Bank Accounts in Belize
– This is a small country next to Guatemala that is also on the Caribbean. Belize hasseveral banks and is known as an offshore tax and privacy haven. Belize has to date not signedany Tax Treaties.
– Belize practices bank secrecy. The banks we refer clients to will not enforce civil judgments or comply with subpoenas from other countries. Any requests to share informationregarding a criminal case would need to go through the Belize Government. Generally theGovernment would want to see a criminal case on file in the national courts requesting theinformation. Belize does not do fishing expeditions for other countries wishing to see who has abank account there from their country.
Panama Corporation or Panama Foundation
When yousend and receive wires only the name of the corporation or foundation is visible on the wire, notyour name. The Panama Corporation or Foundation owner’s names are not in any registry ordatabase and even the Panama Government does not know who owns them. Three nomineedirectors are used but they have no signatory rights on the corporation or foundation bankaccount. Any changes or modifications to the signatories at the bank would need to be done inwriting by you as the existing signatory on the bank account and would be verified by the bank.This is how the bank protects themselves from bank fraud. So in summation the nominees fromthe Panama Corporation or Panama Foundation would have no power to change or modify thesignatories on the bank account and they are never signatories on the bank account to start with.The nominees are basically employees of the corporation holding the title of President, VicePresident, and Secretary – Treasurer.In the case of the foundation, the nominees make up the foundation council. We believe thePanama Corporations and Foundations are better than Belize Corporations and Trusts to make amore confusing multi-jurisdictional asset protection structure. A Foundation is a judicial personwith its own assets and liabilities. A trust is just an agreement to manage assets. Thusfoundations are stronger in our opinion.A Panama Foundation by law has no owner. The shares to a Panama Corporation can be made outin blank and do not need to be kept with the registered agent. This is not the case with a BelizeCorporation. Changes in ownership for a Panama Corporation do not need to be reported toanyone and this is not the case with a Belize Corporation.We prefer to use Panama Corporations and Panama Foundations in Belize.
The Bank We Use in Belize
– The bank is a stable bank with a Class "A" license. This bank wasstarted in 1998 and is regulated by the Central Bank of Belize. The bank accounts are not subjectto any taxation in Belize. Belize has no currency controls or exchange restrictions. You do nothave to convert to Belize dollars. Everyone at the bank speaks English, which is the officiallanguage of Belize. The online banking platform is also in English and does let you send outgoingwires online.
– The bank will issue you a Visa card. The deposit is 150% of the credit line. If youwant a $10,000 credit line on the visa card the deposit is $15,000. There is online access for theVisa card.