In this article, we’ll share how to open a personal bank account in Belize. However, it’s important to note that account opening success will largely depend on your client profile and a few key factors.
In this article, we’re going to help you navigate each of these factors and start the process of opening your Belize bank account, including 100% remotely.
This article is part of our free series on how to bank in a country in Central America like Belize, which you can access by clicking here right now.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How to Open a Personal Bank Account in Belize
- Opening Belize Bank Accounts as a Non-Resident
- Benefits of Opening an Account Offshore in Belize
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
How to Open a Personal Bank Account in Belize
How to open a personal bank account in Belize will ultimately depend on the type of account being opened, residency status, and whether applying in-person or remotely. For example, certain banks accept non-residents, while others require residency. Likewise, certain banks allow remote opening while others insist on in-person applications.
Of course, each bank has different financial regulations, account opening requirements, and deposit requirements, which will also depend on the type of client opening accounts.
With that being said, banking in Belize isn’t for everyone. However, some people, especially those with offshore companies who operate in high-risk industries might consider opening a business bank account in Belize. That said, there are cross-border banking risks and country-specific risks to banking in Belize and potential restrictions to be aware of.
For now, let’s take a closer look at the specific requirements you can expect when opening a bank account in Belize.
Requirements to Open Bank Accounts in Belize
- Qualifying deposit
- Government-issued identification
- Proof of residency (if applicable)
- Tax ID (from country of residence)
- Proof of address (from country of residence outside of Belize)
- Bank statement (from current bank account)
- Bank reference letter (not always required)
Can You Open a Belize Account from Abroad?
Yes, you can open a Belize account from abroad. In fact, in almost all cases, foreign non-residents will be eligible to open an external account or offshore bank account in Belize 100% remotely. Of course, the type of account you open will depend on your requirements. This includes corporate operating accounts, holding accounts, accounts to support real estate transactions, personal bank accounts, investment accounts, and even private and wealth management accounts.
Opening Belize Bank Accounts as a Non-Resident
Opening a bank account in Belize as a non-resident is possible. In fact, many foreign non-residents can open a Belize bank account 100% remotely.
That said, bank selection and preparing your application ahead of time is crucial in Belize. This is because there are so few banks to choose from. As a result, if your application is denied on the initial submission, that inventory of institutions and list of banks in Belize are typically no longer accessible to you. In other words, if you are denied the first time that you apply, you will no longer be able to apply for accounts at the bank in the future
In the following sections, we will share how you can find banks that accept non-residents, those that allow remote opening, and the benefits you can expect.
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Benefits of Opening an Account Offshore in Belize
The benefits of a Belize bank account ultimately depend on the person looking to bank here. The reason for this is that certain major banking services, including the largest banks in Belize, offer different account types, fee structures, and interest rates, and accept different client profiles.
In other words, depending on the type of account and client profile you have, you may be able to access extra financial services or Belize banking benefits that are not available to others. That said, in certain instances, you may find that banks elsewhere offer a wider range of benefits.
However, if you are looking to open a bank account in the country’s currency, which the currency of Belize is the Belize Dollar (BZD), Belize could be an option worth considering.
With this in mind, it’s important to consider which banks offer the exact benefits you’re looking for prior to applying for accounts. You can do this by using the information in the GlobalBanks IQ Database or by accessing bank-specific information from our advanced international banking reports.
Benefits of Opening an Account Offshore in Belize
- Currency pegged to USD (1 USD = 2 BZD)
- Belize banks accept foreign non-residents
- Relatively easy remote account opening
- Lower deposit levels compared to most offshore jurisdictions
- Access to multi-currency bank accounts (USD, EUR, GBP, CAD)
Frequently Asked Questions
Below are a few of the most common questions we receive from people exploring how to open a personal bank account in Belize. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which Bank Is Best for Foreigners in Belize?
Which bank is best for foreigners in Belize will depend on your client profile and banking needs. With that in mind, many foreigners look to the available international banks in Belize as they offer banking services to both foreign individuals and offshore corporations, allow remote opening, and have relatively low deposits.
Which Bank Is Best in Belize?
Which bank is best in Belize will depend on the type of account you’re looking to open and also the type of account functions and banking services you require. This is because each bank caters to different client types, has restrictions on how to transfer funds abroad and how to send money to Belize, and offers different services. Therefore each applicant may prefer a different bank to open an account with in Belize.
Can I Open a Belize Bank Account Online?
Yes, you can open a Belize bank account online. In fact, it is possible to open a Belize bank account online as a non-resident without ever stepping foot into Belize. However, not all banks in Belize offer remote account opening. And, the ones that do, might require additional documentation, higher deposits, and charge bank commissions and banking fees for opening or maintaining accounts.
How to Open a US Bank Account From Belize?
How to open a US bank account from Belize will depend on your citizenship, residency, and the US bank you choose to open with. That said, it is possible to open a US bank account from Belize, and most other countries. Of course, not all US banks open for foreign non-residents, and even fewer US banks open accounts remotely. That said, our team is able to assist you with this when you join GlobalBanks USA, which offers remote US account opening for both individuals and businesses.
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…
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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.
