When I move to Belize, should I keep a US bank account or open a bank account in Belize or both?
Kate Corrigan - Caye International Bank
Not many people from the US don't have any US commitments any more. I have my UK bank account and I intend to keep it, because it has a card on it, I have a history and I might want to go back to England at one point and live, in which case, I don't want to start fresh again. It really does depend on the individual. I have no need to sever all ties and I don't think most people expatriating do.
A US card and bank account is very useful for receiving payments, receiving...
A US card and bank account is very useful for receiving payments, receiving...
Not many people from the US don't have any US commitments any more. I have my UK bank account and I intend to keep it, because it has a card on it, I have a history and I might want to go back to England at one point and live, in which case, I don't want to start fresh again. It really does depend on the individual. I have no need to sever all ties and I don't think most people expatriating do.
A US card and bank account is very useful for receiving payments, receiving your Social Security, and so forth. You can do it in a Belizean bank account, most certainly you can have your US Social Security tax deposited, but some people prefer to have them deposited into their US account, so that you still create a credit rating. It depends on what capacity you’re expatriating.
My bank is compliant with the IRS, as are all banks in Belize, so you cannot hide anything by banking in Belize.
A US card and bank account is very useful for receiving payments, receiving your Social Security, and so forth. You can do it in a Belizean bank account, most certainly you can have your US Social Security tax deposited, but some people prefer to have them deposited into their US account, so that you still create a credit rating. It depends on what capacity you’re expatriating.
My bank is compliant with the IRS, as are all banks in Belize, so you cannot hide anything by banking in Belize.
Posted December 1, 2014
David Drummond - Georgetown Trust
My recommendation on whether or not to open a bank account in Belize would be based on where your money comes from and what you want to do with it.
Typically I recommend that if someone comes to live in Belize they use a three-bank system: one in the US, one onshore for local transactions, and one offshore bank.
You can use a US bank account if you have money flowing into and out of the United States. If you have to pay your bills in the United States or you get...
Typically I recommend that if someone comes to live in Belize they use a three-bank system: one in the US, one onshore for local transactions, and one offshore bank.
You can use a US bank account if you have money flowing into and out of the United States. If you have to pay your bills in the United States or you get...
My recommendation on whether or not to open a bank account in Belize would be based on where your money comes from and what you want to do with it.
Typically I recommend that if someone comes to live in Belize they use a three-bank system: one in the US, one onshore for local transactions, and one offshore bank.
You can use a US bank account if you have money flowing into and out of the United States. If you have to pay your bills in the United States or you get paid in the United States, you would probably want to keep a US bank account. Belize banks do not have online banking to the point where they would recognize, for example, that your Michigan state tax is due, and they wouldn’t have the payee mechanism that you are looking for to make a payment in the US.
I live in Belize but I have a US bank account that I use to pay my bills in the States and bring in any income. I do not necessarily need my US bank account to gather money because I also have an offshore bank account for that purpose.
In Belize, there are two distinct banking systems. There is what we call a local bank, which is bank that uses Belize dollars and that goes through the Central Bank of Belize. You convert your cash from US dollars when you put it into that bank. The money goes into your Belize bank account and they charge a small fee to exchange your cash from US dollars to Belize dollars. So, instead of Belize $2 for every US $1 (which is the exchange rate), you would get Belize $1.98 for US $1, which accounts for the exchange fee of 2%. Now those dollars are in Belize dollars and if you want to convert them back to US dollars, the bank will charge you another 2% to do so. Given all this, the reason you would want to have a local bank account is just to pay your local bills, for example, to pay for your electricity, your water bill, and anything else that you need to pay in Belize.
The other component is what we would call an offshore bank account in Belize, which is for non-Belizeans and non-Belize entities, and which are typically denominated in US dollars. A Belize offshore bank account is used to hold your assets offshore. They collect your money coming in US dollars and send money out to institutions throughout the world in US dollars. That money is not converted into the local currency, so you do not pay a fee to exchange it.
Typically I recommend that if someone comes to live in Belize they use a three-bank system: one in the US, one onshore for local transactions, and one offshore bank.
You can use a US bank account if you have money flowing into and out of the United States. If you have to pay your bills in the United States or you get paid in the United States, you would probably want to keep a US bank account. Belize banks do not have online banking to the point where they would recognize, for example, that your Michigan state tax is due, and they wouldn’t have the payee mechanism that you are looking for to make a payment in the US.
I live in Belize but I have a US bank account that I use to pay my bills in the States and bring in any income. I do not necessarily need my US bank account to gather money because I also have an offshore bank account for that purpose.
In Belize, there are two distinct banking systems. There is what we call a local bank, which is bank that uses Belize dollars and that goes through the Central Bank of Belize. You convert your cash from US dollars when you put it into that bank. The money goes into your Belize bank account and they charge a small fee to exchange your cash from US dollars to Belize dollars. So, instead of Belize $2 for every US $1 (which is the exchange rate), you would get Belize $1.98 for US $1, which accounts for the exchange fee of 2%. Now those dollars are in Belize dollars and if you want to convert them back to US dollars, the bank will charge you another 2% to do so. Given all this, the reason you would want to have a local bank account is just to pay your local bills, for example, to pay for your electricity, your water bill, and anything else that you need to pay in Belize.
The other component is what we would call an offshore bank account in Belize, which is for non-Belizeans and non-Belize entities, and which are typically denominated in US dollars. A Belize offshore bank account is used to hold your assets offshore. They collect your money coming in US dollars and send money out to institutions throughout the world in US dollars. That money is not converted into the local currency, so you do not pay a fee to exchange it.
Posted March 11, 2015
Archibald Brown - RE/MAX Belize Property Center
Most people still have business or some financial responsibilities in the States. So in most cases you will keep your US bank account.
If you are living in Belize, you will want a regular on shore account for general use. Realize that this account is normally denominated in BZ currency and there is a slight currency exchange at some of the banks, while at others, there are not. There are some banks that do have US accounts.
There...
Most people still have business or some financial responsibilities in the States. So in most cases you will keep your US bank account.
If you are living in Belize, you will want a regular on shore account for general use. Realize that this account is normally denominated in BZ currency and there is a slight currency exchange at some of the banks, while at others, there are not. There are some banks that do have US accounts.
There are also offshore accounts that do not really deal with day to day living, which are more for investors and off shore dealings.
Hope that helps. If you need more specifics let me know.
Posted March 20, 2015