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Exploring Caye Caulker

Caye Caulker is one of the most popular islands in Belize. It is loved by visitors for its quaint simplicity and slow-paced lifestyle without sacrificing a beautiful beach and clear waters. Caye Caulker is located 21 miles northeast of Belize City and 11 miles south of Ambergris Caye. It is the second largest island in Belize.

Caye Caulker was primarily a fishing community at first, but in recent years its economy has become heavily tourism-based. The island has become a haven for snorkelers, divers, anglers and tourists who just enjoy relaxing on a beautiful beach without breaking the bank. With Belize’s great barrier reef only minutes away, great underwater adventures are abundant here.

There are many hotels and backpacking hostels available on the island, ranging from beachside luxury to budget friendly rooms. There are also restaurants with varying cuisines and small bars serving up stiff drinks.

The Caye Caulker Marine Reserve is an awesome diving spot, and ecotourism fans can enjoy tours of the rare manatees. You won’t be able to swim with the manatees on the tour, but they often times come right up to the boats so you can get a close-up view of these great creatures.

Caye Caulker is often times described as a huge sandbar atop a limestone shelf. Just below are underwater caves in the limestone. The island has a lagoon in front which meets with the barrier reef.

Not until the middle 19th century did Caye Caulker have any inhabitants. The earliest ones were refugees fleeing the civil war on Mexico’s Yucatan Peninsula. The settlers planted coconuts and developed a thriving fishing industry. Later, around the 1960’s, tourists began visiting the island in small quantities. Since then, tourism has substantially increased and the development of a new airstrip added to this influx. Despite its growing popularity with tourists, Caye Caulker remains slow-paced and relaxing.

The Split

Caye Caulker is divided into two by the famous Split which is a separator between the more-developed southern portion from the north side which is swampy and filled with mangroves. But this area will not remain undeveloped for too long, as the increase in visitors lead to an increase in demand for land here for both sides of the island.

The Split was originally a channel that got widened by Hurricane Hattie in 1961. Now, it is a central gathering spot for locals and visitors alike to socialize along the beach. The channel is now 20 feet wide and many small boats travel through it, though many daring swimmers do swim across it.

Hotels and Restaurants

Caye Caulkers population has almost doubled in the past decade from 1,000 residents to approximately 2,000 today. Just as the population increased, so have businesses. There are now over 20 hotels in Caye Caulker ranging from luxurious penthouse suites to comfortable rooms for rent.

Aside from a variety of accommodations, you can also enjoy varying flavors while on the island. From the Creole favorite of stewed chicken with rice and beans to the freshest seafood you can find, Caye Caulker has something to wet everyone’s pallet.

Snorkeling and Diving

Caye Caulker is a great base for those seeking underwater adventures. There are several dive shops and tour operators on the island that offer dive excursions ranging from a couple hours to a full day. Tourists can enjoy dives at prime spots like the Hol Chan Marine Reserve or the Blue Hole. Some tours even offer island hopping as part of their package so tourists can also experience San Pedro. The dive shops also provide certification classes and trips to the Turneffe Islands. Experienced divers can explore the cave system beneath Caye Caulker with a local guide. Anglers can enjoy great fishing with guided trips or alone by renting a boat.

You don’t need to leave the island to enjoy great swimming. You can jump into calm, clear waters right off the golden sandy beach near the split. On the beach near the split also provides drinks and food from the sea side bar.

Getting Here

The most common way to get to Caye Caulker is via water taxi. Belize City has two- San Pedro Belize Express and Caye Caulker Water Taxi. Both provide one-way and round-trip tickets at a very reasonable price. You can also arrive at Caye Caulker by plane on one of the local airlines of Belize – Tropic Air or Maya Island Air. However these flights will be more expensive than the water taxi fare. Flights to Caye Caulker would normally take around 10 minutes from Belize City. By boat, Caye Caulker is approximately 45 minutes away from Belize City.

