People who like the idea of establishing and growing offshore assets have plenty of choices. While there are several countries that offer incentives to establish bank accounts within their borders, some are a better fit than others.
One nation that you want to consider closely is Belize. Here are a few of the reasons why opting for offshore banking in Belize is a smart move.
Banking Laws Offer Depositors Ample Protection
One of the great things about Belize offshore banking is that the nation’s laws provide plenty of protections for both the institutions and the depositors. Best of all, the laws are precise and easy to understand. That makes comparing those protections with what you find at home and in other offshore locations a lot simpler.
For example, are you aware that Belize banking laws require institutions to maintain higher liquidity rates than many other nations? Banking institutions in the United States are required to maintain a liquidity rate of at least 5%. Banks in Belize must maintain a minimum liquidity rate of 24%.
Higher minimum liquidity rates equal good news for the time deposit account that you open, as well as for the management of the mortgage you use to buy real estate in the country.
Comparatively Low Minimum Deposits
Offshore banking has a reputation for being only for the wealthy. That’s not true in many cases, including the ability to establish bank accounts in Belize. What you may not know is that the banks make it possible to establish those accounts with relatively low deposits.
A bank in Belize is likely to have basic checking and savings accounts that can be established with just a few hundred dollars. This is great news for middle-class earners who plan on opening accounts and gradually depositing additional funds.
While it’s true that many accounts come with minimum balance requirements to meet before you begin to earn interest, being able to open the accounts without a deposit of at least four figures means a lot.
Ease of Establishing and Monitoring Financial Accounts
It isn’t just the low deposits needed to open various types of accounts. The structure of banking laws and the policies and procedures of banks based in Belize make establishing accounts easy.
By providing documents to establish your identity and meet other basic requirements, your offshore accounts can be in place in very little time. In fact, it’s possible in many cases to supply electronic documents for faster consideration, then follow them up with paper copies that can be kept on file.
The ease doesn’t end with monitoring those offshore accounts. Online access is secure and allows you to move funds from one account to the other without a lot of difficulty. Feel free to transfer funds directly into your offshore checking or savings account. You can also move money from those accounts into your time deposit account.
Buying property in Belize? Make your mortgage payments directly from your offshore checking account with a few clicks.
Level of Privacy Afforded to Depositors
While you will always find it easy to review your account details, others will have little to no access to any of your information. Bank personnel with specific responsibilities related to the accounts are the exception. Outside that, third parties who have not received permission to gain information about your accounts will learn nothing.
Consider what this means in terms of preventing relatives or others finding out more about the balances in those offshore accounts. Without proper authorization, no one at the bank will provide them with any details. In some cases, the bank personnel won’t even verify that you have accounts with the institution.
Access to Competitive Interest Rates
One of the reasons that people turn to offshore banking is because their money can earn higher rates of interest than in domestic accounts. When it comes to Belize, it’s possible to enjoy some of the most competitive interest rates available today. A better interest rate is an attractive element when you’re planning on establishing a retirement account that will allow you to live comfortably during your later years.
The competitive interest rates apply in more ways than helping grow the balances in your savings and time deposit accounts. Rates that apply on mortgage loans are also competitive with what you will find elsewhere. That’s one more reason to consider owning real estate in Belize.
Economic and Political Stability of Belize
If you mention offshore banking and investment, someone might voice concerns about economic shifts and political issues that may affect access to, and the safety of, money placed in those accounts. You can confidently assure them that financial accounts in Belize are in excellent hands.
The political climate in this formerly British colony is quite stable. There are no issues present that indicate any changes in the years to come. In terms of economy, Belize has a proven track record of remaining strong even in the face of worldwide economic changes. The fact is that your money will be as safe and possibly safer in Belize bank accounts.
Diversity of Investment Opportunities
Using offshore accounts based in Belize makes it all the easier to tap into a wide range of investments. Real estate is one example. You could use the balances in your accounts to acquire property within the country, or even in other nations found within the area around Belize.
There are other investments to consider, ranging from stocks to bonds to opportunities for participating in the foreign exchange market. Think of investments through your offshore accounts as one way to broaden the base of opportunities rather than having to settle for what you could do in your home country.
English Speakers Have No Worries About Language Barriers
You will find other languages spoken in Belize, including Spanish and Mayan. A benefit for English-speaking people is that English is an official language of the country. That should come as no surprise since it is a former colony of the UK.
You will never be without a banking employee who can converse with you in the language that you use at home. It also means that many of the idioms and colloquialisms that you hear will be familiar to your ears.
In the event you’re visiting Belize and need to talk with a banking official, it will be an easy and pleasant task. The same is true if you need to place a phone call to ask about a bank service or different type of account that you’re considering.
Assets are Safeguarded Against Domestic Judgments
Remember the protections and privacy that come with your bank accounts in Belize? There’s one more point that you should consider. In the event you are sued at home and a judgment is granted to the opposing party, the assets housed in your offshore accounts are potentially exempt from collection.
It’s true that a judge can order all assets held in domestic accounts to be available for settling the judgment. That order in most cases cannot extend to the account balances in your Belize accounts. Thus, even in the worst-case scenario, you will have those funds to make a fresh start.
Discover Caye International Bank in Belize
Are you ready to look into the options for offshore bank accounts? The professional team at Caye International Bank is ready to help.
Contact us today and find out more about the accounts we offer and how you could be growing a nest egg in less time than you thought.