Belize has five commercial banks, not including offshore banks. Three are based in Belize – Alliance Bank, Belize Bank and Atlantic Bank — and two, First Caribbean Bank(formerly Barclays) and ScotiaBank, are large multinational banks with branches in Belize. The local banks are small, about the size of a small-town local bank or savings and loan in the U.S. Belize also has several credit unions and small mortgage lending institutions.
Most expats find that banking is a little different in Belize. In most cases, you can’t just sashay in to your local bank office and open an account. You usually will be asked for references, including a letter from your former bank. There is no standard format for this reference letter, but it should state something along these lines: “Mr. Jones is currently a customer of our bank and has maintained a satisfactory banking relationship here since 1985. His savings, time and demand deposit accounts with us current total about US$150,000.” The letter should be on the institution’s letterhead and signed by an officer.
Commercial banks in most cases also require that you have official residency status of some sort before you can open banks (the offshore banks in Belize are just the opposite – you can’t be a citizen or resident and bank there.)
Banking hours are shorter in Belize, typically only until 1 or 2 p.m. most days, and in other cases banks close for lunch. Many bank offices have modern conveniences such as ATM machines, but they may be out of order as often as they are working, and nearly all (Barclays/First Caribbean is the current exception) accept only ATM cards issued in Belize. At present, some expats living in Northern Belize cross over into Mexico where they can use their American-issued ATM cards, though they get funds in pesos. This situation with ATMs may be changing soon – look for ATM machines in tourist areas that accept foreign ATM cards.
While bank personnel in Belize are usually very friendly – this is Belize, after all – you can’t always say the same about bank policies, especially for loans. Loan interest rates are high. Even as the U.S. prime rate was at 4%, Belize banks were getting 14% to 18% or more on business loans and even higher on some personal loans. And the hidden fees and charges can add several percentage points to the loan interest. Modern consumer protection laws haven’t all made it to Belize yet.
In November 2003, the Belize Central Bank, concerned that the loan to deposit ratio at Belize banks was approaching 98%, told member banks to reduce the number of new loans or to stop making new loans entirely until the ratio improved.
Here are the basic facts, including contact information for the main offices, about each bank in Belize:
Alliance Bank of Belize is the newest of the commercial banks in Belize. It has offices in Belize City, Big Creek and San Pedro. It is associated with Glenn D. Godfrey who also operates Provident Bank, an offshore bank. Main Office: 106 Princess Margaret Drive, Belize City; tel.: 501-223-6783, fax 223-6785. www.alliancebank.bz
Atlantic Bank Ltd. was established in Belize City on August 16th, 1971. Atlantic Bank offers personal and commercial banking services including savings accounts, certificates of deposits, checking accounts, loans, credit cards, point of sales and other financial services. Atlantic Bank has 15 locations country wide with a network of 18 ATMs. Our friendly staff, reliable service and technological advancements make us the leading Bank in Belize.
Visit our offices in Belize City (3), Corozal Town, Commercial Free Zone, Orange Walk Town, International Airport, Ladyville, Caye Caulker, San Pedro Ambergris Caye, Belmopan, San Ignacio and Placencia or contact us at telephone 501-223-4123, fax 223-3907 or visit us at http://www.atlabank.com/ or email us at atlantic@atlabank.com.
Belize Bank traces its history back to 1902 when it was founded as the Bank of British Honduras. It is owned by Carlisle Holdings Ltd., (NASDAQ: CLHL, London: CLH), an billion dollar-plus (revenue) outsourcing company with cleaning and support operations in Britain and the U.S. Carlisle also held a majority interest in Belize Telecommunications, Ltd. which in late 2003 it announced it would sell to a company based in St. Thomas in the U.S. Virgin Islands. Carlisle is 75%-owned by chairman Lord Michael Ashcroft, a British billionaire and Conservative party officer who holds dual citizenship in the UK and Belize. Belize Bank bills itself as the largest commercial bank in Belize, with a 46% share of deposits and 48% share of loans in Belize. It has 12 offices around the country — in Corozal Town, the Corozal Free Zone, Orange Walk Town, International Airport, Belize City (2), Belmopan, San Ignacio, San Pedro, Dangriga, Big Creek and Punta Gorda. Belize Bank has assets of more than US$250 million and had operating income of nearly US$25 million in fiscal 2003. Main office: 60 Market Square, Belize City; tel. 501-227-7132, fax 227-2712; www.belizebank.com. Belize Bank also has an international banking division.