Discovering Stann Creek

Travelling to the southern parts of the country either from the central hub of Belize City or the nation’s capital, Belmopan, will give any travel one of the most scenic rides of any other roadway in Belize. The south is increasingly become one of the most popular destinations for nature enthusiasts and thrill-seekers visiting Belize.

Stann Creek is located 90 miles from Belize City by land and 36 miles by sea. You can also get to Stann Creek by a 20-minute flight to either Dangriga or Placencia.

Stann Creek has a small population of approximately 25,000 residents but its geographical makeup provides a wide range of tourist attractions like its beautiful beaches, Maya Mountains, the Cockscomb Basin Jaguar Preserve, and a rich cultural presence.  Stann Creek is the hub for authentic Garifuna music, food, art and culture. Many areas in Stann Creek are also filled with elements of the rich Mayan culture.

The Stann Creek district is a main fruit-producing area in the country with cultivation of bananas and citrus. These fruits are normally exported at the Big Creek port to large countries in Europe.

Culture and Art

A main town in the Stann Creek district is Dangriga, commonly referred to as Belize’s culture capital. Dangriga comes alive and is definitely the place to be every November 18/19 when celebrating Garifuna Settlement Day. Visitors during this time enjoy nonstop festivities throughout the 18th night like dances, reenactments and parades to celebrate the arrival of the Garifuna people to Belize.

However, a visit to Dangriga any time of year is sure to give guests a great idea of what the Garifuna culture entails. Visitors can take drumming lessons, eat native dishes like hudut, see reenactments of dance like the John Canoe, and even learn a Garifuna phrase or two. The town of Dangriga is most famous for its cassava root which is often used for making cassava bread, hudut and even wine.

Dangriga has become a popular base for expats that migrate to Belize because of its cultural diversity and proximity to popular sites like the Cockscomb Basin Wildlife Sanctuary & Jaguar Preserve, Hopkins, Placencia, Victoria Peak and Doyle’s Delight. Living in Dangriga also provides excellent water sports, as well as lower costs of beachfront homes and properties.

Discovering Belize City

Discover Belize City

Belize City is one of the main urban epicenters in the country. Its limits span to 8 miles up the George Price Highway and 14 miles up the Phillip Goldson Highway. Belize City’s coordinates are 17˚15’ North Longitude and 88˚45’ West Latitude. This city is the most populous in the entire country with over 80,000 inhabitants. Belize City offers visitors a diverse experience of Caribbean charm with unexpected modernization.

Belize City is divided into two main areas: North side and South side. Its limit on the north side is at the Haulover Bridge which sits at the mouth of the old Belize River where it meets the Caribbean Sea. The north side ends in the east at the Fort George area. Belize City south side limits extends to the outskirts of the city limits to the George Price Highway.

Often considered the safest and most prosperous are in the city, north side Belize City has many amenities and attractions like nice hotels, a casino, cruise ship terminals and the Museum of Belize. South side Belize City also has tourist attractions like St. John’s Cathedral and the House of culture, though not as popular as the north side.

There are three bridges in Belize City- Belcan Bridge, Belchina Bridge and Swing Bridge. These bridges join the north and south sides of Belize City. The Swing Bridge is the only functioning manually operated bridge in the entire world.

Because the city is built from East going inwards, most of the older colonial-style homes can be found closer to the coast. The House of Culture (formerly Government House) was formerly the home of the British governor, but it now serves as a museum displaying old artifacts from the home and the Queen. Near there is St. John’s Cathedral, the oldest Anglican church in Central America.

Belize City was originally designed by British colonizers to be used mostly by bicycles and mule-drawn carts, but now the narrow streets are congested with vehicles and motorcycles as well as bicycles and pedestrians. These streets were also designed with very poor to nonexistent drainage making them prone to pot holes and flooding when it rains.

Belize City is growing. First it was mostly populated mainly around the central ports, but now, a drive up both highways can reveal developing housing developments and businesses. Although, many areas, within city limits along the highways, remain undeveloped savannahs.

