There’s a common misconception when people hear the word “offshore”. More often than not, when you hear about anything done offshore, it’s connected to an illegal act to launder money. But that is certainly not the case majority of the time.

Offshore banking and investing is done to preserve existing assets and reduce any risks or liabilities from being levied upon them. Offshore banking is readily available in Belize, and there are experienced offshore services providers ready to provide you with a wide range of offshore investment services to protect your assets. Here are 3 ways Belize offshore investing can help you.

1. Broaden your investing opportunities

Offshore investments provide many more investment opportunities that you would have by keeping your assets only in your country of residence. Offshore investments provide less risks and a healthy return.

2. Tax Relief

The most common benefit of offshore investing in Belize has to be tax relief privileges that investors enjoy here. Belize has developed legislation on the formation of international business companies (IBC), private foundations and offshore trusts that allow for significant tax exemptions resulting in savings for you.

3. Avoid Forced Heirship

Forced heirship exists in many countries and occurs when a person’s will is altered after death. In a forced heirship there is one portion called the “indefeasible portion” where the forced estate is pass along to the deceased’s next of kin; then the second portion, known as “free estate” will be freely disposed of by the will. Forced heirship is a feature of civil law legal systems that do not recognize the total freedom of testation.

If you live in a jurisdiction that encourages forced heirship, you can avoid having your assets distributed in a manner contrary to what is stated in your will by forming an offshore trust in Belize. Because the offshore trust would be formed in Belize, your country of residence would have no jurisdiction to state how your assets are distributed after death.

If you’re ready to get started with offshore investing, contact International Corporate Services Limited (ICS). They have years of experience in the formation of international business companies in Belize as well as Anguilla, Nevis, Seychelles, Dominica, Panama, BVI and Nevis.

These two offshore financial services are the most commonly debated since they provide many benefits but are very similar in nature. Here we will discuss what each service is as well as their advantages and disadvantages to help you decide which would be best suited for you.

What is an offshore trust?

An offshore trust is a fiduciary relationship formed in an offshore jurisdiction in which a “settlor” transfers assets to a “trustee” for the benefit of a “beneficiary” or “beneficiaries”.

Offshore trusts are mainly used to ensure that assets in heirship are exempt from any legal seizures that may be implicated against the settlor’s assets in their home jurisdiction. However, offshore trusts can be developed at any time and for many other reasons than just fulfilling a will.

Trusts are not a legal entity but rather a legal obligation that is agreed upon among two parties (the settlor and trustee) for the benefit of a third party (beneficiary).

There are three minimum certainties that must be present in every trust that makes them valid:

1. “Certainty of Intention” which clearly states his intention of establishing the trust and grant the trustee with legal control of the assets.
2. “Certainty of Subject Matter” which clearly states the assets that will form the trust.
3. “Certainty of Objects” which clearly states for whom the trust was created and who will receive any subsequent assets held in the trust.

There are many other factors that make up a valid trust; but without the three abovementioned certainties, the trust will be invalid.

What is a private foundation?

A private foundation is an independent self-governing entity that is set up and registered by an official body within the jurisdiction of where it was set up in order to hold an endowment provided by the founder and/or others for a particular purpose for the benefit of beneficiaries. Private foundations do not have the ability to engage directly in commercial activities and does not allow member to hold shares.

What are the main differences between an offshore trust and a foundation?

• A private foundation is an independent self-governing legal entity; while a trust is a legal obligation between two parties.
• A private foundation is registered and publicly recorded to the government; while the specifics of a trust are not normally readily available to the public.
• The assets of a private foundation are placed into the foundation on behalf of the beneficiary and not in the custody of any one person; while the assets of the trust are placed in the custody of a trustee on behalf of beneficiaries
• Trusts may be used for certain commercial activities while a foundation cannot.

How are trusts and foundations similar?

• Both are set up for the benefit of their beneficiaries.
• Neither have shareholders, only beneficiaries.

If you want to find out more about how an offshore trust or private foundation can work for you, contact the Belize offshore experts at ICS.

International Corporate Services Ltd. (ICS) is a premier licensed International Financial Services provider in Belize. They focus on the formation of Belize IBC’s, Belize offshore trusts and private foundations in Belize.  Below we’ll uncover some frequently asked questions about Belize foundations.

What is a Private foundation?

A private foundation is an independent self-governing legal entity that is set up and registered by an official body within a jurisdiction in order to hold an endowment for the benefit of beneficiaries. Private foundations do not engage directly in commercial operations and exists without shares.

Private foundations are like a hybrid between an offshore company and an offshore trust because it can take part in business transactions like an IBC and has beneficiaries like a trust. But an offshore foundation is developed separately from these entities and has its own special applications.