First Caribbean International Bank (formerly Barclays) was formed in 2003 by the merger of the Caribbean operations of Barclays, the giant U.K-based financial service firm, and those of another large bank, Canadian Imperial Bank of Commerce (CIBC). Operations in 15 Caribbean countries including Belize are being rebranded as First Caribbean International Bank. First Caribbean has assets of around US$10 billion. In Belize, First Caribbean has 5 offices, in Belmopan, Belize City (3) and Dangriga. Main office in Belize: Albert Street, Belize City; tel. 501-227-7129, fax 227-8572; www.firstcaribbean.com
ScotiaBank, formerly Bank of Nova Scotia, is a large Canadian bank with operations in the Caribbean, Latin America and Asia and with assets of more than US$300 billion. In Belize, it has offices in Corozal Town, Orange Walk Town, Belize City (2) and Dangriga. Main Belize office: Albert Street, Belize City, tel. 501-227-7027, fax 227-7416; www.scotiabank.com.
Belize Bank has twelve offices in Belize; Atlantic, eight; ScotiaBank, six; First Caribbean, four; Alliance Bank, three. Bank offices typically are open 8:30 a.m. to 2:30 p.m. Monday-Thursday and 8 a.m. to 4 p.m. on Friday.
Banks in Belize have ATMs at many of their branches. However, as of this writing only Belize Bank ATMs -- of which there are 10 around the country -- accept ATM cards issued outside Belize -- they must be on the PLUS or CIRRUS networks. First Caribbean ATMs also (usually) accept ATM cards issued outside of Belize. Even if you find a bank ATM that takes your card, your PIN number may not work. You can also usually get a cash advance on your Visa or MasterCard bank card by swiping it at the ATMs of any of the banks in Belize.
Offshore Banks
In addition to commercial banks in Belize serving local customers, Belize has developed a small but growing community of offshore (or international banks as they like to be called.) banks. These offshore banks were authorized by the Banks and Financial Institutions Act, 1995, and the introduction of the Offshore Banking Act, 1996, and the Money Laundering (Prevention) Act, 1996. By law they cannot serve customers who are citizens of or legal residents of Belize. The 1995 legislation defines an offshore banking as “receiving, borrowing or taking up foreign money exclusively from non-residents at interest or otherwise on current account, savings account, term deposit or other similar account and which according and subject to arrangement is repayable on the check, draft, order, authority or similar instrument of the customer, and investing the foreign money so received by lending, giving credit or otherwise exclusively to non-residents; or carrying on exclusively with non-residents such other activities as are customarily related or ancillary to offshore banking.”
There are two categories of Belize offshore banks: “A” Class - Unrestricted and “B” Class - Restricted.
“A” Class – Unrestricted
The holder of an “A” Class offshore banking license needs to establish, maintain, and operate a business office in Belize. It is permitted to transact offshore banking business through its business office in Belize without restrictions on that business. Annual license fee: US$20,000. Authorized and paid up capital of at least US$3 million must be maintained if the license is for a local company, or US$25 million in the case of a foreign bank.
“B” Class - Restricted
A holder of a “B” Class offshore banking license also needs to establish, maintain, and operate a business office in Belize, but it is limited to transacting only such offshore banking business as is specified in its license. “B” Class offshore banks cannot solicit or accept deposits from the general public, and cannot provide any current deposits or checking accounts to depositors. Annual license fee: US$15,000. Authorized and paid up capital of not less than US $1,000,000 must be maintained if the license is for a local company, or US $15,000,000 in the case of a foreign bank.
Several offshore Class A banks are in operation in Belize. These banks are regulated by the Belize Central Bank, have physical offices in Belize and offer various services including international bankcards and demand, savings and time deposit accounts. Accounts maintained with these banks are not subject to local taxes or exchange control restrictions. International banks tout their privacy for their customers, although if the Belize courts find that funds in the banks are proceeds of crime the banks are required to release the identity of the account owner. Funds are transferred into and out of Belize in foreign currencies with no conversion to Belize dollars taking place. However, these banks are prohibited from doing business with Belize citizens or official residents. Here’s information on the larger offshore banks in Belize:
Atlantic International Bank: This bank offers demand deposit accounts with a minimum of US$1,000, personal savings accounts paying around 2% interest, time deposits with a minimum of US$20,000, credit cards and investment/brokerage accounts. Other services include offshore trust services, establishing International Business Companies (IBCs). Main Office: 4792 Coney Drive, Belize City; tel. +501-223-3152, fax 223-3528; e-mail info@atlanticibl.com www.atlanticibl.com
Provident Bank and Trust: This bank, with an office in Belize City, is associated with Glenn D. Godfrey, a prominent and powerful attorney in Belize, and his companies. Established in 1998, it says it the largest international (offshore) bank in Belize, with assets of US$93 million in 2001 and claims that it controls 80% of the international banking business in Belize. Demand deposits may be opened with a minimum of U$1,000, savings accounts with US$5,000 and time deposits with a minimum of US$25,000. The bank also offers on-line banking, credit cards (interest rate of 1.5% per month on balances) and other services. Main Office: 35 Barrack Road, Belize City; tel. 501-223-5698, fax 223-0368; e-mail: services@providentbank.bz www.providentbelize.com.
