Whether you’re about to retire, move overseas, start a company or establish a trust for your children and grandchildren, it is not unusual to consider offshore banks. One of the most popular destinations for overseas banking is Belize, and there is no shortage of financial institutions in the country to meet your needs.
However, you might be wondering why Belize banks are so attractive to investors and clients from around the world. Take a closer look at the appeal of offshore banking in Belize.
Privacy and Protection
When people look to offshore banks, anonymity and privacy are often major prerequisites. Thankfully, Belize covers all the bases when it comes to safeguarding your privacy.
You don’t have to disclose who owns a business headquartered in Belize, if you would prefer not to. Plus, the Belize government will protect your assets from international freezing or confiscation, ensuring that you keep what is rightfully yours no matter what the situation.
Stability For Your Holdings
Offshore banks are not all the same, and the security and stability of each bank may depend heavily on a number of different factors. One consideration to make is the legal reserve requirements in place for a specific jurisdiction. In Belize, the reserve requirements for banks are twice what they are in the United States, making the banks inherently more secure.
Best of all, banks like Caye International Bank actually opt to raise those requirements again, holding themselves to an even higher standard just to provide customers with unparalleled peace of mind.
Potentially Lower Operating Fees
Choosing an international bank may also have a lot to do with cost. Locations with a high cost of living also tend to have high labor and real estate costs, which in turns drives up bank overhead. As an alternative, Belize has a lower cost of living, which translates to more affordable bank services, lower application fees and affordable financial management.
Variety of Financial Services for all Types of Customers
Banks in Belize are affordable and secure, but that wouldn’t be helpful unless they also offered the right financial services. A definite reason that banks in Belize are so popular is because they offer a variety of financial services for all types of customers.
Individuals with a low net wealth can still set aside assets for their loved ones in a trust, while those with a higher net wealth might do the same, set up a life insurance wrapper or invest in property for philanthropic reasons. Corporations can borrow money, apply for prepaid cards that facilitate employee expenses and save money on banking.
Potential for Tax Benefits
Belize, as a jurisdiction, is partial to foreign investors when it comes to matters of taxation. There are no income taxes for foreign account holders who don’t operate domestic companies, and there is virtually no capital gains tax that will apply to most investors or retirees.
Logistical and Legal Ease and Understanding
Finally, there is no denying the simplicity of banking in Belize. Bank staff speak fluent English, the legal system operates according to standard British Commonwealth laws and the logistics of visiting Belize are straightforward, thanks to a location just a few hours from the Atlantic Coast of North America.
With so many reasons to choose banking in Belize, it should come as no surprise that the country is one of the most popular spot for offshore banking.
