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Offshore legal. Belize. is a leading Caribbean offshore jurisdiction, and many visitors are intrigued about offshore banking. The growth in international travel, coupled with the increasing use of the Internet to make a living or help manage businesses from afar, has led to growing use of offshore banking and offshore trusts. Others have made the decision to relocate or diversify their financial affairs and open offshore accounts. These are some of the questions we answered for them. Unlike other offshore jurisdictions, you can fly to Belize (under two hours from Miami, Atlanta, or Dallas-Fort Worth) ) or actually drive up from North America - about 36 hours from Houston.
It is simply banking in a jurisdiction other than the one in which you live.
Offshore Banking could have tax benefits, i.e. interest on offshore accounts and investments is paid without the deduction of tax. You may also be able to reduce your tax liability in your home country by transferring savings and investments to an offshore bank account. Added benefits include high levels of confidentiality, security and convenience, as well as global access.
No. You never actually have to visit your offshore bank. You can simply bank from wherever in the world you live, via Internet, e-mail, post or telephone (either through a touchtone phone or by contacting your banking representative or registered agent.
There are several companies that specialize in setting up offshore bank accounts. We recommend Belize Offshore Consultants Ltd. (Note: We do not derive any commission or referral fee from BOCL - we simply believe they provide an excellent and secure service and have been referring clients to them for many years.)
Yes, absolutely legal. Offshore banking has been routinely and legally used for many years by individuals and organizations worldwide. Because many countries encourage international trade and enterprise, there are usually only limited restrictions on residents doing business or having bank accounts in other countries. However, reporting requirements on these accounts differ from country to country.
Yes. With the Internet, e-mail, fax and telephone banking and the use of ATM's, your money is just as accessible as it is from your local bank account. You can easily and quickly transfer your money around the world by electronic transfer and can effectively bank wherever you are.
Some countries require residents to declare their income on a worldwide basis and tax is payable on all your income. In certain circumstances the income of an entity which you control may also be taxable. For this reason, most countries have no restrictions on where your business interests, investments or bank accounts may be located. It is your responsibility to report income to your appropriate tax authority.
There are many other reasons to bank offshore apart from minimizing your tax liability. Other reasons include asset protection, estate planning, confidentiality, better returns and the chance to exploit active business interests overseas from a zero tax jurisdiction with near hermetic confidentiality.
The offshore jurisdictions offer extraordinary levels of confidentiality but they cannot offer absolute secrecy. All financial institutions have a legal obligation to report suspicions of serious criminal conduct. Foreign authorities can seek information, through the legal system, where there are well-founded suspicions of serious crime. A serious crime is defined as anything which is a crime in the offshore jurisdictions and would warrant a prison sentence of at least twelve months.
Near absolute anonymity and confidentiality are achievable via a combination of various offshore vehicles, including International Business Companies (IBCs) and Offshore Trusts. Otherwise, all personal data is subject to modern data protection legislation, and there are severe civil and criminal penalties for breach of confidentiality and unauthorized disclosure of client information.
Yes. You get an internationally accepted debit card. And you can access cash from ATMs worldwide.
It all depends on which account you choose. But you can start off with a deposit of US $1,000.
Accounts are available in all major currencies, including U.S. dollars and Euros.
An offshore bank is a bank located outside the country of residence of the depositor, usually in a low or zero tax jurisdiction that provides significant financial and legal protection.
This protection and advantage typically includes some or all of the following.:
Strong privacy - a principle arising in modern times in 1934 with the Swiss Banking Act, but which goes back to medieval times with the birth of trusts.
Less restrictive legal regulation.
Easy access to deposits (at least in terms of regulation).
Protection against local political or financial instability
The term offshore banking originates from the Channel Islands which are offshore from Britain. However, the term is used figuratively to refer to banks that are legally offshore.
Belize for example is a mainland country with a seaboard and offshore islands, while Switzerland, Luxembourg and Andorra are landlocked).
Offshore legal banking is an important part of the international financial system.
Financial experts believe that as much as half the world's capital flows through offshore centers.
Tax havens such as Belize, have 1.2% of the world's population and hold 28% of the world's wealth, including 34% of the net profits of U.S.A. multinationals.
According to Merrill Lynch and Gemini Consulting's "World Wealth Report" for 2007, one third of the wealth of the world's "high net-worth-ndividuals" - more than US $14. trillion out of US $43.5 trillion - may now be held legally offshore.
Some US $7. trillion is in deposits in tax haven banks and the rest is in securities held by International Business Companies (IBCs) and Trusts.
These figures do not track the increasing numbers of Mom and Pop businesses and individuals with a net worth of under US$10. million who are now choosing to bank offshore.