Although not a popular tourist destination in itself, cruise passengers based in Belize City are in close proximity to many popular destinations such as San Pedro Town, Altun Ha Maya ruin, the Belize Zoo, and other wildlife sanctuaries. The Phillip S.W. Goldson International Airport is just a few minutes’ drive away from Belize City. The municipal airport which provides flights nationally and regionally, as well as the water taxis that provide transportation to and from the popular Cayes (islands) are located in the city center.

Origin of Belize City

Belize City originated in the 1600’s as a lo0gging camp and export center for the mahogany industry. Originally populated by the Mayas, the British and Scottish pirates took over and used the city as a hideout in which they would loot passing Spanish ships for their treasures. With such a culturally diverse past, modern day Belize City is still filled with many different cultures including the Creole, Garifuna, Latino, Chinese, Lebanese, Hindu, East Indian and Mayans.

Getting Around

Most parts of Belize City resemble a rundown city with poorly maintained structures and pothole infested streets. However the main commercial centroid along North Front Street, Queen Street and Albert Street is has recently been updated and is home to some of the most prosperous business in the City. All of the commercial banks and most large shopping centers are found in this area.

Tourists entering from the cruise ships at the tourist village port have easy access to this part of the City as their ship docks a few blocks east of the Swing Bridge on North Front Street. Although far from a tourist attraction, a walk through downtown Belize City can give tourists a very good look at what everyday life might entail for most Belizeans. Many of the best restaurants, bars and stores are located in Belize City despite its sometimes dilapidated appearance.

If you’re in the city to explore and shop, the best way to get around is to walk. The streets are narrow and traffic is usually always hectic. With an abundance of stores side by side down Albert Street, you’ll have the most enjoyable experience simply walking along the sidewalk and browse the stores.

Discover Cayo, Belize

The Cayo district lies in western Belize and spans for about 2000 square miles that has some of the most scenic attractions in Belize. Here you’ll find meandering rivers, lush jungles, green hillsides, roaring waterfalls, extensive cave systems, a pine ridge, and Maya ruins. Cayo is rich with wildlife and is a tourist favorite in Belize. For horseback riding enthusiasts, Cayo is the destination for you as its landscaping allows for more horseback riding than in any other part of Belize.

Getting Here

You’ll arrive in Cayo from Belize City via the George Price highway for about an hour-long drive until you arrive in Belmopan (Belize’s capital city).  Belmopan is known for its lively market area filled with fresh produce and people bustling about. There is also a bus terminal nearby as well as taxis that are ready to take you to any part of Belize that your heart desires. In Belmopan, you can also find commercial banks, restaurants, fast food shacks, internet cafes and shops.

From Belmopan, you’ll move on toward San Ignacio where you’ll pass the Mennonite settlement of Spanish Lookout. Spanish Lookout largely resembles a neat rural town in Mid-America. It is a thriving agricultural community with two large supermarkets and several hardware stores.

Continuing on your journey to the heart of Cayo, you’ll proceed west of Belmopan on a beautiful drive pass villages like Ontario, Tea Kettle, Central Farm and Esperanza. Along with these villages, you’ll see large tracts of cultivated farmland and fields of cattle grazing. Cayo provides most of the produce, livestock and grain consumed in the entire country.

After a very scenic 72-mile drive from Belize City, you’ll arrive in the twin towns of Santa Elena and San Ignacio which are separate by the Hawksworth Bridge (the country’s only suspension bridge) atop the Macal River. The twin towns are the gateway to Belize’s western border with Guatemala. This area is very popular with tourists. There are many luxury hotels, guesthouses and backpacker hostels in the area along with night clubs, stores, restaurants, cafes, and natural attractions like Mayan ruins and cave tubing.

Things to Do

Visit Benque Viejo del Carmen

Benque Viejo del Carmen is a Mestizo village only two miles away from the Guatemalan Border. Normally very quiet, he village comes to life during its July festival honoring the village’s patron saint with food, presentations and games. Easter is also quite lively with religious rituals taking place on Good Friday where Christians from around the country would come to see the Passion of Christ procession.

Cahal Pech Maya Ruin

Cahal Pech is set atop a hill only a mile from town. It’s a 15-minute hike to the top, but the spectacular views of San Ignacio and the Belize River Valley are very rewarding. There’s a museum at this site with many Mayan artifacts on display. Nearby, down the Bullet Tree Road, is El Pilar Archaeological Reserve which is the site of the annual Mayan Celebration that takes place every April.

Xunantunich Maya Ruins

Xunantunich translates to “Maiden of the Rock” and stands at a whopping 130 feet tall. This Maya site is located 8 miles west of San Ignacio. El Castillo is the tallest structure at Xunantunich and the second tallest in Belize. Climbers who can reach the top can enjoy panoramic views of Cayo and Guatemala.

Retire in Cayo

Cayo has a booming expat retirement community after Corozal and Ambergris Caye. Cayo is a popular choice because it has a low cost of living than Ambergris Caye and a lot more open spaces available for purchase than Corozal.

Cayo has two universities- the University of Belize and Galen University. Galen University is an affiliate of Indianapolis University of the USA. Cayo also has an American School that caters to kids of diplomats and expats just outside of Belmopan.

Discover Orange Walk

Orange Walk is about 55 miles north on the Phillip Goldson Highway and 65 miles from Belize City. Orange Walk is affectionately known as “Suga (shu-gah) City” to the locals because one of its main economic sources is sugar cane cultivation in the country. It is home to the country’s only toll booth at its entrance when driving from Belize. When at the toll booth, you’re greeted by two sites – the New River and the Sugar Mill. Orange Walk is known for its cattle and rum production as well as ecotourism.

Orange Walk’s population is just over 40,000 and is Belize’s third most populous district. There is a variety of exotic places to explore in Orange Walk. Visitors enjoy uncovering Mayan Ruins like Lamanai and Cuello; and gliding down the New River enjoying the sights and sounds of nature. With Orange Walk being only 30 miles away from Corozal, more modern attractions and activities across the border in Mexico are very easily accessible.

Lamanai Maya Ruins

The Lamanai Maya Ruins are located on two square miles of land at the edge of a forest reserve. Your journey begins with the travel there, as you need to go by boat uo the New River for about an hour-and-a-half-long ride. But this ride is far from boring. Along the way you can spot beautiful orchids and other exotic flowers, as well as birds and other animals prowling about on the river banks.

Lamanai is also accessible by vehicle, but that is the path less traveled. By road, you’d have to travek for about an hour and fifteen minutes through tiny villages like Yo Creek and San Pelipe, and some unpaved roads.

Lamanai translates to “submerged crocodile” in Maya. Ancient records kept by Spanish Missionaries refer to the ancient Maya city as Lamanai and so the name remained. There are many artifacts at the Maya ruin depicting crocodiles. One of the tallest buildings in the Mayan world is at Lamanai and it stands 112 feet tall providing visitors with breathtaking views. Several hundred buildings have been excavated along with royal ball courts. Once atop the ruins, you’ll have a great view of an abundance of flora and fauna as well as a variety of birds.

If you’re interested in a tour of Lamanai, there are many tour guides available and the Lamanai Outpost Lodge provides accommodations with 24-hour power, hot water, and private bathrooms. The lodge is in walking distance from the Maya ruins and they can arrange for day tours as well as night time river safari tours.

Bird Watching

Aside from its prime location near the ruins, the Lamanai Outpost Lodge is a great base to get rare sightings of birds like the Yucatan Nightjars and Long-tailed Hermit Hummingbird.

If you’re boating down the river, you’ll be joined by unparalleled bird sightings. There have been over 400 bird species recorded to be seen around Lamanai. There are Roseate Spoonbills, Sun Grebes, Long-necked Anhingas and Jabiru Storks to name a few.

5 Reasons Why You Need to Visit Belize this Year

2015 has had a very positive start in Belize. Our little Jewel has been abuzz lately in international news and travel guides with reasons why Belize is so special. You can see some of those reasons from previous articles released in early March. Now, we’ll look at some more great reads about Belize to give you 5 reasons why you need to visit Belize this year.

1. Belize is one of the happiest places on earth

According to the Happy Planet Index, Belize ranks the fourth happiest country on earth with an HPI of 59.3. According to the site, “Belize’s HPI score reflects a high life expectancy, relatively high levels of experienced well-being, and a moderate ecological footprint.”

2. Belize has some of the top islands in Latin America

A Luxury Travel Blog published an article called “The top 4 islands to visit in Latin America” in which they made mention of one of Belize’s best beaches – Caye Caulker.

The article speaks of Caye Caulker’s laid-back attitude and its popular Split that divides the northern and southern sides of the island. There is also mention of the calm and clear waters, and afternoons filled with swimming and snorkeling. Caye Caulker is surely not to be missed on your next visit.

3. There’s already a perfect 7-day itinerary planned for you

National Geographic’s Intelligent Travel blog published an article called “Seven Perfect Days in Belize”, which is basically a full 7-day itinerary to explore Belize’s most spectacular attractions.

These 7 perfect days include a visit to Chaa Creek just outside of San Ignacio, nature hikes down a medicinal trail and exploring Xunantunich. The trip continues with an exciting visit to the Caves Branch Jungle Lodge for some cave tubing , then north to Ambergris Caye and back south to Placencia. The final day of the trip is reserved for a trip to the “best little zoo in the world”, the Belize Zoo.

4. Ambergris Caye – its just too beautiful to miss

On CNN’s countdown of “30 inviting island escapes”, they countdown 30 of their reporters’ most enjoyable island vacations and Ambergris Caye, Belize made the list. Ambergris Caye is the largest island in Belize and home to some of the most beautiful beaches and exclusive resorts in the region.

5. Belize takes 2 spots in the top 10 destinations in Central America

Belize ranks not once, but twice on this list of top 10 Central American destinations proving that there is a whole lot of adventure packed into this tiny country. San Pedro, Ambergris Caye is ranked first and TripAdvisor made special mention of it as a tourist hot spot, great beaches and plenty of dive shops.

The second place on the list is San Ignacio, Cayo. San Ignacio remains rustic and a great place for budget-friendly travels with a tropical adventure. You can canoe down rivers, go on exciting nature hikes and climb Mayan Mountains.

When will you start exploring Belize?

Discover Corozal, Belize

Corozal is the northern most district in Belize and only 8 miles south of the Mexican border of Santa Elena which borders Belize and Chetumal, Quintana Roo. Corozal is a quaint sea side town that is filled with remnants of the ancient Mayas, the Cerros and Santa Rita Maya ruins.

Present day Corozal is a booming expat community with excellent fishing in the Bay. The expat community can be found in the northern tip of the district in areas like Consejo Shores, Copper Bank and Chunox. Although Corozal is not a tourist destination, it gives visitors a wide range of nature activities to enjoy like bird watching, wildlife viewing, Maya ruin tours, fishing trips, tours through the nature reserve and shopping trips to neighboring Mexican cities.

Background

If you’re driving to Belize through Mexico, your first taste of Belize will be from Corozal. Once known as the epicenter of Belize’s sugar industry, Corozal is now best known for its Free Zone, developing expat communities and low cost of living.

If you’re wondering what all is there to do when staying in Corozal, this little town is booming with fun activities. Corozal is a great base for day trips across the border to Chetumal, excursions to Maya Ruins and beaches within the Yucatan Peninsula, fly fishing and nature hikes. The largest island in Belize, Ambergris Caye, is only 15 minutes by air from Corozal and is great for diving and snorkeling.

Although Corozal is the northern most district in Belize, you don’t have to miss out on the rest of the country just because you’re based there. Belize City is only 90 miles from Corozal and you’d be able to drive from north to south of Belize in just one day.

