Belize Offshore Banking

Belize’s reputation as an offshore jurisdiction has improved in recent years as the nation has adopted various new laws governing the formation and activities of international business companies, trusts and offshore banks in Belize.  Belize is also not on any OECD or FATF blacklists and has superior legislation in place to prevent money laundering.

All of these facts make Belize an attractive and increasingly reputable offshore haven and Belize offshore banking as a sector of the economy has grown significantly as a result.  We look at the benefits of banking offshore in Belize and at the Offshore Banking Act that governs the activities of banks established within the jurisdiction.

Offshore company formation in Belize is cost effective, IBCs pay no taxes, need submit no annual returns or accounts and can be highly private and secure entities therefore Belize is rapidly developing as an important offshore corporate domicile…this is leading to an increase in interest from individuals and companies looking for offshore banking solutions in Belize as well.

To establish a bank account in Belize is easy and the majority of personal and corporate bank accounts available afford account holders the ability to transact online, via the telephone and fax machines for example which makes banking not only secure but simple as well.  The superiority of Belize’s privacy guidelines makes it an interesting jurisdiction for those requiring account and transaction privacy whether for business or personal reasons.

As well as the offshore banks that exist in Belize there are a number of international banks with a presence in Belize and often company incorporation service providers offer account establishment as part of their additional services - for a fee.  Proof of identity of account holders will have to be notarized and whilst Belize is a tax free haven it is a reputable haven and will not tolerate those who attempt to use it for money laundering or criminal activities.  Those who engage in legal business, accounting and banking practices will find the jurisdiction provides them with superior protection and security.

In addition to its IBC business sector Belize allows for the establishment of offshore banks within its borders.  The Offshore Banking Act of 1996 and the Money Laundering (Prevention) Act from the same year both govern the establishment and practices of all offshore banks in Belize.  In terms of the basic business activities an offshore bank in Belize can conduct they include the establishment, maintenance and operation of an office presence in Belize, the transaction of unrestricted offshore banking activity through that office and the transaction of offshore banking activity with locally established Belizean entities as licensed under the Banks and Financial Institutions Act of 1995.

This means that anyone looking for Belize offshore banking solutions can have the choice of either establishing accounts with the international banks which have a presence in Belize or setting up private or specific bank account directly with the specific offshore banking entities in Belize.  To learn more about what’s available and which solutions best suit your requirements consider contacting a dedicated offshore solutions provider.

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