Why do I need a foundation?

Private foundations are a great way to protect assets against any future personal liabilities. By creating a Belize foundation and gifting these assets (endowments), they will become free and clear from any claims made personally against you.

Belize foundations can also be used to mitigate forced heir ship provisions. By forming a foundation to manage the assets, you are guaranteed that the assets will be distributed in accordance to your wishes.

Would I be able to regain control of my assets after forming the foundation?

You can still have control over your assets by naming yourself as the ultimate beneficiary of the foundation or by undertaking the role of the protector of the foundation. As the protector, you can override the powers of the foundation council.

Who is the protector of a foundation?

The protector of a foundation is someone that is appointed by the foundation’s creator. The appointed protector of the foundation will have the ultimate say in how the foundation is run. The protector can also be the founder of the foundation but not a member of the foundation council.

What is the legal status of a foundation?

All Belize foundations are legal corporate entities with a legal personality as well as rights and status of a separate and independent person. The private foundation can enter into contracts; sign agreements; own bank accounts; buy and sell, trade and conduct business; and own shares or interest in other companies.

Can a foundation be a shareholder of an offshore company?

Yes it can. A Belize foundation can be involved in any legal business activity, and this activity can in turn create wealth for the foundation.

What is the difference between a Belize foundation and an offshore trust?

Foundations and trusts have very similar qualities but they have very unique purposes. A foundation is a corporate entity with its own legal personality separate from its founders, councilors and beneficiaries. On the other a hand, a trust is a legal arrangement that involves a formal transfer of assets from settlor to the trustee for the benefit of a beneficiary.

The assets of a foundation are owned by the foundation and not by any one person. The assets of a trust are legally owned by the trustee and the beneficiary has beneficial ownership.

To remain valid, a foundation simply needs to be properly incorporated; but a trust must meet certain conditions at all times to be effective.

Contact ICS for more information on establishing Belize foundations and other offshore formations. ICS also provides offshore company formations in various jurisdictions including Anguilla, Seychelles, Nevis, Dominica, BVI and Panama.

A recent article was published on the Huffington Post that tells about all that makes Belize an “appealing escape-it-all retirement spot”. However, this article vaguely touches on what Belize really has to offer international retirees and tourists on a whole for that matter. And by looking at its comments, those who have only heard of our little Jewel are horrifyingly misinformed of what it’s truly like to experience Belize. So in this article, I’ll give those people the REAL reasons why Belize is the world’s most appealing escape-it-all retirement spot.

Cost of Living

In comparison with the other Caribbean countries, Belize has one of the lowest costs of living. This isn’t to say that you can’t break the bank while in Belize. If you choose to spend idly, you can rack up a bill pretty quickly. But if you’re living in Belize, making practical choices, like being conscious of your energy usage at home and cooking most nights rather than eating out, can make your cost of living very affordable here.

When compared to major first-world countries like the US, Belize’s cost of utilities, education, health care, and even produce is lower without sacrificing quality.

You can visit the local market and find the freshest organic fruits and vegetables as well as meats and seafood for a fraction of what it would cost in the States. If you want help around the house, you can hire a great housekeeper for around BZ $30/day. Schools in Belize provide superior English-based education at all stages for a fraction of the cost. Public schools have tuition as low as BZ $75 a semester, making quality education affordable for all.

Infrastructure

Belize is no metropolis. You won’t find any skylines decorated with gargantuan skyscrapers here. Our Belizean skyline is more serene overlooking the Caribbean Sea with the skies glistening above.

Belize’s commercial centers are filled with a mixture of concrete and wooden buildings ranging mainly between 2 and 4 stories at highest. The major streets and highways were once filled with potholes. While some still are, major infrastructural development has been underway (especially in Belize City) and most of the major streets have been redone in concrete to provide a smooth and comfortable ride.

There are four commercial banks in Belize that have ties with international banks to serve customers with local and foreign currency transactions. Belize also has international offshore financial institutions that provide profitable investment options for retirees and international investors.

While there are no large shopping malls with familiar “big name” store chains, there are newly developed shopping plazas across the country that sell a range of products including popular international commercial brands. The local supermarkets also provide local as well as popular international brands of grocery and household products.

Climate

Belize only has two seasons – wet/rainy and dry. The wet/rainy season is from June 1^st to November 30^th of every year. The dry season is from December 1^st to May 31^st. During the wet/rainy season, Belize is vulnerable to natural disasters like hurricanes. Luckily, Belize has been spared from hurricanes over the past few years. But the country is below sea level, so the threat is always there. There are steps you can take to safeguard yourself and property in the event of a hurricane that include securing windows with shutters and building your home a couple feet off the ground.

