If you want to save on taxes through a bank account, offshore banking is the best option for you.  Offshore banking is primarily designed to protect the assets of corporations and individuals.  This also allows people to conduct confidential transactions.  Offshore banks are the world’s tax havens.  These banks allow you to deposit money without levying taxes on your deposits.  Corporations opt for offshore banking because this allows them to avoid being taxed an exorbitant amount by their own country and they don’t even have to disclose their assets.  It is not surprising that offshore banking has become extremely popular both for the depositor as well as to the investor eager to open an offshore banking business.  There are a lot of jurisdictions popular for their offshore banking services and one of these jurisdictions is Belize.

Belize is extremely keen in attracting investors who would be interested in opening an offshore licensed bank in Belize.  This was after the introduction of the Offshore Banking Act in Belize which was designed to expand and broaden the country’s international financing service industry.  Belize is already renowned for its offshore banking services.

If you are interested in establishing a bank in Belize, you have two licensing options: the Class A and the Class B.  Class A is an unrestricted offshore banking license, requiring a minimum of US$3 million.  Additionally, this license would require that you would maintain and operate an office in the country.  This license would allow you to conduct business with any person or company, except with a resident citizen or corporation of the state.  Class B license is a restricted offshore banking license.  This would require you to have a minimum capital of US$1 million.  Similarly, you would be required to establish and operate your own business office in the country and you are also restricted to transact with any resident citizen or corporation.  Additionally, you would not be allowed to solicit or accept deposits from Belize’ general public.  You would also be prohibited from issuing a cheque book to any depositor.