In this article, we’re exploring the banking and financial services that individuals and companies can access when opening offshore bank accounts in Belize.
This will include an overview of the available services offered by Belizean banks, the services Belizean banks do not offer, and a comparison of Belize and other banking jurisdictions. If you would like access to our free country guide and our complete series on banking in Belize, use the link above to unlock access now.
Alternatively, keep reading to learn more about the banking and financial services that you can access as a foreign non-resident when banking in one of Latin America and the Caribbean’s most non-resident banking jurisdictions.
Table of Contents
- Belize Banking Services
- What Banking Services Are Available in Belize?
- What Banking Services Are Not Available in Belize?
- How Does Belize Compare to Other Jurisdictions?
- Benefits of Belize Banks
- Frequently Asked Belize Banking Questions
- Ready to Open an Offshore Bank Account?
Belize Banking and Financial Services
Belize banking and financial services include personal retail banking, local business banking, offshore banking for individuals and entities, payment cards, credit facilities, banking for trusts and foundations, private banking and wealth management, and investment banking.
In other words, depending on your client profile, you can get access to everything from a self-owned transaction account, like a personal bank account in Belize, to an offshore business bank account in Belize. That said, depending on which of the 17 banks in Belize you decide to open an account with, the specific services you’ll be able to access will vary.
Not surprisingly, those banks with an International License will offer services tailored to non-residents looking for an international banking arrangement like an offshore bank account in Belize, while the larger banks in Belize are more likely only to serve Belizean residents, citizens, and local businesses.
In the following sections, we will take a closer look at the specific services foreigners, non-residents, and foreign entities can access in Belize. Plus, we will also discuss the financial expenses and expected costs of banking in Belize for various account types.
But first, as a quick recap, here is a list of the Belizean banking and financial services that most customers can unlock when banking in the country.
Belize Banking and Financial Services
- Belize retail banking
- Local Belizean business banking
- Offshore banking for non-resident individuals
- Offshore banking for foreign and offshore entities
- Payment cards tied to Belizean bank accounts
- Credit facilities for Belizean investments
- Banking for Belize and foreign trusts and foundations
What Banking Services Are Available in Belize?
Banks in Belize tend to offer basic personal and business banking services compared to other international banking jurisdictions. With this in mind, the Belizean banks that open for foreign non-resident individuals and entities are best suited to those groups exploring offshore banking for the first time.
Additionally, Belize banks may be a suitable option for anyone looking for banking with exposure to the monetary unit and official currency of Belize as well as foreign currencies, since most of the banks in Belize offer multicurrency accounts to their customers.
That said, the specific services that each Belizean bank offers will vary widely. So, if you are looking to bank in Belize in order to access specific services, you should confirm whether these services will be available to you before applying for an account. This is especially important if you’re looking for corporate finance solutions through a business bank account in Belize, as the available services and costs can vary widely.
To help you better understand which banking services you can access in Belize, we’ll break down the services that non-resident individuals, businesses, and entities can unlock in Belize below.
We’ll also review a few of the non-banking and financial services that Belize has to offer, which are important for anyone considering Belize residency, Belize real estate investments, or starting a business in Belize.
Foreign Non-Resident Banking Services in Belize
The banking and financial services that foreign non-resident individuals can access in Belize include:
- Basic Belize checking accounts
- High-yield Belize savings accounts
- Fixed-term deposits
- Domestic Belize transfers
- International transfers
- International debit cards
- International credit cards
- Non-resident mortgages for Belize real estate
If you would like to access these personal banking services, you can start by reviewing our guide on opening a personal bank account in Belize. Alternatively, you can dig into the financial policies and requirements for banking in Belize by clicking here.
Belize Business Banking Services
The banking and financial services that foreign non-resident businesses can access in Belize include:
- Checking accounts for Belize and foreign entities
- Fixed-term deposits
- Domestic transfers
- International transfers
- International debit cards
- International credit cards
If you would like to access these business banking services, you can start by reviewing our guide on opening a business bank account in Belize.
Belize Private Banking Services
If you are looking to open a private bank account in Belize, you will be able to access the following services. It’s important to note that these are not traditional private banking services and instead are a reflection of the limited services that foreigners can access in Belize.
- Fixed-term deposits
- Certain investment accounts
- Special savings plans and accounts
- Accounts for Belizean and foreign trusts and foundations
Belize Non-Banking and Financial Services
Belize is synonymous with offshore banking and offshore companies, thanks in large part to the use of Belize by US citizens and other foreigners for structuring purposes. With this in mind, Belize has a number of non-banking and financial services that can be accessed through local service providers.
- Corporate structuring of Belizean companies
- Structuring of Belizean wealth management structures
- Nominee director services
- Accounting and professional services in Belize
- Belize residency and citizenship services
Importantly, the level of service, communication, and competency can vary widely in Belize when it comes to Belizean service providers. So, it’s important to seek out Belizean firms that specialize in your area of interest and have reviews from trusted sources.
