Offshore Banking in Belize: Advantages for Business People

Some people mistakenly believe that the phrase ‘offshore bank account’ refers to a secret bank account in a remote country that is used for hiding the money from fiscal authority. The truth is, however, that an offshore bank account is an account opened in any foreign country. If a person lives in one country and has a bank account in another country, he/ she has an offshore bank account. As simple as that.

Belize is one of the best jurisdictions for offshore banking. At the same time, there are other countries that offer high-quality banking services too. Belizean banks as well as banks in a number of other countries offer opportunities to open a bank account and to manage it remotely, from wherever you are (Internet connection is all you need).

Is an offshore bank account in Belize secure?

A bank account in Belize (or another offshore jurisdiction) is a perfectly safe place to keep your money. Let us explain why it is so in simple words.

• If you register a company in Nevis and open a bank account in Belize, you have an offshore bank account. Neither of the countries imposes any restrictions on offshore bank accounts and they are nothing else but asset diversification instruments. Having a foreign bank account also simplifies cooperation with counteragents in that country and gives access to global markets.
• A resident of Germany, Great Britain, the USA, and any other large country can also set up an offshore bank account in Belize. Citizens of sanctioned countries are going to face difficulties when trying to open a bank account in Belize but the task can be performable anyway. Our experts will gladly help you with opening a foreign bank account if you are running into difficulties.

No matter where the person lives, he or she can open an offshore bank account in Belize. The person will break no laws opening the bank account and the financial operations need to be reported in the country of the person’s fiscal residence. In most cases, the country is NOT Belize.

Who needs and offshore bank account and why

Why do you have to bother opening a bank account in Belize or some other foreign country when you can bank at home? Actually, this question is equivalent to the following one: Why should you bother with tax planning, investment options, and asset diversification? The answer to the second question is equivalent to the answer to the first one.

Below please find the main reasons why you SHOULD bother opening an offshore bank account in Belize or elsewhere if money matters to you at all:

• Diversification of your capital is an important goal to pursue. If one of the banks where you keep your money collapses or if you lose access to one of your bank accounts, you do not have to worry because you have some money in another bank in a foreign country. If you keep the money in a jurisdiction that efficiently protects bank clients’ confidentiality, your creditors are going to have a hard time trying to get hold of the money in your foreign bank account.  
• Tax planning opportunities is one more reason to open a bank account in Belize. In addition to that, you can create a trust in the country or a fund or a holding company. Alternatively, you can invest in real property in Belize whose price has been actively growing lately or register an offshore company there. Please note that if you would like to engage in any serious financial activities in Belize, you are going to need a bank account anyway. However, you should not take it as a necessity but rather as an opportunity to save on taxes because taxes are low in Belize.
• A multicurrency bank account is a handy instrument for those who often have to make and receive payments in different national currencies. International entrepreneurs as well as habitual travelers can benefit greatly from having a multicurrency account in a Belizean bank. In addition to keeping money in different currencies in a single account, you can order a bankcard that will let you make cashless payments wherever you find yourself at the moment.

When opening an offshore bank account in Belize, you efficiently protect your money from foreign courts of law and creditors. 

Where else can you open an offshore bank account?

There are plenty of countries whose banks are prepared to provide services to foreign individuals and foreign corporate entities. You can find such countries in the Caribbean, in Africa, in Europe, in Asia, and elsewhere.

Some categories of people may encounter problems when opening offshore bank accounts in 2023. Below we highlight the problems and offer solutions.

• People and companies from sanctioned countries will have a limited choice of foreign banks where they can open accounts. One possible solution of the problem is obtaining a residence card in a foreign (non-sanctioned) country and using it for opening an offshore bank account. Offshore Pro Group has helped a large number of clients to acquire legal residence in, and citizenship of, foreign countries. 
• High-risk businesses (cryptocurrency, gaming, gambling, insurance, and so on) can also face trouble opening an offshore bank account. A possible solution is to open an account with a payment system rather than a traditional bank.
• If you need an anonymous bank account abroad, you can consider the opportunity of acquiring a euro Union Pay card. You can use it for making payments in a large number of countries as well as in internet shops. The name of the cardholder is concealed from the regulators and the card issuer protects its clients’ personal information from third parties.

There are some additional reasons why you should consider opening an offshore bank account in Belize: 

• International companies use multicurrency accounts in offshore banks on a regular basis. The company managers are smart and they know what they are doing. Why not follow their example?
• The most secure bank accounts can be found in Switzerland but you have to make a really large deposit to obtain services from a Swiss bank. This is not the case in Belize while the banks are highly secure in the country.
• Opening an offshore bank account in Europe is more expensive than opening one in the Caribbean including Belize. At the same time, the quality of banking services is as high in the Caribbean as it is in Europe.

You have to realize that having only one bank account is just too risky. You never know what can happen with the bank so you had better open several bank accounts in several countries. True, the procedure involves some costs but you certainly do not want to lose ALL of your money overnight.

OUR PROFESSIONAL SERVICES

from 875 EUR

Anonymous UnionPay Debit Card in USD

from 2999 EUR

Open a Corporate Account with a British Payment System

2999 EUR

Open a Non-Resident Personal Bank Account in Curacao

Is Belize a good place for offshore banking?

Belize is a wonderful place for registering an international business company, creating a trust or a fund. The same holds for opening an offshore bank account there – a personal and/ or a corporate one. Besides, Belize is a fantastic country to live in with its warm weather all the year round and beautiful sandy beaches.

In conclusion, we would like to remind you that Belize is not a blacklisted country any longer. It is now in compliance with all the requirements put forward by the EU, OECD, and FATF and the Belizean economy is on the rise. Even though Belize has ceased to be a tax haven, it still offers high-quality banking services to international corporations. Whether the company is registered in Belize or another country, banking in the jurisdiction is highly beneficial in any case.