Many offshore jurisdictions in the world are famous for their banking services, but Belize is considered one of the most attractive jurisdictions for a lot of reasons.
Belize is a tiny Central American country with an area of mere 8,880 square miles. In addition to the mainland, Belize owns about 200 islands that attract tourists with the most beautiful coral reefs. Belize has a population of just 308,000 people. Most of the population is of Spanish descent, but there are other ethnic groups as well. The official language of Belize is English, but you can often hear Spanish or Creole.
Modern Belize offers excellent conditions for running offshore business, but the jurisdiction is also famous for its offshore banks that provide a certain number of advantages compared to the banks in America or Europe.
In addition, Belize itself is a very stable country where you can keep your savings. Life in Belize is measured, and the political environment is stable. The local currency is pegged 2:1 to the US dollar.
We have already published several articles in the Internationalwealth.info on one of Belize’s most attractive banks, the Caye International Bank, and now we are getting back to this financial institution to tell you how you could become its customer.
Caye International Bank is an offshore bank that is proud of its staff, and banking experience. If you are looking for an offshore bank, this is what you need, because enjoying the services of the Caye International Bank you will get a great opportunity to invest in new markets and use the services of top-class financial professionals.
VISA Prepaid Cards
Today, the Caye International Bank offers its customers acquiring a prepaid VISA card. You can use it anywhere in the world wherever the VISA logo is mentioned. You can transfer funds between different cardholders. It is also good for withdrawing cash from ATMs around the world. The card can be reloaded up to the amount of USD 10,000.00.
Commission for the card reloading is 3% of the amount.
Annual membership fee is USD 50.00.
ATM withdrawal is USD 5.00
Balance request is USD 2.00
Inactivity fee (comes into force after 90 days of inactivity) is USD 10.00.
Available bank accounts
- Fixed-Rate Deposit
- Corporate Offshore Demand Deposit Account This deposit account acts as a standard transaction account.
Available account currencies are USD, CAD, EUR, GBP, CHF;
Let us compare these two accounts
|Corporate Offshore Demand Deposit Account||Savings Account|
|This account is for your daily transfers. It has a competitive rate.||This account is intended for achieving the goal of saving and has a high interest rate.|
|Minimum amount to open a deposit is USD 1,000.00;|
|Account opening fee is USD 350;|
|Monthly account maintenance fee is USD 14.50;|
|Accrued interest on the balance below USD 9,999.00 is 0%;||Earn bonus interest on at least USD 10,000.00 per quarter and do not withdraw it during this period.|
|Accrued interest on balance above USD 10,000.00 is 0.10%;||Accrued interest on balance below USD 25,000.00 is 0.10%;|
|Accrued interest on the balance from USD 25,000.00 to 99,000.00 is 0.25%;|
|Accrued interest on balance above USD 100,000.00 is 0.50%.|
Term Deposits for a Period of 1 to 5 Years
Get a fixed yield within the specified time. Interest rates vary depending on the term, amount and frequency of interest payments.
For one-year deposits the rate is 2.25%
2 years – 2.50%
3 years – 2.75%
4 years – 3.00%
5 years – 3.50%
As for USD payments, the bank has no restrictions whatsoever. These transfers can be made to and from anywhere in the world. The correspondent bank is Bancredito International Bank and Trust located in Puerto Rico.
In order to understand how payments in such currencies as EUR and GBP are processed, please consider the following information:
|Regarding outgoing payments:|
|GBP: The bank processes GBP payments to GBP accounts within the UK-based financial institution only.||EUR: The bank processes EUR payments to EUR accounts within a financial institution registered in the SEPA Single Euro Payment Area.|
|Regarding incoming payments:|
|GBP: No restrictions are imposed on the jurisdiction of the financial institution’s country of origin (except for those blocked by the Office of Foreign Assets Control (OFAC)).||EUR: The bank accepts only telegraph transfers from the financial institution registered in the SEPA Single Euro Payment Area (see list below).|
Note: At the moment, the bank does not accept incoming and outgoing payment orders in such currencies as CAD and CHF. We will update the information on the matter as soon as possible.
Online Banking Security
Today, the Internet banking services use is nothing but a standard of modern life. But when it comes to the customer finance security, the bank takes online banking very seriously. Caye International Bank uses the latest technology to protect its banking systems. In addition, the Government Agencies of Belize regularly audit the bank to ensure that any and all transactions carried out by the bank are legal.
Rates of the Caye International Bank
- Cash depositing or withdrawing (to be requested for two working days in advance) is 3% of the amount;
- Intra-bank transfer is USD 5.00;
- Incoming payment is USD 10.00 with correspondent bank rates paid extra;
- Outgoing payment is USD 100.00.
Directions for Opening a Corporate Account with the Caye International Bank in Belize:
- In accordance with the service agreement, you will need to pay a fee for the services to be provided and the assistance in getting your corporate bank account with the Caye International Bank opened. You can do that with a card, via PayPal, Western Union, WebMoney, or make a banking transaction.
The cost of this service is:
- Company without nominees, from EUR 3,999.00;
- Company with nominees, from EUR 4,999.00.
- Next we will move on to collecting the information that is required for opening an account.
Note: all the documents must be translated into English and notarized. The date of notarization should not be more than a year by the time of filing your documents to the bank. We would also like to inform you that the bank can always request additional documents not specified in the standard package.
For getting your account opened, you will need to provide the following documents:
For ALL beneficiary account holders, signatories, directors, nominees, company officials:
- Filled out, printed and signed copies of the bank papers for opening an account;
- Notarized copy of the travel passport or another acceptable Identification Document (pages with the photo and signature).
- Notarized copy of your proof of residence address (utility bill);
Note: This document must be no older than 2 months by the time the registration package is submitted, and must be translated into English and notarized.
- Reference Letter from your bank on your professional relations lasting at least a year.
- Reference Letter a professional (a lawyer, a notary, etc.) on your professional relationship lasting at least a year.
- Notarized copy of the share certificate (if the company has registered shares); the Deed of Trust, if the company has a corporate shareholder(s).
- Notarized Power of Attorney for the right to open and manage the account.
- Notarized copy of the General Meeting Minutes and the Articles of Association of the legal entity/structure/operating agreement.
- Notarized copy of the company’s Certificate of Incorporation;
- Notarized copy of the Company’s Certificate of Good Standing (if the company has been in existence for more than one year).
- Certificate of shareholders/subscribers;
In addition, it is necessary to provide a description of the company’s business activities (company turnover, partners, regions of operations, system of mutual settlements, operational structure, etc.).
Getting the account opened usually takes no less than two weeks from the moment of delivering the full package of documents and bank forms to the bank by mail.
If you wish to become a customer of an offshore bank in Belize, the Caye International Bank, please email us to firstname.lastname@example.org and we will certainly assist you with that.