In this article, we’re sharing how to open offshore bank accounts in Central America, like Belize for foreign non-resident individuals and entities.
In the following sections, we’ll break down your offshore banking options in Belize, including who can open a Belizean bank account, the benefits of offshore banking in Belize, and the key reasons why you might want to consider banking here in the first place.
If you want access to our free series on banking in Belize, click the link above and unlock our team’s expert take on Belizean banks, Belize banking requirements, personal and business banking in Belize, and much more.
You can also use the table of contents and jump to the section that matches your offshore banking needs in Belize below.
Table of Contents
- Open an Offshore Bank Account in Belize
- Who Can Open an Offshore Bank Account in Belize?
- Benefits of Offshore Banking in Belize?
- Frequently Asked Belize Banking Questions
- Ready to Open an Offshore Bank Account?
Open an Offshore Bank Account in Belize
An offshore bank account in Belize can be opened by both foreign non-resident individuals and entities. To open accounts successfully in Belize, applicants will need to select suitable Belizean banks, complete AML and KYC procedures, and make a qualifying deposit.
Unlike a number of other banking jurisdictions, Belize has been putting an emphasis on strengthening banking regulations and trying to become more attractive to non-resident clients.
Deposit requirements typically start around USD 1,000 to 5,000 in Belize, depending on the type of offshore account you want to open.
Of course, regardless of the level of deposit you’re looking to make, there are banking concerns and risks of banking in Belize that you need to consider. Likewise, if you don’t select the right bank, the account handling fees and costs of banking in Belize can be high and account opening can be challenging.
However, if you can successfully navigate Belizean account opening, you will be able to unlock a jurisdiction that offers a layer of financial privacy through international banking. Of course, privacy is just one of the many banking perks and benefits of banking in Belize that you can access when opening offshore accounts in the country.
Like other offshore jurisdictions, the account options and banking services offered in Belize are supplemented by a wide range of Belizean service providers. The non-banking services available in Belize include offshore company formation, investment management, and more.
This combination of services and remote opening makes Belize a suitable jurisdiction for anyone seeking related banking services. With this in mind, let’s look at who can open an offshore bank account in Belize in the next section of the article.
Who Can Open an Offshore Bank Account in Belize?
In order to determine who can open an offshore bank account in Belize, each applicant needs to consider their client profile, perceived risk, their rationale for banking in Belize, and their ability to meet the required proof of documents and other Belize banking requirements imposed by each bank.
That said, both foreign non-resident individuals and entities are eligible to open offshore bank accounts in Belize. This includes individuals and entities with existing ties to Belize, planned future ties to Belize, and no ties to Belize whatsoever.
Of course, individuals with residency in sanctioned countries or countries that are considered blacklisted will not be eligible to bank in Belize. Likewise, citizens of these countries regardless of their residency may struggle to open accounts with Belizean banks.
Similarly, foreign non-resident entities that are registered in or operate from sanctioned or blacklisted countries will not be able to open an offshore bank account in Belize.
Not surprisingly, there are important nuances when opening offshore bank accounts in Belize for each client type. With this in mind, let’s explore offshore bank accounts in Belize for individuals, companies, and wealth management entities below, starting with Belize bank accounts for individuals.
Belize Offshore Bank Account for Individuals
Foreign non-resident individuals can open offshore bank accounts in Belize. That said, there is only a small inventory of financial groups and a list of banks in Belize that will accept foreign non-residents.
With this in mind, selecting the right Belizean banks to apply to is an important first step toward offshore banking in the country. This is especially true if you want to open an offshore bank account in Belize with a low deposit amount.
Not surprisingly, the top banking giants, including the largest banks in Belize are more challenging to access and are typically reserved for local residents. Of course, applicants also need to select Belizean banks that offer the services they require and deposits they can afford.
In short, the best banks in Belize are different for each applicant seeking offshore accounts. But generally speaking, individuals seeking a jurisdiction with the following characteristics might want to consider opening in Belize.
Why Open a Belize Offshore Bank Account as an Individual?
- Accepts non-resident individuals
- Remote opening is an option for all applicants
- Low minimum deposit requirements
- Accepts members of the Unlucky Passport Club
- Access to USD accounts
If you’re interested in personal finance management and want to open a personal bank account in Belize, you can click this link to access our free guide now. On the other hand, if you are looking for a Belize bank account for companies, the following section will be relevant to you.
Belize Offshore Bank Account for Companies
Foreign companies can open an offshore bank account in Belize. However, companies generally have fewer Belizean banks to choose from than individuals.
Additionally, most Belizean banks ask companies to demonstrate their ties to Belize before opening accounts. For example, “ties” can include commercial relationships with Belizean suppliers, Belizean customers, Belizean contractors, or Belize-based employees.
In other words, does your company have a clear reason to open a Belize bank account, a requirement to send money abroad or send money to Belize, or other justification for needing to bank in the country?
That said, Belize ties do not necessarily need to be commercial. Instead, it is possible for the company to have a local Belizean shareholder, director, or other non-commercial connection to Belize. Likewise, if you need to transact in Belize money and the official currency of Belize, this could be enough to open accounts at certain (not all) Belizean banks.
Of course, applicants also need to select Belizean banks that offer the services their companies require and deposits their companies can afford. Generally speaking, Belizean banks ask foreign companies for deposits ranging from USD 1,000 to USD 4,000.
All things considered, companies seeking a banking jurisdiction with the following characteristics might want to consider opening accounts in Belize.
Why Open a Belize Offshore Bank Account for a Foreign Company?
- Accepts offshore companies
- Non-blacklisted jurisdiction
- Accepts companies in high-risk industries
If you’re interested in opening a corporate account or business bank account in Belize, you can click this link to access our free guide now. On the other hand, if you are looking for a Belize bank account for wealth management purposes, the following will be relevant to you.
Belize Offshore Bank Account for Wealth Management
Individuals looking for a Latin America and the Caribbean jurisdiction to access wealth management services for themselves directly or a wealth management entity might want to consider opening elsewhere. While Belize banks do offer “private bank accounts” the services do not meet the standards set in many international banking hubs. That said, Belizean banks do open wealth management accounts for both individuals and entities. This includes wealth management entities from Belize and abroad.
Benefits of Offshore Banking in Belize?
The benefits of offshore banking in Belize are similar to those available in other offshore banking jurisdictions. These benefits include remote opening, multi-currency accounts, online account management, and more.
However, Belize does have a number of unique offshore banking benefits to offer as well. These unique Belize banking benefits include remote opening, accessible multi-currency bank accounts, and acceptance of foreigners.
Here is a closer look at the offshore banking benefits you can unlock in Belize as a foreign non-resident.
Benefits of Offshore Banking in Belize
- Remote opening
- Accessible multi-currency bank accounts
- Accepting of foreigners
- Currency is pegged to USD (1 USD = 2 BZD)
- Relatively lower deposit requirements
- Wealth management services
Frequently Asked Belize Banking Questions
Below are a few of the most common questions we receive about opening offshore accounts in Belize. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is the Best Offshore Bank Account in Belize?
The best offshore bank account in Belize and the Belize offshore banking services available will ultimately depend on the client looking to open an account. In other words, the best bank for non-residents looking to open personal bank accounts can be different from non-residents looking to open business bank accounts and vice versa. With this in mind, you should explore all of the available options in Belize and compare them to one another. Any comparison should include a side-by-side comparison of fees, opening requirements, available services, and more.
Can a Foreigner Open a Bank Account in Belize?
Yes, a foreigner can open a bank account in Belize. In fact, foreigners can open Belize bank accounts 100% remotely. Additionally, while most offshore jurisdictions require foreign non-residents to make large deposits when opening a bank account, Belize banks offer remote opening with low balances. That said, there are often better banking options available elsewhere. So, it’s important to know and compare all of your options before deciding where to apply.
Is Belize Good for Offshore Banking?
Belize is good for offshore banking if you are struggling to open elsewhere, require remote opening, and have limited funds to make a qualifying deposit elsewhere. In other words, depending on your client profile, residency, deposit level, and banking objectives, there are probably more suitable options available elsewhere.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
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