The requirements for opening bank accounts in Central America, specifically Belize, include submitting standard documents, identification, references, financial information, making a minimum deposit, and meeting several specific requests unique to Belize.
That said, meeting these Belize account opening requirements is possible for most applicants. This includes non-residents of Belize, foreign residents of Belize, and foreign and offshore entities from outside of Belize.
In the following sections, we will break down the requirements for opening personal bank accounts in Belize, business bank accounts in Belize, and private bank accounts in Belize. Of course, we’ll also share a few of the lesser-known Belize-specific requirements that you should consider before applying here.
If you would like access to our free Belize banking series, click the link above and unlock our team’s expert take on banks in Belize, transferring cash and sending money to Belize, 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 banking needs.
Table of Contents
- Requirements for Opening a Belize Bank Account
- Frequently Asked Belize Banking Questions
- Ready to Open an Offshore Bank Account?
Requirements for Opening a Belize Bank Account
Belize bank account opening requirements include due diligence processes involving identification verification, proof of address, source of funds, and submitting required documents as dictated by banking regulations in Belize.
That said, the specific account opening requirements that prospective customers need to meet in Belize will depend on their client profile and how risky Belizean financial institutions think they are. This assessment of each applicant can also result in increased account charges and costs to banking in Belize, which makes bank selection a critical step in the account opening process.
At a minimum, applicants looking to access overseas banking or offshore banking in Belize, personal banking, or business banking will need to complete a standard Know Your Customer (KYC) process, submit documents that meet Anti-Money Laundering (AML) regulations, and comply with the banking procedures in Belize.
Importantly, depending on the applicant’s country of citizenship and residency, additional tax reporting obligations may also need to be met. In these instances, banks in Belize will provide standardized documents to assist with these requirements.
In terms of the actual onboarding process, each bank in Belize will differ slightly. That said, there are a few general guidelines for Belizean banks that applicants should be aware of, which include the following.
Belize Bank Account Opening Guidelines
- Bank accounts can be opened remotely in Belize
- Banks in Belize will conduct onboarding via video and email
- You need a clear reason for wanting to bank in Belize
- Belize deposit requirements range from USD 1,000 to USD 5,000
Banking Requirements for Opening Offshore Accounts in Belize
In Belize, an offshore bank account refers to an account held by a foreign non-resident individual or entity. Not surprisingly, the requirements for opening offshore bank accounts in Belize differ slightly from opening resident accounts.
That said, the difference between opening offshore accounts in Belize and resident accounts in Belize comes down to the applicant, the bonus account services and Belize banking benefits they are looking to access, and the requirements they’ll need to meet during the account opening process.
Of course, additional proofs, international documentation, and certain certifications may also be required by Belizean banks. However, this will depend on the bank in Belize you are applying to.
If you would like to explore your banking options, click here to access a roster of financial groups and list of banks in Belize prepared by our team. This list includes prominent financial organizations and the largest banks in Belize, including both foreign and domestic financial institutions.
Alternatively, if you would like to continue exploring Belizean bank account opening requirements, read on to explore the requirements for opening personal bank accounts in Belize, business bank accounts in Belize, and “private bank accounts” in Belize for foreign non-resident individuals and entities.
Requirements for Opening Personal Belize Bank Accounts
People looking for individualized banking services through a personal bank accounts in Belize should use this link to review our detailed guide. This guide will be relevant for anyone looking to open Belizean bank accounts, hold funds in Belize’s circulating currency BZD, the official currency of Belize, or invest locally.
In addition to providing specific requirements, this guide also provides an assessment of personal banking in Belize and offers unique insights you won’t find elsewhere.
Belize Personal Banking Requirements
- Government-issued identification
- Proof of residency in Belize (or elsewhere)
- Tax ID number from country of residence
- Reason for wanting to bank in Belize
- Bank reference letter
- Proof of income
- Proof of address
- Source of funds
- Minimum deposit
Importantly, when applying for a business bank account in Belize, the above requirements will be requested for each shareholder and director of the company as well. That said, there are additional documents you will also need to provide to Belize banks for the business, which we discuss next.
Business Account Opening Requirements in Belize
Individuals looking to open a commercial treasury account or business bank account in Belize should use this link to review our detailed business banking guide.
The guide provides a more detailed assessment of business banking in Belize and shares important information that could impact your entity’s banking choices.
Belize Business Banking Requirements
- Certificate of incorporation
- Certificate of good standing
- Tax identification number
- Proof of address in the country of operation
- Description of ties to Belize
- Financial statements (or similar)
- Bank reference letter
- Commercial reference letter
In addition to the documents Belize banks require, businesses also need to supplement their application with the following information.
Additional Business Information Required by Banks in Belize
- Detailed description of business activities
- List of clients and suppliers
- Expected transaction activities
- A clear rationale for banking in Belize
In the following section, we’ll take a look at the requirements for opening a private bank account in Belize for foreign non-residents.
Requirements for Opening Private Accounts With Bealizen Banks
When opening a “private bank account” in Belize, prospective customers need to provide the same documents, identification, and proof that Belizean banks require for personal accounts.
That said, depending on the deposit, banks in Belize will put a stronger emphasis on the source of wealth and the individual’s reason for wanting to bank in the country.
Here’s another look at the requirements that applicants will need to meet to open private bank accounts in Belize, which closely resemble personal banking requirements.
Private Banking Requirements in Belize
- Government-issued identification
- Proof of residency in Belize (or elsewhere)
- Tax ID number from country of residence
- Reason for wanting to bank in Belize
- Bank reference letter
- Proof of income
- Proof of address
- Source of wealth
- Resume or CV (supporting source of wealth)
- Qualifying deposit (varies by bank in Belize)
Unlike elsewhere, Belizean banks do not require significantly higher deposits to access private banking over personal banking. This is because the Belize banks that offer private banking are still offering basic banking services that most jurisdictions would classify as offshore banking. With this in mind, when considering the level of financial services and banking services that banks in Belize offer, most applicants exploring private banking end up choosing an alternative jurisdiction.
Likewise, while Belize is easy to access and has minimal deposits, most applicants will have other jurisdictions that they can consider opening in as well. Of course, when comparing jurisdictions you should also look at the market risks and banking risks in Belize and how they compare to banking elsewhere.
Frequently Asked Belize Banking Questions
Below are a few of the most common questions we receive from people exploring bank account opening requirements in Belize. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can a Foreigner Open a Bank Account in Belize?
Yes, a foreigner can open a bank account in Belize. In fact, it is possible to open a Belizean bank account online as a foreigner without ever stepping foot into Belize. This is true for both foreign non-resident individuals seeking offshore bank accounts in Belize as well as foreign non-resident entities looking for offshore banking facilities.
What Is Needed to Open a Bank Account in Belize?
What you will need to open a bank account in Belize depends on the type of account you want to open. However, generally speaking, all applicants will need to provide general documentation including proof of identification, proof of income, proof of residency, reference letter, and a qualifying deposit. Additional documents may be required if you choose to open a business or private bank account.
Ready to Open an Offshore Bank Account?
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