Sometimes it feels like the tightening of a noose.
Governments are after extra funds, and if you want to protect it, you need to know how to move your money overseas.
New tools have been put in place to harass so called low-tax countries, tax-free jurisdictions, and tax havens. These include Double Taxation Agreements (DTA), Tax Information Exchange Agreements (TIES), the Foreign Account Tax Compliance Act (FACTA) in the U.S., and the Automatic Exchange of Information (AEOI), which is the most aggressive international legislation in history targeting tax avoidance.
These actions restrict the ability of residents of developed nations to hide their money overseas and avoid taxes (tax optimization). Confidentiality and discretion are no longer what they used to be.
If you’re concerned, you may be asking yourself questions that our Belize lawyers often hear from clients and prospective clients:
- Where is my money safe?
- How do I avoid the automatic exchange of information?
- How can I avoid tax information agreements?
- How I can continue to legally hide my money overseas?
- What are the best tax havens in the world?
Fortunately for those interested in moving money to Belize, forming a Belize international business company (Belize IBC) or other financial mechanisms (Belize offshore banking account, Belize offshore trust, Belize offshore foundation, Belize LLC, etc.) is as easy as ever. Clients are ensured confidentiality and tax-efficient laws, as well as an English-speaking populace and amazing real estate opportunities.
Belize has a full international services regime to support offshore banking and business activities. A Belize International Business Company (IBC) can be set up specifically to conduct business outside of Belize. It affords asset protection and liability protection in a corporate form. Belize IBCs are similar to being incorporated in North America, but since the companies are incorporated in Belize, the laws that govern these particular companies are the laws of Belize. This has been a popular vehicle for businesses that own assets in other jurisdictions.
The governing laws and tax rates of Belize are big advantages in forming an offshore company here. The laws are extremely friendly to offshore companies. The corporate tax rate for Belize IBCs that are doing business outside of Belize is zero, which can be a major advantage over incorporating in another country. As far as domestic companies, the corporate tax rate is based on the gross revenue of the corporation and the type of business that the company is engaged in. For example, there are different rates for electric companies versus professionals. Professionals pay 6% on gross revenue on a monthly basis, while supermarkets or commercial business pays 1.75%. The vast majority of businesses in Belize pay 1.75% per month on gross revenue, and that vast majority includes restaurants, stores, commercial stores, bars, and things of that nature.
If you are not engaged in business activities but nonetheless desire to hide your money overseas, Belize offshore banking in a legal, tax-efficient, confidential jurisdiction is an excellent solution.
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 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 or hide your money in Belize 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 a Belize international business company (Belize 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 Belize 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 (stockbroker, forex, etc.)
- Custody of movable and immovable property
- Internet commerce
Recognized as one of the best countries for offshore bank accounts and offshore investment, one of the best countries for international business companies, and one of the best countries for confidentially protecting data for both individual and legal entities … Belize awaits.
When you form a Belize offshore company with Wrobel & Co, you are also guaranteed to work with a Belize lawyer who knows the legal system and has experience with offshore accounting. Let us show you today why Belize is the best country for hiding your money.
