Belize International
Banking Act 1996

International banking laws were first introduced in Belize with the passing of the Offshore Banking Act, 1996. In October 2002, the Offshore Banking (Amendments) Act 2002 was enacted. Among other things, the name of the Offshore Banking Act and the term “offshore banks” were changed to International Banking Act (IBA) and international banks, respectively.

The IBA establishes two categories of international banking licence in Belize: an “A” Class – Unrestricted licence and a “B” Class – Restricted licence. Both “A” Class and “B” Class licences require the holder to establish, maintain and operate a business office (physical presence) in Belize. The holder of an “A” Class licence is permitted to transact international banking business through its business office in Belize without restrictions on that business. The holder of a “B” Class licence is limited to transacting only such international banking business as is specified in its licence.

The major local banks offer a full range of international banking services including foreign currency savings and checking accounts earning tax-free interest and operated for the purpose of exchange control on a non-resident basis. Such accounts are offered to IBCs, individuals and trustees. Credit card services are also available.

For more information about Belize and Belize Real Estate, please contact:

Caribbean Property Consultants
P.O. Box 149 Dangriga Stann Creek, Belize, Central America