Retirement, Tropical Living, Offshore Banking and Corporations – Why Belize?

From Barrons to International Living to MSN Money there have been a string of articles in the last few years about making your pension and social security dollars go farther by living overseas. Belize is a great choice in this regard. Not only is the Caribbean nation a good place to live but the climate is tropical and Belize is an excellent location to set up offshore banking and an offshore corporation.
What and where is Belize?
Belize was British Honduras until 1973 although it gained its independence in 1964. The society is diverse with English, Spanish, and Creole spoken. Mexico lies to the North and Guatemala to the West while on the East is the Caribbean Sea and the world’s second longest barrier reef system. Belize has a third of a million people living on just less than 9,000 square miles of land, giving it one of the world’s lowest population densities. Belize is the only nation in Latin America to be a member of the British Commonwealth.
Making the Most of Your Retirement Reuters Currency Savings in Belize
Belize typically comes up in these discussions as a safe, cheap, English speaking nation on the Caribbean with a legal system based upon British Common Law. Typically cost of living for Belize is cited as between $1,000 and $2,000 a month depending upon whether you live on one of Belize’s many offshore islands or on the mainland.
How much you spend to live in Belize will depend upon how much you integrate yourself into the culture and to what degree you want to maintain a lifestyle of conspicuous consumption. Belize has luxurious, gated communities and Belize has safe, quiet neighborhoods where prices are cheap. If you don’t bother with cable TV and an internet connection in your home, don’t party a lot nor have servants it can be Sky Business News easy to live for around $1,000 a month. If you want to live a more lavish life style, for less than elsewhere, you can save thousands of dollars a month by living in Belize (and spend a few thousand too). If you are interested, come to Belize to visit. Rent for a bit and explore. You could be very happy that you did. Then, while you are visiting, check out the other aspects of Belize that may be useful.
Belize Offshore Banking
Opening a bank an offshore bank account in Belize is easy. You do not even need to go to the bank. With an introduction to a reputable, competent, trustworthy bank in Belize you can set up your account online and by fax.
In order to open an account in Belize you need only provide 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. Ideally you will need to have had a two year relationship with the bank that provides your reference.
Belize has local, Belize banks, and international banks doing business in Belize. A little investigation, in English, will help you find the right banking choice for your banking needs. If you still want to travel in retirement you can do all of your banking with your Belize offshore bank online from anywhere in the world.
The banking guidelines in Belize provide you with unparalleled privacy and security in handling of your accounts and transactions. Although the bank will need this information to open an account your personal information is not available to third parties without your knowledge and consent.
Belize Offshore Corporations
A Belize International Business Corporation (IBC) is a legal entity which is incorporated in Belize but does not do business in Belize nor pay taxes in Belize. A Belize IBC needs to have a registered agent in country and pays a $400 annual fee.
A Belize IBC can be set up by an individual or other legal entity. The IBC requires a shareholder. This shareholder can be the actual, registered, shareholder who records its own name on the share certificate and in there share record or a nominee shareholder.
A Belize Offshore Corporation can be used for offshore banking, to invest outside of Belize, and to engage in business and trade internationally. A Belize IBC can hold bank accounts as well as operate businesses, own real property, and buy and sell any and all kinds of goods and services.
If you are looking for an extra layer of asset protection and privacy, a nominee shareholder is used for your corporation. The nominee shareholder’s name is on the share certificate and in the share register and the nominee shareholder signs a Declaration of Trust giving up any and all rights to voting rights and any rights to exercise, sell, or transfer the IBC shares.
Why Choose a Belize International Business Corporation?
Belize used to be British Honduras. This Caribbean nation’s official language is English. The legal system is based upon English common law and the government is a parliamentary democracy based upon that in England.
Belize International Business Corporations are simple in that they require a single subscriber, a single shareholder, and a single director. Belize is a tax advantaged location so that a properly set up Belize IBC can pay minimal taxes.
Although a Belize may not do business in Belize it may bank there. Nominee shares may be issued for a Belize IBC increasing asset privacy. Shares may be registered or bearer shares. As with most offshore incorporation’s a Belize IBC requires a registered agent in Belize. The applicable law for setting up and maintaining a Belize IBC is available in pfd format in English.
According to applicable law, page 63 of pdf, “A company incorporated under this Act shall keep such accounts and records as the directors consider necessary or desirable in order to reflect the financial position of the company.”
Also, page 64 of pdf, “The books, records and minutes required by this section shall be kept at the registered office of the company or at such other place as the directors determine.”
Besides being a place in the sun for your retirement years Belize is a tax advantaged location with excellent protection of the privacy of your assets.

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