Which Banking Services Are Not Available in Belize?
While Belize is an offshore banking hub, there are limits on the services that you can access in the country. Also, as mentioned above, Belize is best placed to serve anyone exploring offshore banking for the first time.
With this in mind, Belizean banks and the services they offer, are not suitable for anyone seeking sophisticated investments, complicated offshore structuring, and cross-border transfers with a wide range of jurisdictions as explained below.
Sophisticated Banking and Financial Services
As mentioned, Belize typically caters to individuals exploring offshore banking for the first time. As a result, accounts can be opened with USD 1,000 to 5,000 from abroad.
Yes, it is possible to open accounts that require higher deposits and it is possible to access accounts that are marketed as “private bank accounts” in Belize. However, most individuals will also be able to access a wide range of other international banking jurisdictions as well that may offer more suitable services.
Support for Cross-Border Transactions
The ability of banks in Belize to support cross-border transaction activity will depend on where you plan to send money. Likewise, if you are looking to use an international payment service to send money to Belize, the country of origin will impact your options. Also, like elsewhere, Belize banks are required to conduct due diligence on transactions being sent to and from certain jurisdictions.
While this does not necessarily impact opening Belize bank accounts, it does mean that you should confirm whether banking in Belize meets your transaction needs before opening accounts.
Additionally, as we’ve shared elsewhere, a major concern with banking in Belize is access to suitable and stable correspondent banking relationships. In short, many banks in Belize have insufficient correspondent banking relationships that result in inefficient, costly, and slow international transfers.
How Does Belize Compare to Other Jurisdictions?
As we’ve mentioned several times, when compared to other international banking jurisdictions, Belize is best suited to individuals exploring offshore banking for the first time. That said, if an applicant has sufficient funds, they will almost always find better options elsewhere.
However, like all jurisdictions, there are specific financial threats and risks to banking in Belize that you should consider, many of which we have already shared.
In this section, we will share which banking and financial services in Belize are worth exploring, which clients may benefit from banking in Belize, and which jurisdictions may be better suited to certain client profiles.
How Does Belize Compare Regionally?
Belize is not as well placed to serve foreign non-resident individuals and entities when compared to other offshore jurisdictions in Latin America and the Caribbean. This is especially true when you consider the stability of Belize’s correspondent bank relationships. Instead, many people find that banking in Panama or several Caribbean jurisdictions better services their needs and offers more robust banking services.
Which Services Should You Consider in Belize?
Belize is well-positioned to offer banking and financial services to individuals and entities from most countries that are looking to make a minimum deposit and those that are struggling to open elsewhere. This is particularly true for foreign non-residents from the wider Latin America and the Caribbean region. However, Belize banks are quite flexible on the citizenships and residencies that they will accept.
Benefits of Belize Banks?
In short, the monetary advantages and benefits of banking in Belize will depend on your client profile, desired deposit, expected transactions, your reasons for banking in Belize, and the Belizean bank you decide to open with.
That said, there are general benefits that most people can expect when banking in Belize, which include the following.
Benefits of Opening With Belize Banks?
- Low initial deposits of USD 1,000 to USD 5,000
- Remote account opening for all applicants
- Accepting most citizenships and residencies
Of course, if you would like to start exploring your options you can use the free Belize banking guides linked above.
Alternatively, if you would like to explore a lineup of financial groups or a list of the banks in Belize that might be worth considering, you can click here now. This list includes leading banking companies and the largest banks in Belize, including both domestic and international financial institutions.
Frequently Asked Belize Banking Questions
Below are a few questions we receive from people exploring banking and financial services in Belize. If you have further questions you would like answered about banking in Belize don’t hesitate to get in touch with us directly.
Which Bank Is Best in Belize for Foreigners?
Which bank is best in Belize for foreigners depends on your client profile, desired services, and available deposit. Likewise, your residency, banking objectives, and reason for wanting to bank in Belize will impact your choices. That said, only a handful of banks in Belize accept foreign non-resident clients. Therefore, it’s important that foreigners carefully consider which banks to approach prior to submitting their application.
What International Banks Are in Belize?
There are a total of three international banks in Belize. Unlike local Belizean banks, these international banks offer non-resident banking services to both non-resident individuals and foreign businesses. That said, account opening procedures and requirements can still vary between these banks. So, it’s important to consider all of your options before deciding where to apply.
Is Belize Good for Offshore Banking?
Belize is good for offshore banking if you cannot make a qualifying deposit to access more established jurisdictions. That said, like many jurisdictions, certain banks are better managed, better capitalized, and worth considering over others. So, before you consider opening an account in Belize, it’s important to consider the strength of each bank’s correspondent relationships, how much money they want you to maintain in an account, and the services they offer.
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.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus, FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
