Banking in Belize with Luigi Wewege

Banking in Belize with Luigi Wewege

If you are looking at Belize as a future destination for retirement, a vacation home or investment, it is important to have knowledge of the banking system. Having an understanding of the countries banking system and currency will help to ensure that your financials are properly taken care of. When looking at any foreign country as an investment it is important to know the currency, and how the system works.

That is why we turn to Luigi Wewege the Senior VP and Head of Private Banking at Caye International Bank (the only international bank on Ambergris Caye). He is an expert not only on banking in Belize but international banking as a whole.

In the video below, Luigi answers a number of the most frequently asked questions about Belize banking. Check it out;

 

 

FAQ Questions Answered in the Video:

  1. What is Caye International Bank?
  2. What is the Currency in Belize? What Currencies Can You Use in Belize?
  3. What are the Reserve Requirements in Belize?
  4. What is the Bank Secrecy Act?
  5. How to Open a Bank Account in Belize?

 

Key Takeaways

  1. The Belize Local Currency is the Belizian Dollar that remains 2:1 with USD. The Belize dollar is the official currency in Belize (currency code BZD). In Belize, the currency is normally abbreviated with the dollar sign $, or alternatively BZ$ to distinguish it from other currencies. That being said, USD is almost universally accepted. The official value is pegged at 2 BZ$ = 1 US$.
  2. Real Estate in Belize is listed in USD. This is important when not only looking at transactions but also holding the real estate in USD.
  3. Caye International Bank deals in a number of currencies; USD, CAD, Pounds, Swiss Francs, Euros.
  4. Belize Maintains a 24% Banking Reserve (4 or 5 times higher than banks in North America). This is important to look at as it is designed to prevent bank failures.
  5. Bank Secrecy Act. This act is designed to protect residents and non-residents as it ensures that sensitive and private information such as banking records or financial information about is protected and kept secret. The reason this is important is, all pertinent information about the company (identities of the shareholders, directors, and owners) are expunged from public record.
  6. Belize is British Common Law and holds Fee Simple Title that allows for Full Foreign Ownership.
  7. Luigi also shares the process of opening an account with Caye International Bank and how individuals can open an account without being in Belize.

 

If you have any questions regarding Banking in Belize email Luigi Wewege at lwewege@cayebank.bz