Who are typical clients for offshore investments?

Offshore accounts and investing is geared toward a more affluent client with a significant net worth to invest and protect. These clients would be people that are more susceptible to having legal action taken against them, which in turn, can put their assets at risk for seizure.

What investment opportunities are available offshore?

There’s a wide range of customizable offshore financial services available to protect your assets and secure your investments. Some of these services include offshore bank accounts, international business companies (IBCs), private trusts and offshore foundations. Each service serves a specific purpose. Working with a competent offshore financial service provider can help you to choose which service is best for your specific need.

Why do people believe that all offshore accounts are illegal?

Offshore investing is still a very confusing topic to a lot of people, especially because of the common misconception that offshore bank accounts are only used to hide illegally acquired funds. However, that is only a misconception. Although there are advantageous people that abuse the privacy laws and protection that these offshore jurisdictions provide, these strict banking laws are in place to provide protection and privacy to the assets of legitimate clients.

When is the right time to start looking into investing my assets offshore?

NOW. If you want to keep your assets secure against any risk of legal action in your country of residence, you need to act now before they are tied up in any legal disputes. Your assets will not be exempt from confiscation during any legal battles if they have not been in the offshore financial system before the law suit started. Offshore banking is mainly a preventative measure to ensure the security and privacy of your assets.

Where is the best place to set up an offshore account?

You can secure your assets in any offshore jurisdiction you please. However, finding a competent and reliable offshore financial services provider is a daunting task and one that must be completed with careful attention as working with the wrong company can lead to serious financial and legal trouble.

When considering moving your assets to an offshore jurisdiction, you’ll need to know how you want to invest the funds and where. Working with a comprehensive company serving multiple jurisdictions is the way to go. International Corporate Services provides just that. They serve international clients in Belize, Anguilla, BVI, Dominica, Seychelles, Nevis and Panama in a wide range of financial services. By partnering with their affiliates such as International Corporate Services (Anguilla) and International Trust Services Ltd., they are able to serve their clients with unmatched experience, quality and efficiency in each jurisdiction.

What is an international trust?

A trust is a documented agreement that specifies the rules that must be followed for assets held in trust for your beneficiaries. An international trust is a trust that is established in a jurisdiction that is outside of where you (the settlor) currently reside.

Benefits of an international trust in Belize

Belize is booming a tax haven for offshore investors. There are many excellent international financial providers in Belize like Belize Corporate Services and International Financial Services that provide a host of offshore financial services including the formation and maintenance of Belize Trusts. There are also superb law firms in Belize that can assist with drafting up any legal documents to accompany the international trust. Here are some Benefits of establishing an international trust in Belize.

Protect Your Beneficiaries

Trust funds are often set up for younger beneficiaries (children), so that they are gradually introduced to family’s wealth when they are of age and responsible to manage it on their own. In this case a trust would be set up for the benefit of children. The settled funds of the trust, which is set aside for the beneficiaries, would not be affected should the settlor pass away or not be able to physically grant the funds to the beneficiaries. Even if the settlor has a will when he/she passes away, the trust is a separate legal entity that will continue to exist separately ensuring the beneficiary will always receive their assets.

Avoid Taxation

International trusts are a great way to avoid taxation on gift or estate taxes while passing on wealth to beneficiaries. By working with your tax planning lawyers and accountant, you can work out exactly how the international trust can be advantageous to you in the long run.

Asset Protection

By establishing an international trust in another jurisdiction with a separate legal entity can provide great protection against having your assets ceased by the government. This is an extremely important factor for investors who are in a politically sensitive jurisdiction or where exchange controls are likely to be introduced in the future or any state action that could cause your assets to be taken away from you by the government.

International trusts provide a host of additional benefits like privacy. In tax havens like Belize, who has taken legislative measures to protect the interests of a trust beneficiary, there are laws in placed that are designed to attract foreign investors. Assets owned by a trust in Belize do not have to be located within Belize’s jurisdiction. For example, a Belize trust may have the assets located in the Cayman Islands. These factors provide the highest security for your beneficiary and their assets.

Contact a Belize lawyer and offshore financial provider to form an International trust today!

Whether you’re getting a divorce, drafting a will, or buying or selling real estate in Belize, it’s important to get the help of the best lawyer possible. However, the best lawyer may be hard to find. Below are some factors that will help you find the best lawyer in Belize to suit your needs.

Ensure the Lawyer is Honest

It is important to ensure that your attorney is completely honest and forthcoming with you about everything from your initial meeting and throughout the extent of your working relationship. You can certainly read a person’s character from the initial interaction, but there are some other tips that can help you identify if they are honest or not. For example, is the lawyer looking you in the eyes while speaking with you or is he looking away? People who cannot maintain eye contact usually have problems with the truth.

Be sure to ask what kind of cases they’ve worked on in the past. This can give you an idea of what type of work he or she can do and the tactics they use to defend their clients. For example if the lawyer usually defends clients that are known troublemakers, this may mean that the lawyer is used to bending the rules and finding loopholes to win his case. However, this does not deter from the fact that the lawyer may also be a good litigator.