Further information on Belizean Banks and Financial Services
Atlantic Bank: Atlantic Bank Ltd. was established in Belize City on August 16th, 1971. Atlantic Bank offers a wide range of personal and commercial banking and financial services. Atlantic Bank has 15 locations country wide with a network of 18 ATMs. Our friendly staff, reliable service and technological advancements make us the leading Bank in Belize.
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Atlantic International Bank, LtdAtlantic International Bank Ltd. is Belize’s leading International Bank, providing stability and accessibility to a full range of global products and services. Customers choose us for our financing options and our expertise in real estate development projects in Belize. Our international clients are comfortable managing their accounts even when they are not in Belize due to our convenient and secure online banking services.
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For further information visit us at http://www.atlanticibl.com www.atlanticibl.com or email us at info@atlanticibl.com.
Atlantic International Corp. Services,a sister company of Atlantic International Bank offers the incorporation of private companies (IBC’s) for clients who prefer to have confidentiality in conducting their business affairs. Listed below are some of the benefits of having an IBC:
- Offshore banking - Hold offshore bank accounts in an IBC name and bank in complete privacy while utilizing tax-free jurisdictions such as Belize.
- Hold assets confidentially - Protect what you own. With the ever-increasing chances of litigation being brought against you and your business, you can use an IBC to shield your assets.
- Hold titles to properties and other physical assets - IBC’s can be used to hold real estate, valuable collections, precious metals, and shares of any offshore company of your choice.
- Preparing for retirement - Take steps to protect your assets for retirement. Place assets into an IBC where no local taxes are applicable. This allows for your loved ones to gain the full benefit of your estate without large death duties consuming their inheritance.
- Lease equipment and Real Estate - Equipment and real estate can be held in an IBC’s name and then leased out to foreign companies with income directed to your IBC’s Bank Account.
- Invest in international markets, commodities, options and bonds. - - Make stock trades through your IBC brokerage account allowing you to trade as an international investor and thus enjoy much lower tax-rates and increase your profits dramatically.
- Enter into contracts under IBC - If you are entering into a contract with a company but want added confidentiality, you may have your nominee directors sign the contract on behalf of the IBC.
International Services Ltd. has established a history of
superior performance and customer satisfaction. Our Company has incorporated countless offshore companies, 2 International Offshore Banks and has assisted company directors to acquire their work permits, permanent residence and citizenship in Belize. We set up company structures to ease your tax burden.
We have assisted Retired Persons to relocate to Belize through the Qualified Retired Persons Incentive Program and invest in several projects in Belize.
Our Real Estate team will guide you through the process of purchasing property, from land title search, to contract negotiation, to the closing, and transfer of title, in an effort to protect your investment.
We take pride in offering specialized consulting services, and we customize our services to meet our clients' needs in their business and personal affairs. Our goal is to facilitate our clients in visiting Belize and to subsequently invest as cost effectively as possible in Real Estate and establishing new ventures.
We value our clients' privacy and security, and we strive to provide efficient solutions for mutual benefit. We stand by our motto, "Complete Professional Services, Satisfaction Guaranteed."
Cititrust International Inc.
provides offshore company incorporation and administration along with Registered
Agent and Registered Address services, and company management services. Our
professional directorship and subsequent nominee shareholding services and
secretarial services are full services. Our services includes Registered Agent,
provision of the registered address and preparation of corporate and business
documentation and general administration services of the Registered Agent. The
provision of shareholders services, virtual office and secretarial services,
bank account introductions, along with custody of documents and corporate
searches, preparation of corporate and business documentation and Trust
formation. Along with all the other services mentioned we offer brokerage
lincense services, gaming licenses assistance and Foundation formation. Some of
the special services we offer is custodial services for bearer shares and
documents, mail forwarding, call handling, bank account introductions and
administration, corporate searches and filings, assistance with special
licensing procedures with offshore mutual funds, offshore banks, offshore
insurance companies under the Belize law. BHI Offshore Financial ServicesThere are many benefits in banking in an offshore finance centre. BHI Corporation offers international banking services through The Belize Bank Limited, a wholly owned subsidiary. The Belize Bank is the largest commercial banking operation in Belize and offers a full range of services to international customers
The Belize BankThe Belize Bank is the largest full service commercial banking operation in Belize providing a range of banking and financial services to both domestic and international customers. You will find that the Belize Bank has just the right combination of technology, solid banking expertise, and staff dedication to make a world of difference in providing the outstanding banking relationship you have been looking for.
Provident Bank & Trust(PBTBL) is an Unrestricted "A" Class Bank licensed by the Government of Belize. Our Bank is regulated and monitored by the Central Bank of Belize who set standards for liquidity requirements and capital adequacy. PBTBL is also fully committed to the prevention of money laundering and fraud. Our license permits us to carry on international banking business with both personal and corporate clients who are non-residents of Belize.
The following is excerpted from Easy Belize! How to Live, Retire Work or Invest in English-Speaking Belize, the Frost-Free Paradise on the Caribbean Coast,By Lan Sluder, www.belizefirst.com. It available for instant download here
