Belize is a Stable International Financial Centre Known for its peaceful, stable and democratic environment, Belize is strategically poised in offering investment opportunities, banking and e-commerce business to the international investor and wider community. It is also the perfect vacation destination spot and offers endless excitement and awe-inspiring scenery of its pristine landmass, mainland rainforest, Mayan temples and savannah including over 200 islands sprinkled along a spectacular barrier reef which is the longest in the Western Hemisphere.
BANKING, FINANCE AND INVESTMENT
Belize is a haven for private enterprise. Tourism and exports are its two biggest economic stimuli. Oil sources discovered in the last few years have led to expanded growth.
Fiscal year: 1 April – 31 March
Banks in Belize serve an international clientele, and you’ll find that even the most local bank has a menu services rivaling larger banks in other countries. Belize International Banks are exempt from exchange control regulations.
The Central Bank of Belize regulates the banking industry. Belize International Banking licenses come in two levels – “A” Class (unrestricted) and “B” Class (restricted to predetermined activity). Requirements for both categories are strict; only five applicants have been issued banking licenses in the last five years.
A Belize International Bank can:
Operate within Belize
Conduct offshore banking business
Conduct domestic banking business.
CP, C, Caricom, CDB, FAO, G-77, IADB, IAEA, IBRD, ICAO, ICCT, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, IOM, ITU, ITUC, LAES, MIGA, NAM, OAS, OPANAL, OPCW, PCA, UN, UNCTAD, UNESCO, UNIDO, UPU, WCL, WHO, WIPO, WMO, WTO
The Government of Belize recognizes and rewards foreign investment as follows:
Fosters employment of its citizens and increases knowledge of those employed
Treats the environment with respect
Conducts foreign exchange and deals with foreign markets
Increases production rate and fosters technological innovation
Promotes economic diversity and business competition
Is structured as a partnership or joint venture
Includes economically underdeveloped areas of Belize in its business plan
The government prefers to keep foreign ownership of land under control, and thus larger plots – more than 0.5 acre in a town or 10 acres in the country – are subject to additional regulations. If there is foreign interest undeveloped land for new construction, the land can be leased and, if the projected construction is completed, the government will offer it for full purchase. There is a 1 percent tax on the unimproved value of the land. The transfer of title of real estate is subject to a 10 percent Stamp Duty split between the buyer and the seller.