Despite the fact that in recent years to obtain a license in the banking world is becoming more difficult in Belize it is still possible! In 1996, a new Law on offshore banks that served as the transformation of Belize to the popular international financial center was passed in Belize.
In Belize, there are two categories of offshore banks:
- Class Banks – A
- Class Banks – B
Banks have a banking license class “A” – can carry out banking activities without any restrictions. The minimum size of the authorized capital of the bank shall be not less than the amount equivalent to 3 million. USD.
Banks have a banking license “B” class – are not allowed to accept deposits from residents of Belize. The minimum size of the authorized capital of the bank shall be not less than the amount equivalent to 1 million. USD.
Offshore banks registered in Belize have the right to conduct the following activities in Belize:
- Open offices and branches in the cities of Belize
- To carry out offshore banking operations in their offices and branches in Belize, in accordance with a banking license
- To carry out offshore banking operations with local organizations in Belize have a license, in accordance with the “Law on Banks and Financial Institutions” in 1995.
Belize Bank offers a full range of banking services, including savings and current accounts in foreign currency and in Belizean dollars. Dividends of non-resident depositors are exempt from taxes and duties. Such accounts can open the International Business Companies (IBC) and individuals who are not residents in Belize. Widely available service on credit cards. Offshore banks in Belize are exempted from exchange control.
The Central Bank of Belize was established on 1 January 1982 in accordance with the “Law on the Central Bank” and serves as the main coordinating and regulating credit institutions throughout Belize’s banking system. At the core, as well as in other English-speaking countries of the Caribbean, on the model of the Bank of England.
The main function of the Central Bank of Belize:
- issuance of local currency
- performance of the financial agent of the government functions
- centralized storage of the gold and currency reserves
- monitoring the activities of local banks and other financial institutions
- maintaining the stability of the exchange rate and stimulate both credit conditions and foreign exchange transactions that favor economic growth in the framework of the economic policy of the Government of Belize.
The law gives the Central Bank the legal authority to regulate the banking system of Belize. As of the year 2003, in addition to the Central Bank of Belize were five commercial banks, offshore banks, eight, seventeen local and one offshore insurance company. In addition, as of 2003, in Belize worked one State Development Bank (DFC), fifteen credit unions, three civil society, one state-owned savings bank and eleven offices currency exchange.