Belize Private Banking
Belize offers cost-effective, tax-exempt private bank accounts.
Individuals interested in international banking in Belize should begin by exploring two main options: an individual private bank account and a corporate bank account.
What advantages will an individual Belize private 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.
For instance, if you are a resident of a European 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.
Click here to learn why a Belize International Trust is One of the best forms of asset protection available.
A number of benefits are available to individuals who open a corporate bank account in Belize. First, how’s this to start: you do not need to conduct any business activities in Belize to open a corporate bank account. You would need to set up 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 that opening a corporate 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 international 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 account, because international 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 bank account in Belize for your money. This process would be absolutely legal.
Another advantage of a 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 foreign 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 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 private bank 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