Offshore Bank Account Formation – Belize
Banking System in Belize
Belize has a small financial system. Belize has five commercial banks in the country. This does not include the off-shore banks. Out of these five commercial banks, three banks are based in Belize. These banks are the Alliance Bank, the Belize Bank and the Atlantic Bank. The other two commercial banks are the Caribbean Bank, which was previously known as Barclays Bank and the Scotia Bank, which are large multinational banks and have their branches in Belize.
Apart from these banks, Belize has six international banks, a mutual fund, that is the Unit Trust, fourteen credit unions and seventeen insurance companies, in the entire country.
Belize is a country that has both onshore and offshore financial activities. In general, the Belizean citizens and the foreigners with official residency status in Belize are allowed to make deposits and borrow money only from onshore banks. The non residents in Belize whether local or foreigners, can only have their banking activities in offshore banks.
Any exception to this process in bank dealing in Belize, can only is made with the prior explicit approval of the Central Bank in Belize. The Central Bank deems these two separate systems and exercises control over currency, for limiting the combining the foreign assets with the domestic system. This is done in order to check and prevent any possible disruption of the local Belizean economy. This disruption occurs as a result of large fluctuations in foreign exchange rates.
The Central Bank of Belize also regulates the liquidity and requirements of cash reserves and exercises control over the interest rates of the commercial banks by constantly monitoring the bank activities and bank interests.
The credits in Belize are available in market terms. The average personal and commercial lending rates were 11.63% and 9.51% by the end of December 2016.
Belize is one of the lesser known tax havens. It has multiple banks which provide banking facilities for foreign individuals, business owners and entrepreneurs. An account can be opened with very less capital and the processing fee is also less. Credit/debit card options are also available.
Banks Available at Belize
To create a fixed deposit account the minimum amount required is USD 25,000. However for savings account the minimum balance is USD 500. It boasts of one of the lowest processing fee in the Belize region starting from USD 10 for inactive account and USD 20 for dormant account.
It provides high return on investments but the online transaction process is very slow. It might well take up to 3 days to receive your funds. They have good number of gold and leverage related programs.
They have a good online banking system and is great for DIY investors. They also provide personal and corporate banking in addition to opening a bank account. However, their transaction and processing fee are quite high.
Technologically they provide one of the best offshore services that is available in Belize. However, it is very difficult to open an account here. If approved bank account can be opened within 48 hours.
Documents Required For Opening Bank Account
Banking Benefits in Belize
- Full privacy and confidentiality provided to account owners
- Physical presence is not mandatory
- Good infrastructure for business investors
- 24x7 online services are provided
- Interbank transaction fees are lower
- Confidentiality provided to bank account owners
Why form an offshore bank account with DNS?
We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.