Belize Offshore Banking
Business In Tax Haven Belize
Belize is an independent tax haven known for its strong bank secrecy laws, located in Central America, bordering Mexico and Guatemala. Both Spanish and English are spoken in Belize. Belize is one of the attractive offshore banking centers if you wish to pay little tax. There is no capital gains or inheritance tax in Belize. However there is income tax, which can be quite high.
Residents who are not domiciled in Belize can get a special tax deal where they only pay tax on income derived in Belize. Therefore if you keep most of your money offshore you may end up paying no tax at all.
However Belize has a growing reputation for violence and as a drug-trafficking centre, which has prevented large-scale immigration.
Belize Tax Haven Advanatages
The best thing about belize as a tax haven is its offshore company. The Belize IBC is exempt from all forms of tax in Belize. It is easy and inexpensive to incorporate. Furthermore it is secret - neither shareholders nor directors are publicy listed at the time of incorporation.
Belize Banking
Belize has a population of only 300,000 (2008), and its banking system is limited. There are three domestic commercial banks - Alliance Bank, Belize Bank and Atlantic Bank.
The are two more commerical banks, First Caribbean and ScotiaBank, which are foreign multinationals with branches in belize.
The lack of well developed banking services means that most people who incorporate a Belize IBC look for banking elsewhere. Furthermore, Banking in Belize is not especially easy. You can’t just stroll into a Belize bank and open an account. Often you will need references like a letter of introduction from your former banks.
Belize is not one of the most developed tax havens, and it is not especially favoured by international banks. You may trouble getting domestic banks to accept wires coming from Belize.
Resources:
Capital Conservator offshore banking
Text of Belize Offshore Banking Act
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