10 Reasons Why You Need an Offshore Bank Account Today
You may have wondered: “What can an offshore bank account give me that an account at Bank of America can’t?”
Belize is a relative newcomer in the field of international financial services with the introduction of International Business Companies Act 1990. International banking laws were first promulgated with the passing of International Banking Act,1996. The Offshore banking sector is categorized into 2 classes: - Class “A” unrestricted license and Class “B” restricted license permitted to only international banking services specified in its license.
Two major regulatory bodies monitoring financial sector are Belize Central Bank and Belize International Financial Service Commission (IFSC). There are several types of financial institutions in Belize: domestic commercial banks, credit unions, offshore Class A banks, offshore Class B banks. Belize financial system is quite small, consisting of 5 domestic commercial banks, 6 international banks, a mutual fund, 14 credit unions and 17 insurance companies. Belize banks maintain a very high liquidity ratio at 24 percent, one of the highest in the world. To compare, most banks in the US only reach 3-4% liquidity ratio. The higher, the better.
A Belize bank account can be opened remotely without a signatory travel. In addition, bank account deposit is quite low and reasonable, so you don’t need a lot of money to bank there.
|Country||Bank||Online Banking||Personal Visit||Credit Card||Debit Card||Intial Deposit|
|Belize||Caye International Bank Ltd.||USD 1,000|
|Heritage Bank||USD 3,000|
|British Virgin Island||First Caribbean International Bank||USD 25,000|
|Mauritius||ABC Banking Corporation||USD 5,000|
|Bank One Limited||USD 10,000|
|Mauritius Commercial Bank||USD 50,000|
|Investec Bank||USD 50,000|
|Puerto Rico||Euro Pacific Bank||USD 500|
|Singapore||Citi Bank||USD 300,000|
|OCBC Bank||USD 30,000|
|UAE||RAK Bank||USD 10,000|
The below list of documents will give you a good reference to start with. However, each bank might require other additional documents based on your circumstance.
Please contact us to know the exact documents needed for your case.