Opening a bank account in Belize is relatively easy, and can even be done remotely. However, it requires a lot of paperwork. As with US and European financial institutions, banks in Belize must get to know their clients before opening an account. This means that prospective customers will need to provide a number of documents when applying for a bank account in Belize. These include a valid passport, a second picture ID, permanent address verification, two bank references, a work permit (if applicable), and proof of economic interest in Belize.
Characteristics | Values |
---|---|
Immigration status verified by | Bank of Belize |
Picture ID from home country | Driver's license |
Permanent address verification | Utility bill |
Bank references | Two, with original signature from relationship officer or bank manager |
Work permit | Applicable if no proof of economic interest in Belize |
Approval from | Central Bank |
Card advantages | 24-hour access to the bank account, online payment, debit of funds at ATMs worldwide |
Currency | Dollars, euros, and pound sterling. Cards are issued in USD and EUR |
Minimum balance | 1000 to 3000 euros |
Time taken to open an account | 3 to 5 working days |
What You'll Learn
Personal and corporate bank accounts
Personal Bank Accounts
To open a personal bank account in Belize, you will need:
- Two reference letters or letters of recommendation from banks where you already have accounts in your home country. Alternatively, one of these can come from someone in Belize who holds an account with the bank where you want to open an account.
- Identification documents, such as a notarised copy of your passport and driver's licence.
- Proof of address, such as a utility bill.
- Some banks may also require a minimum deposit amount.
Corporate Bank Accounts
To open a corporate bank account in Belize, you will need:
- A duly filled, signed, and completed application form.
- Two reference letters for each account member.
- A certificate of shareholders.
- A notarised copy of the certificate of good standing and incorporation.
- A notarised copy of your passport.
- General terms and conditions and a depository agreement.
- A notarised copy of the article and memorandum of association.
- A letter of undertaking.
Horseback Riding in Belize: What to Wear
You may want to see also
Required documents
To open a bank account in Belize, you will need to provide the following documents:
- Immigration status verified by the Bank of Belize.
- A valid passport.
- A picture ID from your home country, such as a driver's license.
- Permanent address verification, such as a utility bill.
- Two bank references with the original signature of the relationship officer or bank manager. These references must be from existing banks that you have been using for at least two years, and they should state that the banking relationship has been satisfactory.
- A work permit, if applicable, or proof of economic interest in Belize, such as investments or property.
- Central Bank approval. After submitting the above documents, approval will be requested from the Central Bank of Belize for a service charge of BZD$50.00, which must be paid before approval.
In addition to the above, you may also be required to provide a letter stating the reason and purpose of opening the account. It is also worth noting that, for corporate accounts, additional documents about your company will be required.
Belize's Top Fishing Destinations
You may want to see also
Choosing the right bank
There are several types of banks in Belize: local banks, credit unions, Offshore Class A banks, and Offshore Class B banks. The most common type of bank for non-residents is Class A, as these banks only deal with non-residents and foreign currency.
When choosing a bank, look for one with around-the-clock communication, polite staff, expert financial advisors, and a solid reputation among both expats and locals.
If you are a US citizen or resident, you may want to ensure the bank is registered with the IRS under the US Foreign Account Tax Compliance Act (FATCA) and Intergovernmental Agreements (IGAs). A compliant bank will display its Global Intermediary Identification Number (GIIN) on its website or readily provide it upon request.
Caye International Bank
Caye International Bank is considered the most diverse bank in Belize, with the best options for investment accounts. It is a leader in US compliance, making it a secure option for Americans going abroad. It also offers gold storage and leverage programs. However, it has started charging US persons a fee to open an account, and its online wiring system is outdated. Therefore, it may not be the best option if you plan to make many transactions per month.
Atlantic International Bank
Atlantic International Bank is a good option for DIY investors. The staff are well-trained on issues that can arise from international accounts, and its online wire transfer system is better than that of other banks in Belize. However, this bank has more thorough due diligence procedures than its competitors, and investment advice is limited.
Belize Bank
Belize Bank has the largest number of branches in the country and the best online banking technology. It is a good option if you live in Belize, even part-time. However, it is challenging for non-residents to open an account, and there are few investment banking options.
Belize Time Zone: Navigating the CST in Belize
You may want to see also
Meeting minimum requirements
Once you have chosen the right bank and the right type of account for your needs, you will need to investigate the minimum requirements for opening an account. Some accounts will require an annual operating or maintenance fee, as well as a minimum starting balance. Others will require that you reside outside of Belize to qualify for offshore banking perks and tax benefits.
If you are opening a personal account, you will need two reference letters from banks where you already have accounts in your home country. If you don't have this, you can ask someone from Belize who holds an account with your chosen bank to write you a recommendation letter as your second reference. You will also need identification documents, such as a notarised copy of your passport, and a copy of a utility bill.
If you are opening a business account, you will need an original, signed, and completed application form; two reference letters for each account member; a certificate of shareholders; a certificate of good standing and incorporation (notarised); a notarised copy of your passport; general terms and conditions, and a depository agreement; a notarised copy of the article and memorandum of association; and a letter of undertaking.
It is also important to note that different banks have different requirements, which may include the minimum amount you must first deposit and specific documentation they may request.
Exploring Belize City: Transportation and Travel Options
You may want to see also
Setting up online banking
Once you have submitted your application and it has been approved, you will receive a call, letter in the mail or an email with details of your account, login instructions for online banking, a VISA or MasterCard debit card to access your money via a bank ATM, and a cheque book if required.
Online banking in Belize gives you 24-hour access to your bank account and the possibility of making online payments.
Belize's Aquatic Paradise: Fishing Adventures and More
You may want to see also
Frequently asked questions
You will need: a valid passport, a second picture ID, proof of address, two bank references, a work permit (if applicable), and approval from the Central Bank.
First, decide on the type of account (personal or corporate) and choose a bank. Next, meet the minimum requirements, submit your application, and set up your online banking.
Belize is one of the top offshore banking jurisdictions, offering tax benefits, privacy protection, and the use of English as the official language.
Yes, it is possible to open a bank account in Belize remotely. You can prepare the necessary documents and submit them for review by email, and then by courier after the account has been approved.