Offshore bank accounts

Belize company formation

 

Basic facts regarding Belize

Belize is bordered by Mexico to the north, Guatemala to the south and west, and the Caribbean sea to the east.

Offshore business in Belize

Belize is considered an offshore financial center. Offshore banks, international business companies, and trusts are authorized to operate from within Belize, although shell banks are prohibited within the jurisdiction. Presently, there are six licensed offshore banks, approximately 40,000 active registered IBCs, 15 licensed offshore insurance companies, five mutual fund companies, and 26 trust companies and agents operating in Belize.

Offshore banking in Belize

Belize has five commercial banks, not including offshore banks. Three are based in Belize – Alliance Bank, Belize Bank and Atlantic Bank — and two, First Caribbean Bank (formerly Barclays) and ScotiaBank, are large multinational banks with branches in Belize. In addition, there are few offshore banks, including: Atlantic International Bank, Belize Caribbean International Bank, Caye International Bank and Provident Bank and Trust.

International cooperation

Belize has executed Tax Information Exchange Agreements with Australia, Belgium, France, Netherlands, United Kingdom, Finland, Sweden, Denmark, Norway, Iceland, Ireland, Greenland, Faroe Island, Portugal.

Belize has also executed double taxation conventions with Austria, Switzerland, UK, CARICOM (Antigua and Barbuda, Barbados, Dominica, Grenada, Guyana, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Trinidad and Tobago).

Anti-money laundering law allows for exchange of information in criminal tax matters with all countries, if it is considered to be a criminal offence in requesting country.

Disclosure of identity on request of foreign authorities is possible in all tax matters (except for the bank information, which is restricted to criminal tax matters only). Court order is required.

[sources: United States Department of State Bureau for International Narcotics and Law Enforcement Affairs; Organisation for Economic Co-operation and Development]

 

Bank accounts

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