{"id":30971,"date":"2019-12-13T10:53:57","date_gmt":"2019-12-13T15:53:57","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=30971"},"modified":"2020-12-07T13:39:30","modified_gmt":"2020-12-07T18:39:30","slug":"interested-in-international-banking-in-belize-faqs-you-should-know","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/interested-international-banking-belize-faqs-you-should-know\/","title":{"rendered":"Interested in International Banking in Belize? FAQs You Should Know"},"content":{"rendered":"
International banking is a topic that many people have heard of but don\u2019t necessarily know well. They\u2019ve heard things and likely seen the concept of offshore accounts used as a device in a movie plot. That\u2019s led to quite a bit of misinformation about international banking in general.\u00a0<\/span><\/p>\n If you\u2019re interested in the idea and would like to know more about how <\/span>international or offshore banking in Belize<\/span><\/a> works, here are answers to some of the most frequently asked questions.<\/span><\/p>\n <\/p>\n Individuals and business entities can legally open accounts with international banks. This is true for business owners who want to open accounts at commercial banks in Belize as well as individuals who want to open offshore checking and savings accounts. Both individuals and businesses may open investment accounts with international and offshore banks. <\/span> Read: Understanding the Role of International Banking in Belize\u2019s Economy\u00a0<\/a><\/p>\n <\/p>\n Some people immediately associate international banking with hiding assets or avoiding legitimate tax obligations. While it\u2019s true that these types of activities have occurred, current banking laws in Belize and other nations make them increasingly difficult. At the same time, updates to regulations and banking laws provide a number of benefits to opening and maintaining international accounts. <\/span> <\/p>\n Economic and political factors do have an impact on the stability of banking within any nation. In the case of Belize, the economy, as well as the democratic government, is stable. There are no indications that this will change any time soon. <\/span> <\/p>\n Banking laws<\/a> and regulations in Belize are designed to ensure the banks operating within the country keep depositor accounts safe. All financial institutions with a presence in the nation must comply with the qualifications set by the Central Bank of Belize. Many of those qualifications set the standards used to protect the funds held in all types of bank accounts. <\/span>Is It Still Legal To Open Offshore Accounts?<\/strong><\/h2>\n
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\n<\/span>The key is compliance. Opening any type of offshore financial account requires complying with applicable rules and regulations set by your home country. You also must meet the qualifications and remain in compliance with the banking regulations in Belize or any other nation where you choose to establish accounts. <\/span><\/p>\nWhat\u2019s The Benefit Of International Banking?<\/strong><\/h2>\n
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\n<\/span>Individuals have the benefit of depositing funds into accounts that may provide a higher interest rate than their domestic counterparts. This is true with time deposit accounts in Belize as well as some other types of accounts. It\u2019s possible to set up a basic checking or savings account, then have the interest earned on a time deposit transferred to that account on a quarterly, monthly, or annual basis. The interest income can also remain in the time deposit account. Think of it as a low-risk way to accumulate resources for the retirement years. <\/span>
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\n<\/span>Company owners can set up organizational structures that allow them to take advantage of favorable banking and tax laws that apply within the host country. This approach is simply a smart way to maximize the use of company resources and avoid waste. International accounts with a commercial bank in Belize<\/a> also position the company to make investments that would not be possible using a domestic bank.<\/span><\/p>\nHow Stable Is The Economy And Government In Belize?<\/strong><\/h2>\n
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\n<\/span>It\u2019s the economic and political stability of the country that attracts individuals and company owners to open accounts in Belize. Even if there\u2019s unrest at home, the impact on the assets held in Belize accounts is usually minimal at best.<\/span><\/p>\nHow Safe Are Belize Banks?<\/strong> <\/span><\/h2>\n
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\n<\/span>The banking system has much in common with other nations that are sometimes held up as the standard for safety. You\u2019ll find much in Belize\u2019s system that mirrors what\u2019s found in the systems used in Canada, the United States, and the United Kingdom.<\/span><\/p>\n