The average temperature in Belize is 79˚F. Belize’s climate is ideal for the abundance of outdoor activities that’s here to enjoy. You can hike Mayan ruins, visit the zoo, go biking, enjoy world-class fishing, dive the Great Blue Hole, snorkel along the reef, and much more.

Because of Belize’s geographical location and climate, no other natural disaster poses a threat to the country.

Health Care

Belize has public and private health care systems. The public health care system satisfies the greater amount of Belizeans at a lower cost than private facilities while maintaining a high level of quality care.

Albeit a higher cost than public facilities, the private health care sector is still very much affordable while providing a higher level of comfort and the best medical care in the country.

Belize has become very popular in recent years as a top destination in medical tourism. Specialized services like optical and dental care are superior in Belize than other parts of the world at only a fraction of the cost.

Real Estate

Despite its small size and having about 26% of its land and seas preserved, there is quite a bit of Belize real estate available for sale. Properties range from raw land in rural areas, to existing residential lots with houses on them, to commercial properties in the urban areas, to luxurious beachfront properties.

Retirees love the fact that they can come and buy land in Belize the same way as locals do, and rarely have restrictions. For those interested in buying real estate in Belize but aren’t familiar with the locale, there are accredited Belize real estate agencies available to assist.  Not only is land in Belize readily available, it’s also very affordable. This makes Belize is a great retirement destination to start anew in.

Crime

I know crime is an unexpected point to be on a list that’s supposed to convince people to come to Belize, but it’s a topic that’s very controversial and very misunderstood by people who’ve only heard about Belize from unfortunate victims.

Belize has its fair share of criminals and crime does seem high here in comparison to larger countries for that same fact – Belize is so small! Once something happens today in Corozal (the northernmost district), news will travel within hours all the way to Toledo (the southernmost district) and still feel like its hitting close to home because the country is so small. There isn’t a divide between cities and districts in Belize like there is in the various states of the US.

Most murders in Belize occur within the gang community. It’s rare for an innocent person to be gunned down out of the blue. If you’re not affiliated with any gang and stay away from gang communities, you can pretty much guarantee you’ll not be headlining the nightly news as the newest murder victim in Belize.

When it comes to thieves, there’s a saying in Belize that goes “don’t put food in front of [a] hungry dog”. This saying holds true not only here, but in other parts of the world too. If you’re walking around with lots of jewelry and cash hanging out of your pocket, you’ll be any thief’s next target—whether you’re in Belize or elsewhere.

Don’t let someone’s negative experience in Belize deter you from visiting and experiencing the country for yourself. Belizeans are among the warmest and most welcoming people to walk the earth. Once you adhere to universal security measures and don’t roam around sketchy areas, you’ll have a wonderful crime-free time.

Recreation

Belize has been globally recognized for its abundance of natural wonders and attractions.  If you’re an adventure junkie, Belize is definitely for you.

You can soar atop the jungle canopies while zip lining, or go ATVing through raw terrain. If you want a bit of history with your adventure, cave tubing through ancient Mayan caves along one of the most extensive cave systems in Central America is right in the heart of inland Belize.

For those who prefer a more relaxed, tropical experience, Belize is surely a mecca for beach lovers. With its entire eastern coastline bordered by the Caribbean Sea and over 450 islands, there’s more than enough beachfront for you to lie out and soak in the sights and sounds of the Caribbean. Belize has many natural attractions along its coast as well. There, you can find the longest barrier reef in the Western hemisphere as well the Great Blue Hole, a large underwater sink hole.

As a retirement destination, Belize’s landscape provides an abundance of activities to provide a fulfilling retirement experience. Coupled with its stable economy, peaceful and diverse population, amenities, and distinctive Caribbean charm, Belize is the world’s most appealing escape-it-all retirement spot.

Identity theft is on the rise and everyone is at risk. Don’t think that you’re not at risk of identity theft simply because you’re not wealthy, or live in a small country like Belize. The unsuspecting are even better targets because their guard will be down.

Identity theft can occur in more ways than just pilfering funds from your bank account. These thieves want any of your personal information that they can get their hands on- passwords, hobbies, date of birth, etc., so they can access your personal funds, medical insurance, social security and online accounts to name a few. If you think you are a victim of identity theft, here are some steps you need to take remedy the situation and regain control over your personal information.

Keep an Event Log

In order to expedite the process of recovering from identity theft, keep an event log of all communications done to try to remedy the problem. This will come in handy to accurately relay the events to the necessary officials and institutions.

Make a Police Report

Although the police may not be able to assist directly with the matter until the perpetrator is caught, you should make a report to the local police department of the incident. Request a copy of the report so that you have it on hand when dealing with creditors to remedy the problem and to verify that what you are saying is true.

