OffshoreBiz — Offshore Banking and Finance News

Bank Of America Introduces Text Banking Service

July 22, 2010 By offshore-admin Leave a Comment

Bank of America has rolled out its new text-message mobile banking service this week. While other banks have been offering similar services for some time, Bank of America’s entry to the text banking market is new for one of the largest new markets in the popular banking service, extending the offer to all customers who hold accounts with the bank.

Text banking at Bank of America is free and allows users to retrieve information about accounts by texting commands to ‘MyBofA’. The functions available through text banking include balance and recent transaction information. The Bank of America Web site includes an overview of this new facility.

Text banking is growing in popularity as growing numbers of consumers become more comfortable with the technology and the younger, “text-savvy,” generation becomes a large segment of banking custom

Filed Under: News

Seven Key Strategies To Safely Do Business Offshore

July 22, 2010 By offshore-admin Leave a Comment

The Offshore Banking sector has matured in recent years and legislation has been tightened up across most key jurisdictions to help protect investors and add more regulation to the industry. But like any investment strategy, those thinking of going offshore to protect their assets or operate in a more flexible and potentially more profitable climate would do well to consider these strategies to help safeguard their interests.

1) Conduct proper due diligence on the banker, accountant or offshore practitioner you are considering to handle your offshore business. Do not depend on appearances and expensive looking offices.

You must conduct your own due diligence into professional service providers and any proposed offshore financial activity. Ask for and check references and professional credentials.

2) Do comparison shopping. You usually get what you pay for. A careful comparison of service providers fees is in order – if very cheap beware.

3) Get independent professional advice on any proposed legal structure or money investment. Get competent legal counsel responsible to you, and only you, with experience to realistically evaluate a deal.

4) Turn your back on too-good-to-be-true deals of quick profits. The best money making opportunities require hard work, risk and time. Easy money and promoters that guarantee unrealistic profits – more than 10% to 15% annually, or guaranteed and consistent profits are red flags.

5) Don’t rely on secrecy. Dealing with an offshore banking promoter who claims that he can help you “hide money” from tax authorities is fraught with risk.

6) Diversify. Do not risk everything on one venture. Wise investors diversify investments in stocks, bonds, mutual funds, currencies, and sovereign debt.

7) Stay abreast of latest news in the offshore banking sector. One easy way is to set up a Google or Yahoo News Alerts for example and receive daily updates on the industry. Remember you are are primarily responsible for securing your assets.

Filed Under: Current Affairs

Belize Economic Growth Stagnates – IMF

July 2, 2010 By offshore-admin Leave a Comment

An IMF mission conducted discussions on the 2010 Article IV consultation
with Belize during June 21-July 1. The mission met with Prime Minister
Dean Barrow, the government's economic team, the private sector, and
civil society. The mission focused on the
economic outlook for 2010 and the medium term, and the government's
macroeconomic strategy.

Mario Garza, chief of the International Monetary Fund mission to Belize, stated in a press release that "Economic activity stagnated in 2009…"

[Read more...]

Filed Under: News

Lord Ashcroft No Longer Heads Belize Bank

June 30, 2010 By offshore-admin Leave a Comment

A report in the British Press today says that Lord Michael Ashcroft has informed parliament that he no longer heads the Belize Bank. The report in The Telegraph says that "His declaration in the register of members’ interests was made before
the
general election but officially announced by the House of Lords
yesterday –
eight days before a deadline for all peers to be domiciled in the
United
Kingdom for tax purposes."

The newspaper report adds that "A spokesman for Lord Ashcroft denied that the decision to stand down as
chief
executive of BCB Holdings Ltd, which has banking and “other interests”
in
Belize, was connected to the new requirement on MPs and peers to be
domiciled and resident for tax purposes."

Belize Remains on OECD Grey List

May 24, 2010 By offshore-admin Leave a Comment

Belmopan, 24 May 2010. It appears the Belize government has been making slow progress to get into the good graces of the Organisation of Economic Cooperation and Development – OECD. In February of this year international reports surfaced that Belize could be sanctioned by G20 Leaders for not having signed enough tax exchange agreements. Belize has since then moved to sign tax information agreements with several countries.

Commentary: Belize Investment Climate

May 14, 2010 By offshore-admin 1 Comment

The two politicians put down their pens, shook hands and expressed their wish that the agreement just signed would lead to "a great upsurge in mutually beneficial trade" between their two countries.

It was April of 1982. Belize Prime Minister George Price and British Minister of State Neil Marten had just signed the Belize-UK agreement for the promotion and protection of investments; the first such agreement Belize had signed since independence.

