Open a Bank Account in Belize

Belize is one of the top offshore banking jurisdictions. If you’re interested in banking in Belize then continue reading or contact our experts to gain in-depth knowledge.

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An Overview of How to Open a Bank Account in Belize

Nowadays, people are turning to offshore banking. Offshore banking is a legal way to diversify and protect assets while enhancing the ability to invest in foreign markets. Belize is one of the finest banking jurisdictions. Banking secrecy is guaranteed in Belize. In an attempt to curb tax avoidance, the U.S. Congress introduced new banking regulations: The Foreign Account Tax Compliance Act (FATCA). FATCA has increased compliance standards. Due to this new compliance, opening an offshore account may sometimes pose a difficulty. However, despite such compliance, Belize is known as the best-known offshore banking jurisdiction across North America. It is relatively easy to bank in Belize and you can also remotely open a bank account if you wish. Being a classic offshore banking jurisdiction, Belize falls under greater scrutiny as compared to banks in other jurisdictions. If you’re planning or have already made an application to open a bank account in Belize, then the following information is for you

Necessary papers Required for Opening a Bank Account

  • Valid Passport.
  • Immigration status verified by the Bank of Belize.
  • A picture ID from a Home country such as Driver’s License.
  • Permanent address verification such as utility bills.
  • Two bank references in the original should have the signature of the relationship officer or Bank Manager.
  • Work Permit if applicable or proof of Economic Interest in Belize such as property, investments, etc.
  • Approval from Central Bank

Types of Bank Accounts in Belize

Personal Bank Account

A personal Account is meant to store your assets and money. It is not used for business transactions. A personal account can be either a savings account or a current account where money is used to make everyday purchases while keeping the money secure. If you are required to open this category of account, then here are the Documents which are required to successfully open a personal bank account

  • Two reference letters or recommendation letters from banks where you already have an account in your home country or someone who holds an account with the bank where you want to open an account to write a recommendation letter.
  • Identification Documents such as notarized copies of passport.
  • Proof of address.
  • Utility Bills.

Business Bank Account

A business bank account is used to receive money from clients to pay employees as well as to provide to keep an eye on business making and spending. The requisites to open a business bank account are as follows

  • Address proof
  • Duly filled and signed application form
  • Copy of Utility Bill
  • Two reference letters
  • Certificate of shareholders
  • Notarized copy of Certificate of good standing and incorporation
  • Notarized copy of Passport
  • General terms and conditions and depository agreement
  • Notarized copy of Article and Memorandum of Association
  • Letter of undertaking

Best Banks in Belize

Caye International Bank

Caye International Bank is one of the most diverse and highest-returning investment options. It is a leader in US Compliance therefore, it is a secure option for Americans going abroad. It provides unique gold storage and leverage program. After FATCA it has been charging an account opening fee to meet its compliance cost. However, this fee is only charged to Americans. No fee is charged to blue passport holders or Non-U.S. residents. It has a poor wire system and is not a suitable option if you have 10+ transactions a month.

Atlantic International Bank

Atlantic International Bank has a good online wire transfer system. This bank is staffed with well-trained and informed personnel. This bank is good for doing business and is good for DIY investors. On the flip side, it has heavier due diligence than its competitors. Investment advice is limited and it is not for those who are looking to diversify out of dollars and other unique opportunities.

Belize Bank

Belize Bank is the best online banking tech. It has the largest number of branches in the country. Even if you reside part-time in Belize, you can open your bank account. It is a generally licensed institution that can hold accounts and transact in Belizean dollars. It also provides a checkbook. On the flip, this bank only focuses on the citizens and residents of Belize and it is challenging for non-residents to open an account. A check from a Belize Bank can be used in Belize only.

Features of Banking Services in Belize

Minimum Balance

It is mandatory to maintain a minimum amount between 1000 to 3000 euros, depending upon the type of bank.

Payment Cards

Possessing a card gives the following advantages

  • 24-hour access to the bank account
  • Possibility of online payment
  • Debit of funds at ATMs all over the world


Banks provide money in dollars, euros, and pound sterling however, the cards are issued only in USD and EUR.

Time taken to open a bank account

For opening a bank account, first, the bank processes the Documents and verifies the client’s data. After processing and verifying, the banks take 3 to 5 working days.


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Benefits of Opening a Bank Account in Belize

The advantages of opening a bank account in Belize are as follows

Use of English Language

Breaking through the language barrier can be difficult especially when one is trying to do business. The official language of Belize is English so banking becomes much easier as you don’t have to look for an English-speaking fellow.

Liquidity and Loans

The Banks in Belize has a 24% liquidity ratio which means that they hang on to at least a quarter of all deposit every time. The liquidity ratio indicates the capacity of the bank to make a large number of loans which can affect the solvency of the bank. The financial security of Belize’s bank is enhanced as it does not manufacture new money.


There are several factors apart from the liquidity ratio which make the Belize Bank stable as compared to that in offshore jurisdictions.


It is fairly easy to open a bank account in Belize even if it is a corporate account. Banks in Belize promotes offshore companies to open bank accounts. If your home country is not conducive to opening a bank account in Belize, then you can open a bank account in Belize.

Tax free or low tax structure

Belize has an ideal tax regime for foreign investors who are willing to store their assets and make international financial transactions from Belize. Firms with corporate bank accounts in Belize are exempt from paying any taxes on financial transactions in Belize.

Privacy protection in banking and company ownership

Belize has stringent laws which protect personal and business privacy. In Belize, the board members and business partners do not have to disclose their identity if they don’t want to.

Frequently Asked Questions

Yes, you can remotely open an offshore bank account in Belize.

Any individual can open a bank account in Belize including U.S. Citizen

The official currency of Belize is Belize Dollar which is denoted as BZD or BZ$.

No there is no such requirement. Anyone can store assets in the country. Belize stores assets of international businesses who intend to keep their financial assets abroad to avoid being taxed in their home country.

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