If you’ve decided to use an offshore bank for your funds and are trying to decide which country best suits your needs, consider banking in Belize. Chances are, if you’re looking beyond the US and toward international banking as an option, you’re aware of the advantages: fewer taxes, decreased tax liability, increased privacy.
There are a number of foreign banks that can offer this to potential clients. But Belize is in a unique position– it was specifically created to be a tax haven by the British before its independence was established. Between its security, its strict confidentiality laws, its proximity, and its incentives, Belize has much to offer a US citizen looking to open an account or invest.
An Overlooked Country
Belize doesn’t have the banking reputation of Switzerland, but it enjoys a sterling reputation for a winning combination: lack of government oversight and strict confidentiality laws. For instance, there are no exchange controls, and they are known for their flexible asset protection trust legislation. At the same time, violating bank secrecy laws can result in a prison sentence of up to 18 months!
Banking in Belize also has the advantage of a home country that is politically very stable – and one whose government is committed to cultivating its tax-haven status.
Proximity to the U.S.
Technically speaking, you may never have to visit your offshore bank; you can rely on an internet connection and email to conduct your business. However, should the need arise, it’s good to know that Belize is much closer to home than other international banking options.
And of course, Belize is a strikingly gorgeous and hospitable country. There’s a reason its main industry is tourism: the beautiful scenery, friendly locals, and luxury accommodations are legendary here. As an added plus, English is one of the country’s official languages.
Incentives for Entrepreneurs and Investors
Any offshore bank will give you access to new markets, and Belize as a country has incentives for foreign investors like any other tax haven. However, the incentives are especially attractive for those looking to capitalize on Belize’s lively tourism industry (or government-selected industries primed for foreign investment, like agriculture). If your interest in international banking comes with interest in investment, this is something to consider.
Though the decision of your offshore bank shouldn’t be taken lightly, banking in Belize is an attractive option for anyone looking to carry their funds away from the United States. Weigh your options carefully.