Banking In Belize: Is It Still A Safe Option For You To Consider?
Contributed by Luigi Wewege At Caye International Bank
25 October, 2019
It's no secret that banking, investment, and tax regulations around the world are undergoing a number of changes. That makes you wonder how they will impact your ability to build wealth with the use of offshore banking and investments. While you can expect some changes, offshore accounts and investing remains a viable and safe way to build financial resources for use now and in the future. Let's talk about banking in Belize and is it still a safe option for you to consider.
Why is banking in Belize still such an attractive option? Consider these factors and you'll soon see why opening or continuing to grow your accounts in this jurisdiction makes a lot of sense.
Banks In Belize Are Staying On Top Of The Changes
The banking institutions with a presence in Belize are not sitting idly by as regulations continue to undergo changes. They seek to meet the challenges and protect their customers. As attempts are made to limit or prevent international transactions involving those banks, they all take steps to constantly add new correspondent relationships. The aggressive approach that the banks take to preventing inconvenience to their customers indicates they will not stop their efforts to remain viable offshore options any time soon.
Even during periods when moving funds to certain nations becomes problematic, remember that Belize banks continue to enjoy solid relationships with financial institutions in other stable nations.
Real Estate Investments In Belize Are Still Solid
If your primary focus is on building assets that remain in Belize, changes in banking laws in your country of origin won't have much effect at all. You can still work within the laws established in Belize to purchase real estate and use it to generate more revenue. That's a great approach if your plan is to eventually live within the country.
For now, your real estate holdings generate income that help to increase your checking or lifestyle account balances. When you do make the move, one of those properties may become your permanent home.
To help you get a better picture of why real estate investing is such a good idea, the market in Belize has remained considerably stable for a very long time. Even when the recession created significant losses in property values within many other nations, the Belize market weathered those years with relatively little difficulty.
It's reasonable to expect that your purchases today will appreciate in value as the years pass. If you decide that managing multiple properties is not something you want to do after retiring, selling them at a profit is likely to be easy.
You're Better Positioned For Accessing Funds For Emergencies
Depending on where you're traveling to, gaining access to funds in your domestic accounts may be easy or it could be quite difficult. By contrast, a debit card that's associated with one of your offshore bank accounts could allow you to manage expenses without any complications.
A bonus is that you may enjoy a more competitive rate of exchange that helps to lower the overall impact on your account balance. While this won't necessarily be true in every country you visit, it will continue to provide a practical solution when some emergency requires you to come up with funding as quickly as possible.
The financial experts who help you manage your accounts based in Belize can keep you up to date on how it's possible to withdraw emergency funds if you travel to specific countries on a regular basis.
Your Offshore Assets Are Still Protected From Seizure
Even with the attempted changes that are likely to continue for some time, the funds in your Belize accounts are likely to remain safe from any attempt to seize the balances. That means if some judgment in your current country of origin is rendered against you, it's only your domestic assets that may be seized in order to settle the court's decision. Your balances in those Belize accounts remain outside the reach of the courts of jurisdiction.
Whether the suit is of a personal nature or if it's one that was leveled against a business you own, your international funds remain firmly under your control. Thanks to this protection, you will not be wiped out financially. There are assets that you can use to begin rebuilding, no matter how great the losses were at home. Consider this one more way to ensure your peace of mind should you need to work through such a difficult time.
Retirees To Belize Have Resources To Use Within The Country
If your plans for retirement do include settling in Belize, now is the time to incrementally move funds into offshore accounts. Doing so will ensure there are funds within the country that you can draw on to cover your basic living needs. When you select accounts that provide a reasonable amount of interest, those balances grow as long as you keep them above a minimum amount. Even if it takes longer to eventually empty your domestic accounts and get the money into your Belize accounts, you will be financially stable.
Remember that changes in banking laws have always been possible. The current political landscape could change at any time. Know that Belize is among the countries where there are deliberate and carefully planned strategies designed to protect depositors. That helps the country to remain a viable and safe place to establish and grow different types of banking and investment accounts.
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