In the electronically connected internet world it is possible to live outside of your home country, bank in another country, and set up a corporation offshore to handle all banking and financial matters. Belize is a common choice of those wishing to enjoy the tax advantages of an offshore location as well as the banking privacy an offshore account in the Caribbean nation affords.
What is Offshore Banking?
An "offshore bank" is one that is located outside of the nation where the person lives or, if living abroad, where he or she has legal residence. People bank in jurisdictions outside of their home country in order to enjoy tax advantages, privacy, easy access to their deposits, and, often, a safer place to keep their money than "at home." Offshore banking has been routinely and legally used for many years by individuals and organizations worldwide.
Some wealthy individuals will move assets out of their home country if the local legal environment is especially litigious. As some jurisdictions allow individuals with little fault in a legal matter to bear most of the financial burden some choose to hold part of their hard earned wealth a step away from easy discovery by aggressive attorneys. The availability of increased banking privacy and vehicles such as offshore corporations further assist the individual in the perfectly legal matter of putting their assets where they are safe and private.
How to Bank in Belize
Opening a bank an offshore bank account in Belize is easy. You can set up your account online and by fax. The bank will need your full name and a copy of your driver's license or passport, proof of your address, a utility bill for your address, and a reference from your current bank.
Banking Privacy
Although the bank will need the above information to open an account your personal information is not available to third parties without your knowledge and consent. You can bank online and carry a debit card for your account and use it anywhere in the world. You can transfer money in and out of your account in complete security and privacy. Your business is with your Belize offshore bank and their business is with you.
Tax Advantages of Offshore Banking in Belize
An offshore bank account in Belize is not taxed in Belize. Interest on money in you Belize offshore bank account is paid without deducting for taxes. Belize banks deal with you and not the government of your country. An individual's tax liability in their home country may vary and for this it is wise to consult a tax advisor "back home."
Convenient Offshore Banking in Belize
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. You can withdraw money from ATM machines worldwide from your Belize offshore bank account.
Article Source: http://www.articlesbase.com/banking-articles/tax-advantages-banking-privacy-and-convenience-of-offshore-banking-in-belize-2847078.html
About the AuthorAn offshore formations and banking specialist working for several companies regarding offshore structures, formation of companies, foundations, banks and financial institutions in several jurisdictions, including provision of government issued financial licenses.
Working for User Bancorp Ltd, which is providing private and corporate accounts, merchant accounts, offshore companies such as Belize IBC's (International Business Company), Panama corporations and foundations, wire transfer services, managed funds/forex, credit- debit- and prepaid card issuing.
We also offer co-ownership and shares in different investment programs such as real estate investment in profitable jurizdictions like Panama, Belize and Spain.
Certificate of Deposit/Term Deposit accounts available up to 9 % p.a.
Contact me on e-mail: geir.holstad@userbancorp.com