Why I would AVOID Belize offshore companies
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- เผยแพร่เมื่อ 19 ต.ค. 2024
- If you want to find out why you should avoid Belize offshore companies and what Andrew has to say about.
Why is this relevant?
Because many people tend to rush into things when starting an offshore company, and here is a fresh and experienced opinion that will save you time and money.
Getting an account for an offshore company is becoming more and more difficult, due to more scrutiny and the lack of knowledge of what that truly means.
However, when it comes to Belize, the circumstances are even more problematic, all because of the lack of due diligence.
Watch this video about Andrew's experiment on opening a cheap Belize offshore company:
• I Set up a Cheap Offsh...
Even though for some people this may look like a perk, not a problem, in reality, some due diligence is necessary in order for things to run smoothly.
There will be more challenges when owning a Belize offshore company - transferring money will be arduous, there will be questions upon questions from the banks, not to mention bureaucracy.
Spending a bit more money and setting up your offshore company in a more transparent jurisdiction will prove like a good investment.
There are fewer banks, and people in general who want to cooperate with Belize businesses and this is something you should be aware of.
The trend that is showing itself more and more is that Belize is undergoing more and more scrutiny and this will only continue as the time goes on.
For more of Andrew's useful insights, keep watching the video.
Subscribe to our channel and stay tuned for more videos and information about second passports, offshore strategy, reducing your taxes and going where you're treated best.
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ABOUT NOMAD CAPITALIST
Andrew Henderson travels to nearly 30 countries every year to stay up to date on the latest legal strategies for entrepreneurs and investors to pay less tax, grow their money faster, and build their personal freedom.
Andrew started Nomad Capitalist to help people like you follow his five magic words: "go where you're treated best". He has personally started foreign companies, opened offshore bank accounts, and obtained multiple second passports.
He also learned the hard way that perpetual information seeking is often the biggest barrier to getting the results you want. Many entrepreneurs spend months and even years constantly researching how to pay less in tax or live overseas, but are afraid to make the jump.
As a result, they get stuck and keep paying a fortune in taxes and never get the lifestyle they deserve.
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As an opportunity-seeker (a perhaps overly optimistic one in the past), I established a Belize IBC in anticipation of "making it". For years I've been paying the $525 US fee for renewal, a fair chunk of change (espec since I'm a Canadian middle-wage earner). I've considered letting this expire and now with this video, I will let it go when it comes up for renewal towards the end of this year. Thx Andrew.
Happy to help
Heart before the course..
This is misleading. You can structure your Belize Trust with Asiacity fiduciary protectors > LLC as managing member > offshore account in another jurisdiction like cook islands, Nevis. You don't have to set up banking in same jurisdiction of Trust or LLC
Ezekial Cohen Zion my mom is from Belize. Is it a good idea to get a citizenship through her. I don’t have 150k to give St.Kitts to get a citizenship.
My experience is that US is an absolute pain in the ass as well. Any time money crosses borders, get ready to fill out forms on top of forms. And get ready to wait. And get ready to be questioned about every aspect of everything you do. Belize may be worse but in my experience it’s the currency conversion that triggers issues, regardless of which direction the money is going. As far as I can tell, crypto or cash in the walls are the only ways to go if low stress is your priority.
Belize is great for passive income and asset protection as well as cryptocurrencies. For EU citizens it's much easier to get company accounts for this Belize IBC but we also see this trend that more and more Bank shut down to open accounts. You really have to know what you are doing with these companies. The funny thing is, that even Cyprus Ltd. are now tainted from many banks as an offshore company and we have a lot of people who are not able to open corporate accounts outside Europe. So I think this is not a problem just for Belize IBC but for a lot of other companies as well even if you have accounting and need to pay taxes for it. Interesting times we are living in and a lot of challenges for entrepreneurs. On the other side, I see all this new technology that may be in future will make us more free from these banking structures (crypto & blockchain). We will see :) Thanks for your video!
What is the best offshore company for E-Commerce Dropshipper kn Germany?
"The days of hiding money overseas are over"....cough, cough......yeah, right.
Can I use a Canadian or Japanese based bank with multiple branches in Japan, Canada, the USA, Mexico, Belize, the UK and Europe as my main bank and avoid the scrutiny? Scotiabank, Toronto Dominion Bank, Sumitomo Mitsui Banking Corporation Trust and SMBC come to mind.
Ok so what is the cheapest legit country to go to? US citizen, living in US, jeweler, just starting out, have basically no money, looking to avoid the US as much as possible from the start, can make trips to another country once a week if it would help anything. Thanks
Thanks for all the info ! I’m in the U.K. & looking for offshore company & bank account. Can you help me ?
What if you setup the company in Belize just for invoicing purposes and setup a wise or revolut for business account? Does that work?
For a holding company not an issue.
Great video Andrew, thanks. I didnt LIKE hearing it, because when I phoned Bank of Belize a while back, the girls were SO sweet on the phone in those lilting Caribbean accents, and the (female) manager listened to my business description, and then said that my paltry 3000 usd a month or so income for merchant card service would be welcome. Plus I LOVED the fact that I could be sole owner AND DIRECTOR of a Belize company. No goddam lawyer or his paralegal to sit on my "Board". So DAMN IT, Andrew, you have rained on my parade. OUCH. (PS I STILL want to have a bank account there, just for fun, so I can call and talk to those hot-sounding ladies. Yeah I know, mixing business with pleasure.)
Damn. Thanks for this. I may call Belize Bank tomorrow morning...!
So do you not buy nike
Does the same situation apply for Nevis?
This was made 5 y ago, is it still good to stay away from Belize ?
Eventually crypto currencies in a dark wallet will replace off shore banking; this will bypass government and bank controls.
What's the best jurisdiction for a financial services company.
what countries are cryptocurrency friendly?
I think Honk Kong is cryptocurrency friendly.
Portugal
Try Bitcoin or Nano, if you want to be a leader going forward you need to be in crypto.
crypto could crash any moment. You have no idea who is holding up that currency. Could be Russia or China. You are willingly giving your $ to communism.
Anything BLACK is always a problem. This bad experience you had with Belize Offshore account could happen anywhere offshore. The U.S. is the one that is giving everyone a hard time which is why some offshore banks are not accepting deposits from the STATES. We are slaves.
What do you mean black?
Would it be possible to retire to Belize and then run an offshore business from another, better location?
Sure.
Hi, I am originally from Syria so i am from the unlucky passport club, so i want to open a company + bank account so i want a company where they accept my nationality and I don't have to do so much paperwork and auditing and reporting so if not Belize what is the alternative ?
Hi if I am Canadian and i want to invest in US startups but we can't so what would be the best country to create this company? No annual report no tax filling well the less expensive to aupport and still usable and recognize widely? I open an LLC in Wyoming to do it but now ir will cost me 250usd to have the registered agent and filing each year PLUS about 800usd to make the tax filling and form 5472 filling so 1000usd minimum to maintain this LLC just to make about 5k investement per year wich is kind of stupid. I made this mistake so I have to disolve the compagny and lost 250$ to create it. :(