Notify Your Financial Institutions

After making your police report, you should contact each financial institution, credit card issuer, or any other company that provided the thief with unauthorized credit, goods or service. Explain the incident to them then cancel credit cards and freeze accounts if necessary.

Notify Government Departments

If any information from a government-issued identification card has been compromised, report the incident right away to the responsible department and follow any additional steps that you may be directed to take.

Hire a Lawyer

If your case goes to court because the alleged perpetrator has been caught, having a fraud and asset recovery lawyer can help get you justice. The lawyer will gather evidence in an organized manner to put together a successful victim statement. Your lawyer can also help to guide you along the way of the court processes. These lawyers can offer an unmatched peace of mind during a very stressful time.

When you think of doing any business offshore, finances immediately come to mind. But a financial institution shouldn’t be the only thing you think of. Moving your financial assets offshore should never happen without the help of a banking lawyer. Banking offshore has many advantages like tax exemptions, increased privacy and security for your assets. With these great advantages also come great risks. This is why you need to ensure you work with the right offshore financial services provider and a law firm with unmatched experience of the offshore laws of the specific jurisdiction.

How can a Belize law firm help you to move offshore?

They can assist you in moving your financial assets to Belize

One of the fundamental steps you need to take when venturing offshore is to research the jurisdiction you want to move your assets to. With thorough research, you’ll have a basic idea of the general laws governing offshore accounts in that country and the necessary requirements you need. Being foreign to the country and its customs and processes, you will never know every detail of successfully investing your assets there without expert advice. This is why you need to recruit the most competent lawyer and offshore provider in the jurisdiction to give you sound advice and guide you along the way.

Belize provides great opportunities for investors to grow their assets offshore, but there have been recent busts of fraudulent corporations mishandling funds. Unfortunately, this reality is true for many offshore jurisdictions as well. So it is extremely important to conduct your own due diligence on local corporations before entering in a relationship with them.

However, legitimate businesses do exist in Belize. The reduction in risks by having the right offshore provider and lawyer on your side is worth taking the extra time to conduct proper research into the right companies to hire.

They can assist you in retiring or living in Belize

Moving your assets offshore may just be a starting point for you, and your end goal is retirement in Belize. Belize is a great retirement destination as it provides a very reasonable standard of living while delivering a diverse cultural experience in a hidden tropical oasis.

To make retiring in Belize even more appealing to international retirees, the government of Belize developed the Qualified Retired Person’s Incentive Program (QRP) which includes provisions for retirees to be exempted from import duties when they move to Belize.

If you choose not to retire using the QRP, you can file for permanent residency via an application to the immigration office of Belize. These aren’t difficult processes to undertake, but if you don’t follow through the rather specific procedures you may be in trouble if you’re in the country illegally. Working with a lawyer can alleviate any problems that may arise by going it alone.

Belize is becoming an increasingly popular Caribbean destination and has long been appreciated for its offshore benefits. Get the help of experienced attorneys to help you establish a safe haven for your assets and your family in Belize!

Are there any good attorneys in Belize that would work for free if you can’t afford one? There certainly are! These attorneys are known as “Pro Bono” attorneys. The phrase pro bono publico is Latin meaning “for the public good”. Belize attorneys that do pro bono work conduct voluntary legal service to the general public for no compensation.

There is an overwhelming need for legal services among the underprivileged people as well as charitable and non-governmental organization that normally cannot afford the proper legal services to achieve justice. Belize pro bono lawyers are here to assist those exact people and organizations to ensure that they are properly represented in the court of law.

Services rendered by pro bono lawyers include advocating for human rights and fundamental freedoms, civil liberties, government accountability, and legal rights in both private and public law.

Having a lawyer on your side, when dealing with matters in court, has many benefits to you as the client. Here are some reasons why you should seek legal representation.

Experience and Expertise

Lawyers are formally trained for years and have additional years of practice that amounts to unparalleled experience in the law. With this experience, they’d be able to advise you on what you’re entitled to by law and how to successfully attain these entitlements in the courts.

Versed with Legal Documents and Policies

Should you be detained in police custody or charged with a criminal offense, your lawyer would know the proper procedures to quickly have you released and the necessary steps to get your case heard in court to better your chances of acquittal. The lawyer will know exactly what motions to file and how to handle the court proceedings in terms of presenting evidence to prove your innocence or justify your actions.

Familiarity with Court Proceedings

Your lawyer will be able to properly investigate the case from both sides. This is a huge benefit as they’d have further insight into what the prosecutors actions may be and devise a plan to counter and get a favorable outcome for you.