Offshore Bank Belize
Belize, once called British Honduras an English speaking country in located in Central America. Belize’s economy is dependent on tourism and agriculture, but in recent times, Belize has joined the global competition in the offshore financial sector and strives to compete internationally. As such, Belize continues to develop and grow its community of offshore or international banks. The offshore banks in Belize operate under and are regulated by three separate legislations: The Banks and Financial Institutions Act, 1995, the Offshore Banking Act, 1996, and the Money Laundering (Prevention) Act, 1996.
Offshore banks licensed and operational in Belize are not allowed to engage business with local residents of Belize. All banking activities and transactions for Belize offshore banking must be conducted with non-resident individuals or international business companies. Offshore banks in Belize offer a variety of banking services that include savings accounts, time and fixed deposits, international banks cards, deposits, withdrawals. One advantage of an offshore bank account in Belize is the zero tax and absence of exchange controls. In Belize this is essential as the country has imposed heavy restrictions on and controls foreign exchange activity within the country. Privacy of customers is touted by Belize offshore banks, but like most other offshore jurisdictions, Belize will release identity of account owners if the local courts agree the funds on account are proceeds of criminal activity.
The main offshore banks in Belize will open offshore accounts with as little as US1000. This is another advantage for the Belize offshore banking whereby they make offshore bank account more accessible than other jurisdictions which require much higher deposits. Aside from the normal banking activities, some offshore banks in Belize engage in offshore trust establishment investment and brokerage accounts. Some, not all of the offshore banking services in Belize offers on-line banking or credit cards. Other generic offshore banking activities include: international wire transfers, letters of credit, multi-currency banker’s drafts, multi-currency accounts, online trading.
Offshore Banking in Belize has its other advantages, on top of lower deposit requirement, there are lower fees attached to maintenance cost; there are strict banking regulations which translates to safety for investments in a politically and economically stable country; there is access to a wide range of savings and investment products, not to mention all this in a tax - free environment. Some Belize offshore Banks have top level correspondent banking relations.
Some banks will not accept applications or conduct business with groups from several UN sanctioned countries, so please ensure that the Belize offshore bank you consider will accept an application. Further, there are other restrictions on the type of companies some banks will also accept applications from; some banks restrict their applications to IBCs formed in Belize, Dominica and or Nevis. Although this may seem like partnering, doing so with certain countries, it also is in the bank’s interest to ensure that their investments risks are lowered by dealing with specific jurisdictions they work with.
Due diligence is an integral part of maintaining the integrity of offshore banking in Belize. As a result, the basic KYC requirements are enforced, plus some banks have additional KYC requirements that may not be listed here. Part of the application for individual/corporate will include (where applicable) any or all of the documents below and the bank may request additional information at any time.