Offshore banking

Useful tips about offshore banking in Belize

Offshore banking services in Belize

Some people who have just entered the world of offshore banking may come to feel concern for the security of the Belizean banking system. Rest assured that Belize has a stable democracy and strong banking institutions, not to mention that its local currency is directly linked to the US dollar. Even so, it is pertinent to pay attention to factors such as the liquidity index.

This index, also known as the liquidity coverage ratio, shows what percentage of assets a bank has at any given time. The higher this index, the greater the stability of the institution. In Belize, the liquidity reserve requirements are much higher than in the United States, at least four times more! The liquidity ratio is set at an extraordinary 24%, which guarantees that the investments of all those who carry out banking operations in this jurisdiction are safe.

Do not feel discouraged by the FATCA regulations

In the case of Americans, one of the most common reasons why they decide not to carry out banking operations abroad is due to the existence of the Foreign Account Tax Compliance Act (FATCA). While it is important to consider this law, it should not be a discouragement to carry out investments or banking activities in Belize.

If you are a US citizen and live abroad, you must still file taxes with the US. and you will have to provide additional information to your offshore bank when you begin to transact with it. However, this is a minimum action required on your part and you can continue to enjoy all the benefits that Belizean banks can offer.

Explore additional banking services in Belize

Usually, many people who are inclined towards banking in Belize are looking for financing to buy real estate. However, there are many banking and financial services available in this country that has nothing to do with obtaining a loan.

If you are initiating the estate planning process, for example, you are likely to be interested in the trusts and insurance coverage available in this jurisdiction. You may even want to diversify your investment portfolio by acquiring gold or teak wood. Whether you are planning to live in Belize permanently or only for specific periods of time, you can use more traditional banking services, such as a checking account or a prepaid debit card.

Look for personal, corporate and financing banking options

Finally, remember that you are not limited to personal or corporate banking in Belize. In fact, you will find many residents and clients that combine and balance these services. You can choose to establish an LLC in this jurisdiction, but you can also open personal bank accounts.

Keep in mind that the financing options available in Belize are not only to acquire real estate in that jurisdiction. You can choose to buy a property in Panama or Costa Rica, or you can simply ask for a commercial loan for your international corporation.

It is worth exploring your banking and financing options in Belize, regardless of whether you want to move to this country or if you are only interested in buying a vacation rental to generate income. Contact us at https://offshorecitizen.net for more information about offshore banking.