The characteristics of a Corozal lifestyle are definitely to go slow and take things easy. On its quiet streets, you can find a few commercial banks, museum, churches, primary schools, gas stations, Chinese grocery shops and restaurants, and a small produce market. All these stores are no more than 10 minutes away from each other.

Unless you’re into outdoor activities, there’s not much to do here. Most activities take place during the week at the Central Park when people are bustling about conducting business. Weekends are essentially very quiet in Corozal when the people take time out to rest, be with family, or travel across the border for shopping in the large Mexican supermarkets.

Living in Corozal

Corozal has the fourth largest population in Belize with over 20,000 residents including locals and a host of American and European retirees. Because of its booming expat retirement communities, Corozal was ranked on AARP’s top retirement destinations in 2010.

Despite attracting a lot of visitors to their Free Zone by the border, the town center isn’t affected and remains slow-paced keeping its charming sea-side feeling all year long. Corozal Town is in the Bay of Corozal with almost 11,000 residents. Spanish is the dominant language here. But like everywhere else in Belize, Corozal has a mixture of cultures ranging from Maya, Mestizo, Creole, Garifuna, East Indian, Mennonite and Asians.

Many residents of Corozal find employment at the Corozal Free Zone. The Free Zone isn’t open to Belize residents and caters mostly to Mexicans from Quintana Roo. Chetumal, Quintana Roo has a larger population that the entire country of Belize and is only a twenty-minute drive from Corozal Town.

The Corozal Free Zone provides customers with casinos, hotels, shopping, arcades, and wholesale depots. Everyday hundreds of Mexicans cross the Santa Elena border to shop in the Corozal Free Zone.

Corozal Attractions

Market

Corozal’s produce market is located along the bay and is a great place to find a wide selection of exotic fruits and vegetables along with lots of friendly faces from the locals.

Museum

Near the market is a 19th Century Customs house which serves as a little museum in Corozal. It displays Mayan artifacts, a pictorial history of the sugarcane industry, and many other historical and artistic displays.

Corozal Town Hall

The Corozal Town Hall has a graphic depiction of the Yucatan Caste War including the impact of colonial rule on the Mayas sketched in a beautiful mural on its wall. The mural was painted by Manuel Villamor Reyes in 1986.

Maya Ruins

Corozal has two Maya Ruins to explore, Santa Rita and Cerros. Santa Rita Maya Ruin is located on the northern outskirts of town and Cerros is across the Corozal Bay.

Retirement

Corozal is a great place to retire in Belize due to its proximity to Mexico. Being so close makes first world amenities like malls, movie theatres, other first class activities easily accessible to retirees in Corozal.

There are several expat communities in Corozal. The largest is Consejo Shores which is a twenty-minute drive north of Corozal Town facing Chetumal City. Consejo Shores used to be a cane farming and fishing community, but it is now developing with many residential communities.

Majority of the home owners in these residential communities are from North America and Europe who have very modern homes with manicured lawns making the communities very attractive. Although Corozal’s expat communities are developing, there are still lots of land available for development, including sea front properties which do come at a higher price for the view.

The True Value of Offshore Banking in Belize

2015 marks the 25th anniversary of Belize’s International Financial Services Industry. Presently, Belize provides world-class financial services targeted toward the international investors with the formation of international business companies, international trusts, offshore foundations, open ship registry, foreign exchange and securities trading, and many other ancillary services.  We recommend International Corporate Services and Belize Corporate Services for your offshore investments in Belize.

Why choose Belize for your offshore banking?

English-speaking

Belize is easily accessible to major countries like the United States, Mexico, Canada, UK and more. Despite being a part of Latin America, Belize boasts English as its official language making it very easy for the English-speaking investors to conduct business.

Tax efficient

All interests earned on offshore accounts and other investments are paid without tax deductions. Should you transfer savings and investments from your own home country, you can reduce the taxes due there every year. If you choose to retire in Belize, you can work with these financial institutions to mo e your 401K account to Belize in order to fund your retirement.

