How to open an Offshore Bank account in Belize
Belize is one of the most popular destinations for vacations in the world, but it is also one of the top spots for offshore banking opportunities. You may assume that this activity is illegal, but in all actuality, it is completely legal if you make sure that you are following the guidelines that are necessary! It can also be extremely beneficial to your finances, even if you do not already have an ample amount of wealth to your name.
Continue reading below to learn more about how to open an offshore bank account, and why you should open one that is based out of Belize.
Why You Should Open an Offshore Bank Account in Belize
There are many benefits available to you if you decide to open an offshore bank account in Belize. Before discussing how to open one, you may be interested in learning more about these benefits found below.
- Easy access to your money whenever you need it.
- You do not have to change the currency as you will receive U.S. dollars.
- No banking fees when you are vacationing in Belize and want to use your money in the country.
- Receive your payments from work in Belize in a seamless transaction.
- Bank from any country, any time, no matter where you are international.
- Online banking services and customer representatives are always available if you have questions or concerns about your account.
- Debit and credit cards are able to be used virtually anywhere due to the international capabilities offered to you.
- There are no account fees to you, though you may have higher interest over time.
- You can keep your assets safer through diversification as they are not all found in one place.
- Your finances will remain private!
Steps for Opening Your Offshore Bank Account in Belize
When you decide to open an offshore bank account in Belize, you do have to request the documentation that is necessary. You do have two options available to you, but each option requires that you deposit $1000. The personal account has a 2.25% interest rate that you pay on any amount over $500 on a quarterly basis. The other type is a super savings account which has a 3% interest rate to pay on a monthly basis if you have over $25,000. Finally, if you are a corporation or business owner, you can also sign up for a demand deposit account.
There are three documentation requirements if you are just opening one of the first two personal accounts. If you are opening a business or corporate account, there are four requirements. The bank will review all documentation, starting with the first requirement of a notarized copy of your passport that includes your picture and signature.
The second requirement for an offshore bank account is a couple of reference letters from your bank that has known you for at least a time period of 18 months. If you do not have two banks, you can provide one bank letter and one letter from someone who knows your character. The bank letter should provide:
- The timeline of your accounts
- The Type of accounts you have
- Your average account balance
- Other pertinent information showing how you handled your accounts
The character letter should include:
- The timeline of your relationship
- How the person knows you
- Your employment
- Any other pertinent information concerning your character and personality, and why the offshore account holder should trust you
The third requirement for your offshore bank account is a utility bill that showcases your current address. Make sure to provide a copy of the bill if you need to hold on to the original copy. The address should match the address that you wrote on your application.
The final and fourth requirement if you are planning to open a corporate account includes company documents for the banking profile. These company documents are:
- The certification of your business as a corporation or any other constituent
- Memorandom of your business and the associations it has
- A good standing certificate if your company has been in existence for over a year
- A list of directors and the shareholders in your company
- A copy of the certificates for the shareholders
- A copy of the documentation for the appointments of the directors
- The Limited Liability agreement if your business is an LLC
So, What Then?
After you have submitted all necessary documentation to the bank, you will soon receive a decision. Some banks do require different documentation than is listed above, so be sure to contact a professional to give you the detailed information you need for an offshore bank account in Belize.