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For setting up Personal Bank Accounts with our primary correspondent banks in Belize, we charge a set up fee of US$700. For setting up Personal Bank Accounts with other banks in Belize, we charge a set up fee of US$1000. If you know of a particular bank that you would like to set up an account at, you simply notify us and we can assist you in setting it up . * Time frames
for setting up accounts with banks other than our primary correspondent
bank may take longer due to additional documentation that may
be required. Belize successfully meets all the requirements of the discerning investor: familiar English Common Law and court system, modern and up to date offshore legislation, economic, social and political stability, former British dependent territory, confidentiality practices, a good reputation, and an unparalleled quality of life in one of the few remaining pristine environments on earth. Belize lies on the Eastern or Caribbean coast of Central America, bordered on the North by Mexico, on the West and South by Guatemala and on the East by the Caribbean Sea. It is separated by sea from it's neighbor to the South-West, Honduras. Belize is in the Central Standard Time zone, and does not utilize daylight saving time. Belize's circulating currency is the Belize Dollar. One U.S. dollar is worth BZ$2. Banks in Belize deal in both US Dollars and Belize Dollars. Belize is an independent parliamentary democracy and is a Member of the British Commonwealth of Nations since 1981. Queen Elizabeth II of England is Head of State. Belize has a Constitution, which includes a Bill of Rights. Belize City, Belize is home to a small, yet growing banking center of under 10 banks. The banks in Belize are English speaking, and use the most up to date technology for internet banking and credit cards. Belize also has very good bank secrecy laws that protect depositors financial privacy. We have relationships with several international banks in Belize through which we open personal accounts for our clients. However, we mainly open accounts for our clients through our primary correspondent bank, with whom we have an excellent working relationship. Our correspondent bank is a stable, reputable bank with over US$300 million in current deposits. All of our clients
are handled by the Private Banking Department of our primary correspondent
bank. A bilingual, English and Spanish speaking Private Banking
Official is assigned to each account, and our client is provided
with that persons contact information for direct communication
for executing banking transactions. In general, our clients never
need to speak with anyone at the bank, because all transactions
can be handled online through their internet banking system. Interest Rates: Our correspondent bank in Belize offers interest rates that are competitive with those of the US or Canada*. Our primary correspondent bank offers up to 3% annual interest on USD savings accounts, and up to 5% annual interest on USD time deposits (Certificates of Deposit). *Quoted rates
on checking and savings accounts may vary depending on the LIBOR
(London InterBank Offering Rate) and may be subject to minimum
deposits and/or minimum balance requirements and/or certain terms
for CD's. Online Banking: Internet access
to your bank account is offered through our primary correspondent
bank, as well as through most of the other banks in Belize. Belize
banks use the most up to date online security technology so your
banking information is 100% secure and confidential. Through our
primary correspondent bank, you can execute all of your banking
functions online, including balance inquiries, wire transfers,
payments to your secured credit card, etc. POSI, Inc.'s Processing
Fee *Note:
Courier fees to send the card and pin are separate charges Our primary correspondent bank offers secured credit cards (Visa or MasterCard). Our firm charges a processing fee of US$100 for assisting in setting up of secured credit cards. Secured credit cards require that the client place a security deposit in an amount equal to 150% of the credit limit chosen for their credit card. The security deposit is frozen in the bank account (or CD/time deposit) until the card is closed, although the funds still earn interest while in the security deposit. As the credit card is used, the bank will automatically debit the entire monthly balance of the credit card charges from the remaining bank account balance at the end of the monthly credit card billing cycle. Annual fees for
corporate credit cards are US$150. Debit cards are not offered through our primary correspondent bank in Belize. However, "Visa Travel Money Cards" are available with a minimum of US$5000. Time Deposits: Most banks in Belize offer time deposits (certificates of deposits, or "CD's"). Each banks rates vary according to their banking regulations, business practices, etc. Our correspondent bank offers up to 5% annual interest on USD time deposits (Certificates of Deposit). *Please note that for deposit amounts over US$500,000.00, we are able to negotiate special deposit rates, depending on the amount and term. We generally charge a small commission (percentage fee) for negotiating interest rates for our clients. Our primary correspondent bank offers savings accounts with the following features: - Set Up Fee is
US$700.00 Documentation Requirements: (Banker-Documents) For set up of Personal Bank Accounts in Latvia, we require that the client provide us with the following documentation: A. Photocopy of passport for each signatory. The photocopy of passport should have the photo of the person, signature, personal details, should be clear and legible, and MUST BE NOTARIZED. B. One (1)
Financial Reference Letter. The financial reference letter
can be from any bank, brokerage firm, or credit union. The letter
should be on the financial institutions letterhead, and should
include the signature of an official, and the contact information
(address, telephone, fax, email, etc.). There is no specific format
that the reference letter must be written in, however, we have
provided an example for your reference. C. Signed Account Applications. You must sign the bank account applications. * Documentation
requirements are subject to change without notice. Set Up Procedures: Below we have included bank account set up procedures for our primary correspondent bank (Please note that set up procedures may be different if dealing with other banks): A. Submit an Online Application - Click on "Order Now", and complete an online application, then hit "submit". B. Submit Payment - Payment can be made by Bank Wire Transfer, Western Union Money Transfer, E-Gold, USD Check, or USD International Money Order. C. Receive Documents - Once we receive payment, we will forward you the account applications for your signature. You should sign the account applications where indicated, and forward them back to us along with the required documentation. D. Account is Set Up - When we receive the signed applications and required documentation, the account applications will be completed and forwarded to the bank. The account number will generally be provided within 7 to 10 business days from the date the documents are submitted to the bank. E. Begin Using Account - Once the bank issues the account number, you will receive the complete account protocol for making deposits, executing wire transfers, contact information of the bank, online access codes, etc.
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