The information below provides details about the Belize banking system, Belize offshore banking, and details on opening a Belize offshore account. You will find details on the laws and regulations that govern the Belize banking system, as well as a list of local and international banks that operate.
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The Central Bank of Belize is responsible for the formulation and implementation of monetary policy. The Bank’s monetary policy objectives are legislated in the Central Bank of Belize Act that took effect on 1 January 1982 and are to:
The Central Bank of Belize is modelled on the Bank of England and its functions include providing banking services to the Government of Belize and financial institutions, issuing domestic currency, regulating commercial banks and other financial institutions, providing economic advice to the government, conducting research and publishing information on monetary and other economic developments.
Belize offshore banks pay no taxes and are not subject to foreign exchange controls. Belizean offshore banks must file monthly returns, and an annual report in a standardized form must be submitted to the Belize Central Bank.
Banks and Financial Institutions Licensed Under the Banks and Financial Institutions Act.
There are five domestic commercial banks licensed in Belize that are conducting traditional banking services. The services being offered are different types of consumer and commercial loans, saving and checking deposits and time deposits. Other services provided to business clients include overdraft facilities, letters of credit, and bank guarantees.
The commercial banks licensed in Belize are listed below:
On 23 January 2003, the first non-bank financial institution was granted a license. Belize Unit Trust Corporation (BELUTC) is the first financial institution in Belize that manages and administers Unit Trust funds Scheme. It is locally managed and its majority shareholder is Trinidad and Tobago Unit Trust Corporation (TTUTC).
The first international bank was licensed in 1998 and today there are eight international banks licensed in Belize. These are listed below: