Many people move to Belize every year- whether it’s to retire in a Caribbean paradise, or to start a new life. While moving to Belize has many advantages, moving on a whole is a very hectic experience. Because of this, many important details may get overlooked. One such detail would be deciding what to do with your finances. Here we’ll take a look at the banking options available to you- maintaining an account in your home country, opening an account in Belize, and opening a Belize offshore account.
Maintaining an Account in your Home Country
When moving abroad and maintaining an account in your home country, it is still possible to access your funds and account information. Most banks provide internet and telephone banking for free, and there are debit and credit cards available to get physical cash; however the last two facilities will carry some fees and charges.
Although it is certainly possible to remain using your existing account, it may not be the most economical option for you. All cash flow movements, in and out of your account, will be in a foreign currency and be subject to foreign exchange fees.
Opening a Local Bank Account in Belize
A major benefit of opening a local bank account is to be able to access funds in the local currency. However, it may be difficult to open a local account and get credit facilities locally without any proof of residence (since you’ve recently moved and have not yet acquired permanent residential status) and have no credit history in the new country. Getting the necessary documentation necessary to open these accounts and to utilize their services may be a very frustrating task.
Opening a Belize offshore Account
A Belize offshore account will give you access to a multi-currency account and credit cards from a secure and confidential offshore services provider like Belize Corporate Services or International Corporate Services. These institutions have English-speaking (most are multilingual) customer service staff, secure internet banking, and security for your cash. They are also experts in dealing with the specific needs of international clients, making their support excellent for expats.