Another question to ask the lawyer would be his or her success rate. Don’t be alarmed if they don’t have a 100% success rate. They may still have a high number of wins versus losses. But if the lawyer only raves about winning every case without any glitches at least, he or she may not be truthful as there are risks and downsides to almost every case.

Ensuring the lawyer is honest is a very important step before entering into an official relationship. As the client, you need to be confident that your lawyer is open and forthcoming with you about any and every information regarding your case. Having an honest lawyer will also ensure that he or she has a sound reputation and will always defend your best interest.

Your Lawyers Must Be Responsive                                               

Your lawyer must always be responsive and detail-oriented in every interaction with you. Before hiring a lawyer, make sure that he or she will always be available to you and willing to discuss any concerns about your case that may arise. If they don’t seem willing to facilitate your request, that might be a sign that this lawyer may have trouble answering any questions for you or defending you once the case is ongoing. Be sure to check if you’ll be given updates on the case, and if the lawyer or his paralegal will be your point of contact.

Your Attorney Should Be Affordable

Lawyers normally don’t come cheap. So you need to keep in mind costs when hiring one. This doesn’t mean that you should pay more than you can realistically afford. Ensure that the lawyer you choose to work with is in your budget. Also, it’s best to find out all charges and fees before you develop a relationship with the lawyer. You wouldn’t want to find out after the fact that you thought you’re paying your lawyer one set retainer, while you’re in fact being billed per consultation. Be sure that you finalize all costs as well as schedule and method of payment before establishing a relationship with a lawyer.

Be Sure That Your Lawyer is Experienced

Experience plays a big role in how well they will be able to defend you. If the lawyer has served previous clients with cases similar to yours, he or she should be very competent in successfully representing you in court since they will already know what the necessary steps will be to overrule the complainant and maintain your best interests.

Are you looking for a Belize lawyer or law firm in Belize to represent you?

There are many reputable lawyers and law firms in Belize. One such law firm is Courtenay Coye LLP who specializes in a wide range of the law and come with 70 combined years of experience. To see a complete list, click here.

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.

Real estate transactions are very sensitive and require a great deal of research and caution to ensure that you’re not setting yourself up for a loss. Here are 5 reasons you need a real estate lawyer when conducting real estate transactions.

1. You’ll need to have Contracts Drafted

There’s no running away from it. Once property is being sold, you’ll need to have the deal set out in black and white in a formal contract. A real estate lawyer will not only draft the details up in an official contract, but they’d also partake in the negotiations for you ensuring you get the best possible deal. While drafting the contract, your lawyer will then ensure that the deal adheres to all local laws reducing any liabilities for you.

2. Title Searches will need to be done

One of the most important roles of a real estate lawyer is to address any liens attached to the property. The way to do this is through a title search at the lands registry office. The purpose of this title search is to ensure that the property being sold is free from any encumbrances. The outcome of the title search is very important, because it determines if the seller has a legal right to sell the property or not.

3. Property transfers & Titles will need to be applied for

In order to secure the title after the property is bought, your attorney will be able to assist you in converting the existing property title (Deed of Conveyance in Belize) into a First Certificate of Title. This can be a very tedious process if done without the help of a real estate lawyer.

4. Real Estate Lawyers can Provide Great Advice

Apart from handling official documents on your behalf, real estate lawyers can provide excellent advice on any necessary building licenses or additional charges you may need to incur. They can also refer you to certified architects, realtors or contractors who can assist you with other phases in purchasing property.

5. A Whole Lot can Go Wrong without a Real Estate Lawyer

It isn’t a legal requirement to hire an attorney when conducting real estate transactions, but you greatly increase your exposure to liabilities without one. A lawyer’s job is to ensure that all the relevant facts about the property are disclosed and known to both parties to ensure no confusion happens. Also, without a lawyer you may not be aware of all the areas that require special permit to acquire property on. These oversights can levy fines and other repercussions against you.

When conducting real estate transactions in Belize, be sure to always consult with a Belize real estate lawyer and Belize real estate agent to avoid encountering any mishaps.

1. Only money launderers have offshore bank accounts
2. It’s difficult to resolve issues with your account
3. Only rich people can afford an offshore account
4. Opening an offshore account is a difficult process
5. Maintaining an offshore account is hard

Only Money Launderers Have Offshore Bank Accounts

This is a huge misconception. Offshore accounts and investments are normally an “under wraps” topic. Unfortunately, the only time we seem to hear about them in the news or any other public forum is when people are abusing them to facilitate illegal activities.

But offshore bank accounts are used for quite the contrary. These accounts are used to secure and grow your money is a stable and secure economy while maintaining currency diversification.

It’s Difficult to Resolve Issues with Your Account

The Caribbean and Central American countries are becoming popular destinations for opening offshore bank accounts. Although some of these countries may be “third world”, they are not lacking in communication services. Telephone and internet services are up to par with those in more developed parts of the world.

Working with established Belize offshore services providers like Belize Corporate Services or International Corporate Services will guarantee a very satisfactory experience with every interaction. The expert staff at these firms will be sure to work along with you to resolve any issues that may arise in a timely and friendly manner.