An official press release said "it is reasonable to assume" that similar agreements would be signed with other countries. Indeed others were signed with a number of countries.

Price's investment strategy was to openly court foreign investors to form joint ventures with local investors for the transfer of capital and technology; he personally led the charge until 1984 achieving very limited success.

The agreements provide for reciprocal protection of investment in both countries; for fair and equitable treatment and full protection and security for investors. In case of disputes between an investor and the host country, the disputes would be referred to international arbitration.

[Read more...]

Filed Under: Uncategorized Tagged With: beize, belize arbitration, belize investment, belize law, privy council

Belize To Avoid G-20 Tax Sanctions

February 21, 2010 By offshore-admin Leave a Comment

Belmopan 12 February – OffshoreBiz.com – Amid warnings of Belize facing
economic sanctions imposed by the G-20, a powerful alliance of developed
states, Belize Prime Minister Dean Barrow has stated that the Government of Belize would sign a series of tax
agreements with the developing world, even though the signings could,
likewise, hurt Belize, financially.

"There is no way to fight this,"
Barrow, the Minister of Finance, said, adding that Belize should be in
compliance by the March deadline, even though he thinks the measures are
"most unfair, most unjust and most immoral."

There are G20 discussions, slated to
take place this month, on the slapping of sanctions on Belize and other
countries, considered "tax havens" to first world citizens, if those
countries do not sign a series of Tax Information Exchange Agreements
(TIEAs).

Barrow expressed his displeasure over the
position advanced by the industrial world, which, he said, is seeking
"by hook or by crook," to kill the offshore industry that so many small
countries rely on as a means of economic diversification.

The signings could cause a falloff
in offshore business, he told local Belize news media. However offshore banking practitioners in Belize are quoted off the record as stating that the impact will be minimal.

In 2000, Belize was listed among 35
countries classified by the Organization for Economic Cooperation and
Development (OECD) as "tax havens," which have been under pressure to
sign the tax sharing agreements.

According to Prime Minister Barrow,
to date, Belize has signed three (3) tax information sharing agreements,
respectively with the US, Belgium, and most recently (last week) with
The Netherlands. (The agreement with Belgium is dated December 2009.)

There are seven (7) agreements
pending with the Nordic countries, and two (2) more pending with the
Dutch-speaking Caribbean islands, the Prime Minister further informed.

Those who utilize offshore banking structures to protect their interests are advised to contact their offshore service provider to ensure compliance. Belize has one of the most modern offshore service industries in the world and with careful planning and advice client assets and privacy can be preserved.

Filed Under: Uncategorized Tagged With: belize, offshore banking

New Belize Central Bank Governor

October 6, 2008 By offshore-admin Leave a Comment

A new Governor of the Central Bank of Belize is due to take up his appointment shortly. An Amandala Newspaper report has confirmed that:

"As at the end of September, Sydney Campbell left his post as Governor of the Central Bank, after his 5-year contract ended. Amandala has confirmed that Glenford "Glen" Ysaguirre, Deputy Governor, will formally take up that post.

Prime Minister Dean Barrow
confirmed that appointment this afternoon when he spoke with our
newspaper. He said that the other deputy governor, Marion Palacio,
would be invited to take up a Central Government post with the Ministry
of Finance."

Filed Under: Uncategorized Tagged With: Belize Bannking

First Caribbean Bank Belize Not Selling Out

August 1, 2008 By offshore-admin Leave a Comment

First Caribbean International Bank issued a release today 31 July 2008 to state that it has no plans or intentions to sell its business in Belize. The Bank says it remains committed to its Belize business, its staff and customers and continuing to provide customers with the same excellent level of service to which they are accustomed. The bank says any rumors to the contrary are simply untrue.

[Read more...]

Filed Under: Uncategorized Tagged With: belize, Belize Banking, First Caribbean Bank Belize

Belize Offshore Bank FAQ

July 24, 2008 By offshore-admin Leave a Comment

Offshore Banking Frequently Asked Questions

Offshore FAQ

Some people have the impression that sheltering assets offshore is difficult or
cumbersome to achieve. Our expertise in Belize which is one of the best tax
havens in the world, with modern legislation specifically enacted to protect the
investor, is your assurance of a process that easy, convenient, confidential and
secure.

To help you, here are some commonly-asked questions and answers about offshore
planning.

[Read more...]

Filed Under: Uncategorized Tagged With: belize, belize offshore, Belize Offshore Banking FAQ

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