What's the Appeal of Banking in Belize?
In recent years, Belize has made a name for itself as a financial capital in Central America, attracting a range of bank account holders and investors from around the world.
To understand the popularity, delve into the benefits of a Belize bank account.
Lower Overall Banking Fees
Perhaps the most immediate benefit of opening up a bank account in Belize is enjoying lower maintenance and overhead fees.
Every bank, no matter the size, has to pay costs like staffing the bank, paying for financial advisors, affording utilities and possibly paying a mortgage on the bank’s physical building.
In locations where the cost of these services is high, banking customers shoulder their portion of the cost through higher fees.
In Belize, the overall cost of living is low, which translates to savings for bank account holders.
No Capital Gains Taxes on Investment Profits
A significant factor in choosing Belize over other offshore destinations as your financial base is the country’s policy on capital gains tax. In many countries, including the United States, capital gains tax is applied to the profits made on investments.
For the investor, this can reduce overall profits and become a reduction of financial value. In places like Belize, however, no such tax exists for foreign investors, making it a much more appealing location to invest in anything from real estate by the beach to new startup companies in Central America.
Stability and Diversity
When choosing a destination for your bank account, there is no question that security should be a major concern. Countries with unstable governments or banking systems may leave you feeling vulnerable, particularly when it comes to long-term investments, trusts or funds.
To get the benefits of financial diversification with less of the risk, picking a country like Belize that boasts a lack of government intervention and the potential for anonymous banking may be a better choice.
Easy Access Online to or from the United States
Finally, it is important to note that you don’t have to live in Belize in order to take advantage of a bank account within the country. Its proximity to the United States means that you can be there in just a few hours from the East Coast, but you can also easily check your balances or complete wire transfers thanks to online banking features.
For retirees, employed professionals and anyone with an interest in secure banking, opening up an account in Belize could be the right fit. Click for more information on Belize’s banking system.