Only Rich People can afford an Offshore Account

This is another popular misconception. Offshore accounts can be opened with an opening balance of as little as USD $500. These offshore bank accounts carry many of the same services as domestic banks to make banking from your home country easy, like internet banking and a debit card to easily access account information and funds.

Opening an Offshore Account is a Difficult Process

Opening an offshore bank account in Belize is a fairly straight forward process that can be streamlined in a very timely manner. The officers at the offshore service providers will guide you through the entire process of gathering the necessary requirements and completing the application form.

Aside from opening an offshore bank account, these offshore services providers also assist in the formation of offshore IBCs, private foundations and offshore trusts. All offshore accounts in Belize enjoy tax-free status among other benefits. See more benefits of offshore investing in Belize here.

Maintaining an Offshore Account is Hard

This is quite the contrary. Offshore bank accounts often offer more competitive interest rates on deposit accounts than domestic banks, and they often provide 24 hour online and telephone banking services to easily assist with any queries the account owner may have. Account owners can also get a debit card to easily access their money from whichever country they’re in.

It seems everyone in Belize is buying Boledo these days.  Though, no one seriously expects to retire on a Boledo winning as they are small in comparison to the lottery that can be won in other countries, it is one of Belize’s favorite pastimes.  Boledo, originally “boleto”, Spanish for ticket, is over half-a-century old and remains very popular among Belizean’s.  The Boledo is a gambling game that requires two numbers and there are as many winning strategies as there are players, but most people still rely on dreams, accidents, and even the writings of fortune-tellers like King Tut to bring them some luck.

These days, much discussion goes into the interpretation of an isolated event, dream or even when last a specific number was drawn.  For the elder Boledo buyers, noted references were the King Tut and Aunt Sally dream books.  The use of dreams is based on the Bible story of Joseph interpreting Pharaoh’s dream of seven years of famine and drought – an event heavily alluded to in the preface of King Tut’s dream book.

Though their lucky number may not play for quite some time, many buyers believe that they’ve got the right formula for the win.  It is the hope of winning that keeps them buying and until that hope dies or the Boledo disappears, numbers, dreams and coincidences will remain and daily part of the Belizean life and language.

THE EVOLUTION OF THE BOLEDO

Before there was the Boledo, there was the Drop Pan and Panama. 

Drop Pan – According to the Brukdown Magazine, the predecessor of the Panama was Drop Pan, played in the 1930’s.  Instead of numbers, the names of animals and birds were used.  Names and sketches corresponding to the names of the creatures were placed in a pan for the weekly draw.  The pan was dropped from a pole and then a woman was selected at random to draw from those names and sketches which were ejected from the pan as it hit the ground.  But it wasn’t until the Panama came to town, that gambling took a new turn.

Panama aka “Taking a Chance” – The Panama game was brought into the country by workers returning from Panama in 1944.  Numbers ranged from 00 to 99 with the winning numbers chosen on Sundays in Panama.  Keen to continue the Panama in Belize, enterprising individuals began to sell the numbers despite the $250 fine for illegal gambling.  The buyers of “Panama” were “taking a chance” as there was no guarantee of payment upon winning.  The system was based solely on trust and on the integrity of the individual seller.  Due to the popularity of the weekly Panama and the inability of the authorities to enact the law against the illegal games, it was realized that legalizing lottery could be a better outcome.  In 1945, lottery sellers were given legal sanction as they were placed under the control of an official appointed Lotteries Control Committee.  The profits go to a charity fund that support educational, cultural and sports programs.

Today’s Boledo game that plays weekly from Monday to Friday at the old Treasury Building in Belize City,  was brought to Belize from the United States by migrant workers sometime between 1946 and 1947.  With the evolution of the game came various Boledo lingoes such as PUP, Free Ticket, Rake, Five Piece, Whoppy and Back and Front all described below. 

PUP (illegal Boledo) – numbers sold on the back of tickets issued by the government or simply on scraps of paper.

Free Ticket – when a vendor gives a number on the sale of a PUP.

Rake – the winning number; the number is usually chosen based on unusual events during the course of the day.  For example:  a man falls and hits his head, the rake could be the age of the man, a number for the head based on the Doukie Skeleton.

Five Piece – the smallest Boledo ticket that can be bought. The payout is BZ $17.50.

Whoppy – when a winning number plays consecutively or more often.

Back and Front – when a ticket is bought with the number in either order; e.g. 21/12

Despite initial glitches and claims of unfair drawing, the most famous being the “frozen ball” incident, the Boledo entered Belizean psyche and the rest, as they say, is history.

Today, the actual selling of the tickets is done by individuals who receive a commission on their total sales plus an established bonus if they do not sell the winning number.  The draw has since been modernized and ticketing automated.

While the actual game is owned by the Government of Belize, Brads Gaming Company Limited privately operates the National Boledo Franchise.  Day-to-day operations are overseen by the Government’s Lotteries Commission and the Government-appointed Lotteries Supervisor overseas each drawing.  The results of each draw can be found on MyBelize.Net.

More information regarding the Boledo can be found in the Lotteries Act.

Thanks to NICH and the House of Culture for their informative display on the Boledo.