarantor. Also, a letter from one of your previous accounts is necessary. The current Dollar value of Belize is around half the value of a US Dollar. This means, the net worth of money in Belize is significantly low. However, commoners and offshore investors are making use of this condition.
Before you open offshore bank account in Belize, you need to be familiar with the anatomy of banking in the country. To begin with, there are two different types of banking systems in Belize. All offshore accounts can be categorized as B-Class or A-Class.
Technically, B-Class represents the restricted investors. The license requirements of B-Class investors are more or less equivalent to an A-Class investor. However, the B-Class investors are not allowed to complete a wide range of operations. The kind of banking activities, which can be performed by them are strongly controlled and limited. For example, if you belong to B-Class offshore banking systems, you will not be allowed to access any deposit from the public. Likewise, you cannot transfer money to current deposit account holders. The annual fee for maintaining the license in Belize is around 15,000 USD. If you are a company, with a B-Class offshore account in Belize – you need to maintain a capital of 1 million USD. And, if you are a foreign banker, you need to maintain around 15 million USD in paid up capital.
A-Class investors in Belize have no restrictions on their licenses. They are allowed to operate, create and maintain any type of business in the country. It is easy for A-Class account holders to become an integral part of bigger franchises. In fact, A-Class account holders turn into reference points for any firm. The A-Class account allows individuals to engage in transactions without any limits. You will have zero restrictions on the amount of money that can sent or received through your account. The annual fee for maintaining an A-Class license is around 20,000 USD. Companies with the A-Class license should maintain a capital of 3 million USD. If you are an international company, you need to maintain around 25 million USD in capital.
These are two different categories of offshore banking in Belize. And, when you want to open offshore bank account in Belize, you must be aware of them, and their differences.
How to open offshore bank account in Belize?
Now, let’s answer the very common question on how to open offshore bank account in Belize!
In order to open an offshore account, the following documents need to be arranged:
- You need to have a reference letter from one of your existing banks. The account should have been maintained in the chosen bank for at least 2 years.
- You need to have a professional reference from an accountant or a lawyer. Once again, the reference should have been in touch with you for at least 2 years. If you don’t have a personal lawyer, you need to choose a second bank. The rule of maintaining a 2-year history with the bank applies here too!
- You need to present a proof of address. Any utility bill would serve the purpose.
- You need to present a notarized copy of your passport. The passport should be valid.
All the documents presented to open offshore bank account in Belize should be signed. Even your personal details and photograph must be notarized.
The list of documents required to open an account in Belize depends on the bank. In some cases, you will be asked to present your driver’s license, and company license. In few banks, you will be requested for documents that speak about your social security levels. All of these are additional pieces of information. What truly matters would be the list above!
Foreign Currency Exchange in Belize
One of the primary reasons to open offshore bank account in Belize would be currency transfers. Almost all banks in Belize support wire transfers, and SWIFT systems. You can send and receive money to any account around the world. But, the moment you choose to buy a foreign currency, you will be subject to Foreign Exchange Control Regulations. Most banks in Belize support multi-currencies like the US Dollar, Pound, Sterling and Euro. In some banks, you will be able to save your funds in the Canadian Dollar too! Belize supports multi-currency accounts because it maintains a good relationship with other nations. The double tax treaties, and TIEA agreements make a big difference in how the offshore banks of Belize operate. Belize has officially signed a double tax treaty with numerous countries like Saint Kitts, United Kingdom, Trinidad, Austria and Antigua & Barbuda. And, the country takes pride in sharing Tax information exchange agreements with many European countries like Norway, US, Netherlands, France and even Mexico.