Flexible

There’s no need for you to leave your home country to open an offshore account. You can communicate with your offshore provider via a secure internet connect, e-mail, or telephone. They also issue ATM cards for you to access your funds.

Private

It is not required by law for the owners of Belize international business companies or offshore accounts to be openly disclosed, unless in the case of a criminal investigation. Customer confidentiality is considered as highest importance for financial institutions and is bounded by strict laws that protect the non-disclosure of client information.

Belize Offshore Banking

Offshore banking is completely legal and is becoming even more main stream. More and more investors are seeing the additional benefits, aside from tax-breaks, of establishing their assets offshore. Because you’ll need to know the specifics of Belize’s jurisdiction as its concerned you’re your investments, you should always seek legal advice from local lawyers to ensure you are conducting business within the realms of Belize’s laws. Courtenay Coye LLP is a highly recommended banking attorneys.

It is best to rely on your own knowledge, so always do your own research and ensure that investing in Belize will provide all the financial benefits you’re looking for.

Tax Benefits and Drawbacks when Moving to Belize

As an offshore tax haven, foreign currency accounts are becoming increasingly popular in Belize for not only foreign investors but also non-nationals migrating here. Belize is the only English-speaking country in Latin America and its laws are widely based off British law, making the process of operating offshore accounts here very easy for those moving from North America or others simply investing from abroad.

Belize’s IBC Act, Trust Act and Offshore Banking Act all include provisions to protect the assets and maintain the privacy of international investors. However this does not mean that there aren’t still some drawbacks to banking offshore in Belize. Here we outline how the IRS may tries to enforce tight offshore compliance regimes, as well as guidelines so you can maintain your compliance while banking in Belize.

Tax Drawbacks of Offshore Banking

Belize offshore banking is completely legal when done in compliance with the laws of the jurisdiction. However, because many illegitimate businesses have been trying to cover illegally obtained monies offshore, the IRS has strict offshore compliance regimes in place for every American banking offshore in Belize.

In order to bank in Belize freely, you need to ensure that you are accurately reporting all your non-US financial assets every year to the IRS. Any American with more than $10,000 in one or more offshore bank accounts at any time in a given year needs to file a Foreign Bank Account Report by the end of June in the following year. Also, any Americans with non-US obtained financial assets that exceed a specific threshold amount must also send in an IRS Form 8938 with their tax return each year. Below are the given thresholds.

  • $50,000 for single Americans living in the US
  • $200,000 for single Americans living Abroad
  • $100,000 for married Americans living in the US that file joint returns
  • $400,000 for married Americans living abroad that file join returns

Should you fail to provide these declarations, you may face penalties of up to $10,000 a year for accidental violations, and up to 50% of the offshore account balance per year for willful violations.

Although Belize offshore institutions maintain the privacy of their account holders, they must report all their US account holders to the IRS based on the FATCA (Foreign Account Tax Compliance Act) regime which could present non-compliant institutions with a 30% withholding tax on certain US source payments. Because of FATCA, many offshore banks have refused to conduct business with Americans. Luckily, this is not the case with Belize where all banks are FATCA compliant.

Tax Benefits of Offshore Banking in Belize

Americans that form businesses in Belize and comply with all their annual reporting requirements can eliminate their US tax bill in its entirety. By operating your Belize company through a non-US corporation, you defer all US taxes from being imposed on the profits of the company.  As long as there is no business being conducted within the United States, the IRS cannot inflict any taxes on the company’s earnings.

However, Americans must still file an IRS Form 5471 in order to report your ownership of the business stock. If you own more than 50% of the company stock, you must also provide an income statement and balance sheet with the IRS Form 5471.

For Americans that want to move to Belize and be exempt from US taxes, you can apply for Foreign Income Tax Exclusion (FEIE), which relieves you of any taxes on up to $100,000 of income including those from your own company.  To qualify for this, you must satisfy the Physical Presence Test (stay outside the US for 355 days within a 12-month period) or the Bona Fide Residence Test (establish residence in Belize for an entire tax year). You can claim Foreign Income Tax Exclusion by attaching a completed IRS Form 2555 with your annual tax return.

