Banking in Belize

BANKING IN BELIZE: HOW DO YOU OPEN A BANK ACCOUNT IN BELIZE?

1. Meet with Astra Trust

If you are not sure how to open an offshore bank account in Belize or are looking to incorporate a Belize offshore company with bank account, contact us (link). Astra Trust is ready to assist you with opening an offshore bank account for Belize IBC or companies incorporated worldwide.

2. Collect required documents

Opening a bank account is usually not a straightforward task. We cooperate closely with major Belize banks and have an up-to-date list of documents required to open Belize bank account. Our extensive expertise helps us to mitigate any issues during the account opening process.

Usually, to open Belize bank account, local commercial banks require the following documents:

The Astra Trust team will draft and fill in all the documents required for opening a bank account.

3. Bank’s online evaluation process

Once all the required documents have been duly provided, the bank needs to undertake obligatory internal risk and compliance procedures. This is a requirement of Belize banking laws. After completing all the necessary checks, the bank gives its approval to open an account.

4. Using your account

After receipt of the bank’s approval, you will receive all the information regarding your new Belize bank account.

BANKING IN BELIZE: FREQUENTLY ASKED QUESTIONS (FAQ)

• Who can benefit from a Belize bank account for foreigners?

To open an account in Belize is not as popular as it was a few years ago. Recent de-risking operations carried out by the US government, as well as the overall growing appeal of other international banking hubs, have somewhat changed the role of Belize banks. Until now, opening an account in Belize may have been complicated for clients who are US citizens.

However, a Belize bank account for foreigners is still an ideal solution when:

1. 1. You are looking for straightforward and minimal compliance procedures to open an account abroad;
   2. You are looking for banking laws that protect your privacy and confidentiality;
   3. You are looking to save money for your retirement or other upcoming family needs by opening a bank account. Belize bank interest rates are among the highest globally, and the Belize economy is financially stable. Thus, your money will grow and be well protected.
   4. You are looking for an offshore bank account for your offshore company incorporated in another jurisdiction.

• Can a foreigner open a bank account in Belize?

Yes, Belize laws and regulations allow both foreign individuals and companies incorporated worldwide (including Belize IBC) to open an offshore bank account with a Belize bank.

• Can I order Belize offshore company with bank account?

Yes. The Astra Trust team is ready to assist you with opening a Belize bank account for your own company or to provide you with a Belize shelf company, including an account in Belize. We have various Belize shelf companies with bank accounts opened at a Belize bank or in other international banking jurisdictions like the Seychelles or British Virgin Islands. So contact us now to get your Belize offshore company with bank account.

• How do I choose the best bank in Belize?

Before opening a bank account, it is important to set up goals for your business that you wish to pursue. These goals can vary from diversification of financial duties or asset protection to safeguarding privacy. Once your goals and priorities are clear, Astra Trust’s team will provide you with free and detailed legal advice on which Belize bank would be the best bank in Belize for your business. Belize banking laws are quite strict when it comes to opening a bank account for Belize IBC or foreign companies that are engaged in the following activities: cryptocurrency, adult entertainment or weapons trading. However, the Astra Trust team is always ready to provide our clients with individual solutions to find the best bank for their businesses.

If you are a resident, then the best bank in Belize for you probably should have the largest number of local branches, as Belize Bank International currently has.

• How do I open a Belize bank account online?

The main advantage of Belize’s banking laws is that they allow foreigners and businesses worldwide to open an account remotely. The documents required for opening a bank account can be sent directly to a bank’s representative via email. Upon receipt of all the documents, a bank must proceed with internal risk and compliance procedures. Once all the formalities have been settled and depending on the Belize bank you have chosen, a bank may additionally require you to send them the original documents via post. Thus, Belize offshore banking is quite flexible when you want to open an account online, and no personal visit is required.

• Are Belize bank account interest rates superior?

When you open personal bank account in Belize, you gain access to the appealing Belize bank interest rates, which are rightly recognized as quite lucrative for foreigners.

• Is opening an account in Belize right for me?

It is not an easy question to answer, as it all depends on your particular needs and priorities. If you value your privacy, then to open an offshore bank account in Belize is a good solution, as local laws and regulations impose on banks the highest standards of confidentiality.

On the other hand, for some businesses, asset protection may be a foremost priority. Thus, before opening a bank account, it is better to review the banking laws of each jurisdiction to ensure that there is no exchange mechanism between offshore and onshore banks. Commercial banks in Belize do not have any of these exchange mechanisms in place. However, it is worth noting that under FATCA, all banks in Belize are still obliged to report on bank accounts opened by US citizens.

Finally, if you are simply looking for opportunities to save money for your retirement or your children, then Belize’s banking jurisdiction is ideal for opening a deposit bank account. Belize offshore banking legislation is very investor-friendly when it comes to deposit accounts. For instance, Belize bank account interest rates range from 2.25% to 3.5% per annum.

• Is it possible to make term deposits in a Belize bank?

Yes, all commercial banks in Belize allow their clients to make term deposits. However, you should note that depending on the bank, termination conditions may vary. For instance, Caye International Bank imposes an additional penalty for the early closure of an account in the amount of 1% of the deposited sum.

• What if I am interested in Belize company formation with bank account?

Astra Trust provides clients with a full range of services, from Belize offshore banking only to incorporation of Belize IBC with a Belize bank account. Contact us (link) for free legal advice or to place an order for Belize company formation with bank account.

• Do Belize banks provide their foreign clients with letters of credit?

The issuance of letters of credit is an additional service, which commercial banks in Belize may provide upon an individual request. However, the application process is not straightforward and the outcome depends on the length of the relationship between the Belize bank and a customer.