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 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.
Belize To Avoid G-20 Tax Sanctions
February 21, 2010 By 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."
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).
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.
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 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.
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.)
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.
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.
New Belize Central Bank Governor
October 6, 2008 By 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."
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."
First Caribbean Bank Belize Not Selling Out
August 1, 2008 By 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.
Belize Offshore Bank FAQ
July 24, 2008 By 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.
Belize International Business Companies
July 11, 2008 By Leave a Comment
Belize Offshore Companies
The following are examples of practical applications that offshore companies andindividuals may wish to consider. Apply the principles to yourself or your company and appreciate how Belize can help you.
Belize Trust Act
July 6, 2008 By Leave a Comment
The Belize Trust Act Of 1992
Belize established a modern Belize Trust Act in 1992 generally regarded as incorporating the best features of similar laws prevailing in other major offshore jurisdictions such as Cayman, Panama and Bermuda. With the benefit of hindsight, the Belize Trust Act represents the ultimate refinement of this type of legislation and is thus regarded as the most advanced instrument of its kind in the world.