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.
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 an individual Belize offshore bank account offer my money?
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.
Another huge advantage is a comparative one. Unlike others jurisdictions that may more or less fit the stability bill above above, Belize does not participate in automatic exchange of information. Many jurisdictions, especially in the West, fall under automatic exchange of information agreements, and if this is the case, personal bank accounts are its mercy as well. (To learn more about automatic exchange of information, click here.)
For instance, if you are a resident of a European Union member country (see list here), the United States, Switzerland, a UK Crown Dependency, UK Overseas Territory, Dependent Territory of the Netherlands, and a whole plethora of others, your individual bank account is vulnerable to automatic exchange of information, which is a sharing mechanism for tax-collection purposes. One example of how this might work: you earn savings income in one jurisdiction but reside in another. Suddenly, 20% of your income is withheld for tax purposes.
In this example, what can you do to hide your money? International banking in a legal, tax-efficient, confidential jurisdiction might be the solution.
Contact us today to learn why Belize is one of the best countries for offshore bank accounts.
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