Belize offers many types of cost-effective, tax-exempt offshore bank accounts. Judging by a number of recent calls to my office, there is some confusion about the various offshore banking options available. This is Part II of a brief discussion about individual Belize offshore accounts vs. corporate Belize offshore accounts.
What Belize offshore banking options are available for my money?
Individuals interested in international banking in Belize should begin by exploring two main options: an individual offshore bank account and a corporate offshore bank account.
What advantages will a Belize corporate offshore bank account offer my money?
A number of benefits are available to individuals who open a corporate offshore bank account in Belize. First, how’s this to start: you do not need to conduct any business activities in Belize to open an offshore bank account. You would need to setup a company of course for a corporate bank account, but that company need not engage in any business here as a prerequisite to open the account.
Another advantage, and one mentioned in Part I of this blog topic as well as throughout the blog generally, is Belize itself. The general climate – politically, socially, economically – is a huge advantage in Belize. You will be safe, you will understand the language, you will understand the cultural, and your money will be kept in a stable place in a stable economy in a stable political environment. If you value stability for your money, Belize is the place.
Advantage number three is that opening a corporate offshore bank account in Belize will enable you to move your money (some might say hide your money) in a legal way. Many countries prohibit their citizens from operating personal offshore bank accounts without special permission from the state, which is often extremely difficult to receive. Now, you’d probably still be able to open such a personal offshore account, because offshore banks most likely won’t require you to provide proof of special permission from your home country. But nonetheless, this route would be illegal. Better to explore incorporating an international business company (IBC) and opening an international offshore bank account in Belize for your money. This process would be absolutely legal.
Another advantage of an offshore corporate bank account: the confidentiality that comes along with it. Not only will you be able to keep the paws of the tax collector off your money, but offshore account confidentiality makes it more difficult for con artists and the like to notice and then target your money.
And yet another advantage: with a corporate offshore bank account, you and your money are legally separate. So any personal liability (from a divorce settlement, to bankruptcy proceedings, to a frivolous lawsuit) will not affect the bank account of your IBC, which will be legally shielded. Your IBC will have built-in legal asset protection and any money in the corresponding corporate bank account will take advantage of this structure.
And lastly, transferring shares of your IBC to future inheritors is a great way to lessen inheritance tax responsibilities. You might consider opening a Belize international business company and offshore account for a number of additional reasons:
- Lessen inheritance tax responsibilities (mentioned above)
- Intellectual property management
- Lack of foreign currency exchange controls (stock broker, forex, etc.)
- Custody of movable and immovable property
- Internet commerce
Whatever your reason, at Wrobel and Co., we can get you started today.
