Belize Banking Score Card: How Do We Rate?
Belize is a leading Central American international banking jurisdiction. In addition to commercial banks that serve local customers, Belize has developed a small but growing community of international banks, serving customers from around the world in a variety of currencies.
Legislation such as the International Business Companies Act of 1990, the Offshore Banking (Amendment) Act of 2002, the Money Laundering Prevention (Amendment) Act of 2002, and the Trust Act of 1992 have officially established Belize as one of the leading international banking jurisdictions worldwide, incorporating the most secure features of international instruments instituted in Hong Kong, Panama and Cayman.
As chief operating officer of Caye Bank in Belize, I have good reason to know all the factors that make Belize an advantageous international banking center, especially for clients from North America. This is my list:
- Belize is a no-tax jurisdiction. This is only one of the main reasons we are so attractive.
- Privacy and confidentiality. Disclosure of beneficial parties is severely restricted.
- No exchange controls.
- No government intervention in banking activities.
- Financial stability. The Belize dollar is presently tied to the US dollar at a fixed rate of 2:1.
- International financial expertise available to our clients.
- Asset Protection. Assets held under IBC’s and trusts are protected from lawsuits, judgments & divorce settlements.
- Tax advantages that maximize investment income. Under certain structures, income is tax-free, and capital gains are not taxed when assets are sold.
- Belize the only English speaking country in Central America.
- Direct and non-direct flights connect Belize to international airports close to major cities in North America.
- Our warm climate and good business and travel accommodations make traveling, living and working here a pleasure.
- Belize time is conveniently similar to major North American cities. It corresponds to Central Standard Time during the winter months, and to Eastern Daylight Time during the summer months.
- Belize enjoys good telecommunications facilities.
- The local legal system is based on the English common law system.
- No public disclosure of beneficial ownership of companies is required.
- Belize has no central registry of trusts.
- Banking law require that banks protect the confidentiality of clients.
Belize can rightly take pride in the steps it has taken to ensure that the expansion of its international services sector is well regulated, and that it remains a favorable alternative among the international business community.
