Many investors choose Ambergris Caye for offshore banking and asset protection because Belize is primarily an English-speaking country, the tax benefits are favorable, and the exchange rate is two Belize dollars to one U.S. dollar. The country is also easy to reach by two-hour flight, by 36-hour drive from Houston or by sailing on a yacht or catamaran. Belize is one of the leading countries for offshore banking in northern Central America.
Benefits of Banking in Belize
Tax Benefits – Interest earned on offshore accounts and investments is paid without tax deduction. Many people use offshore bank accounts to reduce the amount of taxes they owe in their home countries. To reduce the amount they have to pay in taxes, people may transfer savings and investments to an offshore banking account. This provides the account holder with security, confidentiality and global access to funds no matter where the account was created.
Some countries require residents to declare income earned regardless of where it was earned in the world. Taxes must also be paid regardless of where the income is earned. Most countries, however, have no restrictions on the location of business investments or where the bank accounts should be located. Belize does not have this requirement.
Furthermore, the country does not have any capital gains tax requirements. This is one of the main reasons why the U.S. News and World Reports ranked Belize as one of the Top Ten Retirement Destinations in the World.
Confidentiality, But Not Secrecy – Personal affairs will remain confidential but not secret. If any suspicious behavior occurs, banks have the legal obligation to report it. Banks are only under obligation to report serious crimes. A serious crime is defined as something that would warrant a prison sentence longer than 12 months. Most offshore accounts will ensure high levels of anonymity and confidentiality under any other circumstances. Any breach of confidentiality is punishable civilly in a court of law.
Better Returns – Some people are able to yield better returns on their investment with offshore banking accounts. Many investors choose offshore accounts for the reason.
Asset Protection – Other investors choose offshore accounts to protect their assets in a divorce or other legal proceedings. Offshore banking provides more assurance that clients will not lose all of their assets.
U.S. Dollars Accepted Everywhere in Belize – United States dollars are accepted everywhere in Belize. Change may be given in U.S. dollars, Belizean money or in a mixture of the two. There are talks of switching Belize to the U.S. dollar since the country is primarily English speaking and has adopted many of the customs. Belize, however, wants to reserve the right to print money in a financial bind and also to be free of taxation by the United States. In general, Belize is accepting of the U.S. dollar and culture.
About Belize Offshore Accounts
Belize has been offering offshore banking solutions for nearly 22 years. The country’s bankers are skilled in setting up international trusts, international business companies, mutual funds, limited liability partnerships, forex and securities trading and countless other banking services.
Offshore Banking and Asset Protection is Another Reason to Invest in Belize
These are just some of the reasons why people are considering offshore banking accounts and asset protection. Experts recommend Belize as a viable solution for this purpose. To learn more about banking in Belize, visit CayeBank.bz.