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Belize: A Pristine Gem in the Offshore Banking World
By admin | March 18, 2009
As you approach Belize by air, the first thing you notice is the surf breaking over the spectacular barrier reef that runs parallel with the coast from north to south for roughly 250 kms. As you cross the reef approaching the airport at Belize City you see dozens of small cayes (islands), around 200 in total off Belize, most with white sandy beaches, fishing flats, and some with a few boutique-style hotels.
But the beatiful, pristine natural environment is just a bonus: we’re visiting Belize today because it still offers an excellent offshore business environment, unhindered by recent changes affecting tax havens in the rest of the world.
Belize (formerly known as British Honduras) is an English speaking offshore haven – a real alternative to Panama in the Central American offshore investment environment. Belize offers three things of immediate interest to our readers:
- Belize IBCs (International Business Corporations). For under $1000 you can form a simple corporation in Belize. Your IBC can do business anywhere in the world you choose – except Belize! Typical uses include e-commerce, personal holding companies, and special purpose vehicles. Belize IBCs are not subject to any kind of information exchange agreements. Even the mere ownership of a Belize IBC is a state secret – the Registrar of Companies must know, but they are strictly prohibited from revealing this information. Belize is home to many reputable law firms and resident agents, including many names well known in Panama. My firm is able to incorporate in Belize. The registry is fully online and works great – incorporation orders can be handled the same day.
- Offshore Banking in Belize: Belize is a well regulated and managed offshore banking haven (also known as an International Financial Centre). And banking is not restricted to the capital Belize City – you will also find offshore banks represented in the beautiful tourist areas like San Pedro Town, Ambergris Caye. You haven’t heard about any bank failures or bailouts in Belize, because there haven’t been any. The international banking sector in Belize (separated from the resident banking sector) is stable, and is forbidden from engaging in risky business practices. Trust me – go there, talk to the banks, and get a feel for it. They are laid back, Caribbean style, but they know very well what they are doing, and those discreet computer terminals move millions every day. If you would like recommendations for specific offshore banks to talk to in Belize, contact me via The Q Wealth offices in London.
- The QRP or Belize Qualified Retired Persons program. This is a well established system for new residents over the age of 45 (and their families, who may be younger) who can prove at least US$2000 monthly income from outside Belize. They can apply to receive the right (but not the obligation) to live in Belize… and all their foreign income anywhere in the world, or through a Belizean IBC, will be tax exempt – completely – for ever! Sounds like a good deal? That’s because it is. I’ll be writing more about the QRP here over the next month or two, because it truly is an excellent opportunity. But it looks like the doors may be closing later this year… Oh and one other thing, after five years of residence, you qualify for a Belize passport. For $250. There are a few details that need handling, but nothing that yours truly can’t handle in a day’s work!
This is the first in a series of articles about the offshore sector and doing business in Belize. I’ll be adding more as and when time permits. If you have questions in the meantime, or would like to go ahead and set up a Belize IBC or open a Belize bank account, please don’t hesitate to drop me an e-mail.
By the way, did I mention the fishing in Belize? A trip to visit your offshore bank can be combined with fishing that is perhaps the best and most inexpensive in the region. Inside the reef and on the atolls there are flats offering wonderful fly-fishing for Bonefish, Tarpon, Snook, excellent Baracuda and especially good is the Permit fishing. Outside the barrier reef is some exceptional deep sea and bait fishing, and three atolls offering yet more spectacular salt-water fly fishing opportunities.
If fishing is not your scene, Belize also offers a wonderful variety of scenery to suit most people, and allowing you to have a simple beach holiday or head to the inland jungle, where you can trek and visiting 2000 year old Mayan ruins. The choice of how much you do or don’t do is entirely up to you. The style and quality of the hotels and lodges in Belize varies enormously and can be chosen to suit most peoples budget and requirements.
From somewhere offshore, this is your offshore banking expert Peter Macfarlane. Till next time!
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