If you’re thinking seriously about opening up a bank account in Belize, you’re certainly not alone. As offshore investing and banking increases in popularity, there is a definite growth in individuals and corporations that gravitate toward locations like Belize. Offering a low cost of living, which translates to low overheads, as well as favorable tax regulations for foreign investors, Belize banks are an obvious pick for savvy investors. With so many options, however, these tips can help you narrow down the choices and select the best bank in Belize for you.
Does the Bank Have Services You Require?
The first thing to find out about any bank in Belize is what kind of financial services and banking opportunities they offer. Some banks cater just to corporations while others deal exclusively with foreign investors, so you have to inquire.
Find out if the bank you are considering offers lending, foreign currency accounts or trusts, and only open an account with the bank that has exactly what you need.
Does the Bank Have Helpful, Communicative Staff?
Unless you plan on retiring to Belize or moving there permanently, there is a good chance that you’ll communicate with bank staff over the phone or via email. For that reason, ensure that your top pick for a bank has staff that can speak English fluently and are ready and willing to help you with any questions you may have.
Look for staff that respond to your inquiries quickly and are able to talk to you outside of the traditional office hours in Belize, which ensures that you’re not struggling to make contact due to an international time difference in the future.
Does the Bank Offer Online Banking Services?
Not everyone will require online banking services, but this popular financial feature is a definite must for many international investors and bankers. With the option to bank online through your Belize bank, you don’t have to leave home in order to transfer money, check your balance or pay bills. Plus, you can do all of this and more even when you’re traveling as long as you have access to a laptop, desktop, smartphone or other Internet-ready device.
Do You Meet the Financial Requirements for Opening an Account?
The final thing to consider when choosing the right bank in Belize is whether you meet the bank’s financial prerequisites for opening up an account. These prerequisites vary from bank to bank, but they typically start with having a minimum balance in an existing account. On top of that, you’ll need to provide proof of your address as well as your identification.
Thankfully, most banks have their financial prerequisites clearly outlined on their website, which allows you to see right away whether they’re the right mach for you and your needs. Once you’ve determined whether a bank is right for you, you can start to fill out their applications and either scan or fax the necessary paperwork to get started on your next financial opportunity.
Whether you want to protect your assets, legally reduce your taxes or plan for the future, a bank account in Belize can be ideal. Knowing how to pick the right Belize bank ensures that you get the services you deserve.