As always, research is necessary before any big investment venture. Be sure to contact a US tax specialist to ensure all the proper IRS filing is done, and get help from qualified Belize attorneys and offshore services providers.

Here are some we recommend:

Education in Belize

Belize’s educational system is based largely on the English system with American influences introduced by immigrating Jesuits. Instead of a grade system from 1st to 12th grade like in the American educational system, Belize’s system is labeled a bit differently.

Levels of Education

The first levels of education in Belize are Infant 1 and Infant 2, which would be equivalent to Kindergarten and 1st Grade in the United States. 2nd grade to 7th grade is called Standard 1 to Standard 6 in Belize. High school classes in Belize are labelled 1st Form through 4th Form, which is the equivalent of 8th Grade through the 11th Grade in the States. Following 4th Form in Belize, students would then go to a Junior College (Sixth Form) for their Associate’s Degree then on to Graduate School  where they complete either a Bachelor’s or Master’s program.

Education Statistics

Most schools in Belize are operated under Catholic, Anglican or Methodist denomination. Almost all primary and high schools in Belize use a uniform. Only Junior Colleges and Universities do not use uniforms.

Most of the better schools with fully trained teachers are located in Belize City and the larger towns in the country. In small southern villages, most teachers don’t have formal training and many of the children in these villages don’t even finish primary school.

According to the 2012-2013 statistics released by Belize’s Ministry of Education, there were approximately 105,221 students enrolled from pre-school to university level. Of that amount, 7,400 students were enrolled in pre-school, 68,812 students were enrolled in primary school, 20,539 were enrolled in secondary school, 3,818 were enrolled in junior college and 4,652 were enrolled in university.

On average, there are 23 students to a teacher in primary school; and an average of 16 students to a teacher in high school.

Discipline in the Classrooms

In 2010, corporal punishment in the classrooms was prohibited in Belize’s Education Act. Part 10 section 41(7 ) of the Act states that “nothing in this section authorises anything to be done in relation to a pupil which contributes the giving of corporal punishment defined as physical punishment and the threat of it to include, but not limited to, hitting the child with the hand or with an object (such as a cane, belt, whip, shoe, etc.); kicking, shaking, or throwing the child, pinching or pulling a child’s hair; forcing a child to stay in uncomfortable or undignified positions, or to take excessive physical exercise; burning or scarring a child; psychological punishment to include but not limited to humiliating or degrading a child through verbal abuse, ridicule, isolation, or ignoring the child”.

National Examinations

Secondary Education in Belize is very competitive and along with a high cost, admission depends largely on students’ grades on a national comprehensive exam – PSE (Primary School Examination). The PSE examination is based on the following subjects: English, Math, Social Studies and Science.

There is another examination all students in the nation need to take when finishing high school, the CXC exams- a regional examination sat by students from across the Caribbean. This examination covers a wide range of subject, about 33 of them. In Belize, students are expected to sit and pass at least 6 for acceptance to a tertiary level institution within the country or larger Caribbean.

Cost of Education in  Belize

The cost of education in Belize can range from ridiculously cheap (public primary schools) to very costly (private schools). Some public schools like St. Joseph Primary School have tuition set at about US $35 per semester. Rates can go up to as high as US $3,000 per year in a private primary school.

High School prices range about US $500 a year for tuition and fees. While Universities charge about US $675 per semester (approximately 15 credit hours).

Higher Education Institutions 

There are many community colleges located all across Belize. In the North there is Corozal Community College and Muffles Community College. Belize City has St. John’s Junior College and Wesley Junior College.  In the West, there is Sacred Heart Junior College, and Toledo Community College in the South. Each of the above mentioned institutions offer two year post -high school programs or Associate’s Degrees; and most are attached to a High School. These institutions are modeled after Britain’s “Sixth Forms”.

To see a full list of all the educational institutions in Belize, visit the Ministry of Education’s website.