Opening an account abroad is a must nowadays as diversification is the key to your financial safety, and many people are looking for a reliable jurisdiction. In this post, we will take a look at Belize, a Central American country that is considered a real financial hub. It offers a wide range of services, including innovative ones, and its asset protection is simply second to none. What is more, you can open an account remotely, and it will not take much time or effort. Are offshore accounts lawful? Yes, they are absolutely lawful on the condition you don’t engage in any unlawful activities!
If you want to find out more about Belize or international banking on the whole, please visit this page. We write about international banking and business, asset protection, investment, citizenship-by-investment programs, and more. You can book a session with our expert, discuss your business needs and preferences, and get competent advice on the best jurisdiction and bank that will cater to your needs – we strongly recommend that you do it as this service is free! And if you want to set up an account with minimum hassle, you can delegate it to us, and we will take all the administrative steps at a reasonable fee.
Bank Account with a Belize Bank: Benefits
Why should you opt for the Belize bank we recommend? Here are the main reasons that seem important to us:
- The bank implements all the most important innovations in the financial market.
- The institution offers competitive interest rates.
- The bank is very reliable and stable as it has a high liquidity ratio (higher than many banks in the United States!).
- The Belize bank has high confidentiality standards: under the Bank Secrecy Act, your bank data belongs to you only.
- You will receive high-quality services tailored to the needs of non-residents.
- The laws of Belize are on the side of beneficiaries, and you can be sure that you will get excellent protection.
- The Belize bank has correspondent relations with numerous international banks, which allows it to render asset management services in multiple currencies. You can also get a VISA debit card provided by a US partner for use across the globe.
- The bank is run by professionals! In 2019, it was recognized as the best Latin American private bank, which testifies to its exceptional results.
Services Provided to Foreign Customers
Here are the most popular products provided to its customers by the Belize bank we recommend:
- A VISA debit card that can be used internationally
- A fixed-term deposit for one to five years
- A demand deposit account with interest
There are five currencies in which you can open your account: GBP, USD, CAD, EUR, or CHF.
VISA Debit Card
The Belize bank will offer a VISA debit card to you to make payments in different countries, withdraw currency at ATMs around the world, or top up your account.
Belize bank card characteristics:
- You can use the card anywhere in the world where you see the VISA logo (the only exception is Russia).
- You can withdraw cash using an ATM in any country across the globe.
- The maximum amount that can be credited to the card is 10,000 US dollars.
- You can receive account statements by email.
Here are the card service fees:
- Card replenishment comes at 3% of the amount.
- The annual maintenance fee is 50 US dollars.
- The card account service fee is 3 US dollars.
- You can request a balance at an ATM at 2 US dollars.
- Cash withdrawal from an ATM comes at 5 US dollars.
- The PIN code can be changed at 2 US dollars.
- The commission for payments in stores is 3 US dollars.
- If your card remains inactive for more than 90 days, you will have to pay 90 US dollars.
- The cross-border fee amounts to 3%.
- The currency is exchanged at 3% as well.
The fees can be modified at the bank’s decision.
Savings (Lifestyle) Account
Here are the main features of this product:
- The only currency available is US dollars.
- The deposit can be opened for a period from one to five years.
- The minimum amount you will have to deposit is 1,000 US dollars.
- You will have to pay an entry fee of 100 US dollars and a FATCA fee of 250 US dollars.
- The monthly account maintenance fee is 14.5 US dollars.
The interest rate depends on the amount you deposit:
- 10% for the amount of less than 25,000 US dollars
- 25% for the amount from 25,000 US dollars to 99,000 US dollars
- 50% for the amount that exceeds 100,000 US dollars
Demand Deposit Account
If you open this kind of account, you will be able to withdraw funds from it an unlimited number of times. Here are the main features of the product:
- The only currency available is US dollars as well.
- The minimum amount you will have to deposit is also 1,000 US dollars.
- You will have full access to the information about your account on a 24/7 basis.
- You can order a monthly account statement.
- The standard fees (FATCA fee, entry fee, monthly service fee) are identical to the previous account.
The interest is paid on a monthly basis and depends on the deposited amount:
- 00% on the amount up to 9,999 US dollars.
- 10% on the amount of 10,000 US dollars and more.
Fixed-Term Deposit Account
You can also make a fixed-rate deposit with the bank to make your money work. Invest your money for the term appropriate to you and get a fixed amount of income at the end.
Here are the rates offered:
- 75% for a 1-year term
- 2% for a 2-year term
- 25% for a 3-year term
- 50% for a 4-year term
- 3% for a 5-year term
If you want to withdraw the amount before the deadline set, you will need to pay a commission fee of 1%. The minimum opening balance is set at 25,000 US dollars.
An account in Belize is an absolutely legal opportunity to add safety to your financial life, and we can help you have a smooth experience. Follow the above link to explore our portal or book a session with our specialist to discuss your needs. Use our services to open an account with a Belize bank online!