Offshore Banking in Belize
Belize's banking sector, which includes offshore banking as well, is regulated by the Central Bank of Belize.
Offshore banking in Belize began with the repeal of the outdated 1977 Banking Act and its replacement by the enactment of the Banks and Financial Institutions Act, 1995. Other laws concerning offshore banking are the Offshore Banking Act, 1996, and the Money Laundering (Prevention) Act, 1996. The Offshore Banking Act, 1996, and the Money Laundering (Prevention) Act, 1996. The introduced legislation includes the best features of offshore banking legislation in Panama, Cayman and the British Virgin Islands.
A local bank can do the following things within Belize:
- establish, maintain and operate a business office in Belize;
- transact offshore banking business through its business office in Belize without restrictions;
- transact offshore banking business with a local entity in Belize licenced under the Banks and Financial Institutions Act, 1995.
- The major local banks offer a full range of international banking services including foreign currency savings and checking accounts earning tax-free interest and operated for the purpose of exchange control on a non-resident basis. Such accounts are offered to IBCs, individuals and trustees. Credit card services are also available.
Belize Offshore Banks are not subject to exchange control regulations.