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belize you want a bank there well you're not alone many people think that they should open a police bank account as part of their offshore banking strategy and if your goal like others is to use offshore to diversify protect assets access foreign investments or take advantage of higher interest rates offshore accounts are a great tool to have in your arsenal but whether you should open a bank account in belize is a different question and that's exactly what we're going to cover in today's video i'll also share some tips on how to get started and present some better alternatives to make sure you're making an informed choice but before we start make sure you hit the subscribe button and the notification bell so you get alerted every time we post new non-resident banking opportunities here at global banks we help individuals and businesses unlock the benefits of international banking by helping them find and open accounts with the best international banks available that's why we created the free non-resident banking starter guide it's designed to help non-resident and foreigners open international bank accounts so don't forget to download your copy using the link in the description below alright let's get back to banking in belize first of all it's worth noting that many traditional offshore banking hubs like belize have new challenges and require more careful attention so before jumping in you need to understand the risks and where your opportunities are so you can keep your money safe in years past if you had a company from an exotic offshore jurisdiction desperately needed to open a bank account and didn't have a lot of money you could always open an account in belize belize was basically the quick and dirty banking solution for solopreneurs digital nomads and non-residents but police banks weren't great their online banking was archaic bank financials were concerning and belize's reputation was weak at best but still for many people belize banks were a godsend with loose kyc they would happily open accounts remotely for companies from seychelles the marshall islands or bvi with no real business no minimum deposit and no presence in belize but today things are obviously changing you see belize is sandwiched between guatemala and mexico it's been a known haven for drug cartels and money launderers for years its banking sector is characterized by loose regulations corruption and lacks regulators in the early 1990s the police government started promoting belize as an offshore financial center and that's when we first saw some offshore banks starting to pop up but just recently two banks and belize went under and while this does happen around the world the most concerning aspect for depositors is that the central bank of belize then mishandled the liquidation de-risking is on the rise resulting in a catastrophic loss of corresponding banking relationships across police banks which is further destabilizing the local financial sector in other words belize banks have their backs up against the wall and for the first time in history banks and belize actually have to be selective about the clients they accept and the transactions they allow one wrong move and they'll lose their remaining correspondent banking relationships be cut off from the global financial system and their business will implode so it's no surprise that police banking clients are reporting that it's increasingly common to have problems with outgoing transfers in fact banks are requesting more supporting evidence to complete basic transactions now you might be wondering okay so who would or should consider banking in belize well we don't suggest opening an offshore bank account in belize at all especially right now but we do realize that for some people especially those with offshore companies operating in high-risk industries or who have certain passports belize might be one of the only banking options available but even then we would caution against moving large amounts of funds into belize until there is more stability and clarity on the country's correspondent banking situation with this in mind groups that could consider opening accounts in belize include individuals or companies planning on investing in belize companies with belize operations belize offshore companies with no other banking options members of the unlucky passport club companies in high risk industries and people with limited money who literally have no other banking options available but before opening an account we recommend that you ask the bank to confirm who their correspondent banks are and how long they have had these relationships in addition you should ask for audited financial statements before making a deposit in a belize bank while that might seem like overkill it's important that you have all the information you need to make sure your money is safe before making a decision and remember if a bank is unable or unwilling to provide financial statements that is a major red flag and they should be avoided okay if you fit into one of the categories i just mentioned here's a list of pros and cons that you should consider before opening a belize bank account first the pros belize banks accept offshore companies they also accept members of the unlucky passport club naturally they allow remote account opening and for the most part low minimum deposits can be expected now for the cons account opening belize is becoming more difficult global de-risking is having a major impact on corresponding bank relationships in fact belize banks lost 83 percent of correspondent relationships between 2013 and 2016. the country also has a recent history of banking difficulties and failures and the central bank is being called into question for their liquidation practices now it might sound like this video is taking a negative tone well that's about to change because i'm going to share some alternative banking options that you might want to consider instead of banking in belize first up another central american nation panama now panama has a bad reputation largely thanks to the panama papers but in reality panama is a known banking hub with some decent banks a strong regulator and access to us dollars so panama can be a good banking option for individuals from most countries and while paperwork can be a little overwhelming the process is straightforward once you have the right information and know which specific banks branches and bankers to contact in fact our team helps global banks insiders open bank accounts with some of the top banks in panama 100 remotely this is true for both individual and corporate accounts the next alternative that you can consider is mauritius as an established financial hub with a number of banks mauritius can be an option for both individuals and businesses from a range of countries but banks here are also being pressured by de-risking which has made it slightly more paperwork intensive to open accounts that said it's still possible to open accounts including opening accounts remotely in fact most people that open accounts in mauritius have never been there but you'll want to pay very close attention to the banks that you choose and their fee structures things can get expensive quickly if you're not careful the next alternative is opening bank accounts in the country of georgia this is an alternative banking jurisdiction that offers solutions for a wide range of clients and while it has become more difficult to open accounts in georgia remotely there are still options available if you have the right information and banker contact details if georgia is on your list of possible places to bank please know that you do not need to pay an introducer to open accounts you can open accounts remotely in georgia by yourself using the specific strategies that we outline in our georgia banking report without paying anyone so those are three alternative jurisdictions that you can consider panama mauritius and georgia but there are many other options available that you can choose from including many that offer remote account opening for non-resident individuals non-resident businesses and even offshore companies but what if you want to actually open a police bank account well if you're certain that belize is the country where you want to bank and you're not sure how to get started or just want to sort out your banking options we can help in fact after you join global bank's insider we'd be happy to directly introduce you to the best remote account opening options in belize for you or your company plus when you join global bank's insider you'll get instant access to our entire archive of banking intelligence reports which will shed further light on the available alternatives and you will get access to the global bank's database home to more than 250 banks from 50 plus countries including detailed bank profiles client preferences and a whole lot more but most important of all is the support you'll receive from our team of experts ready to answer your most pressing banking questions and to make suggestions on which banks will best meet your objectives to get started just click the link in the description below to learn more about global banks insider but before signing off don't forget to hit subscribe so you get alerted every time we share new banking opportunities thanks so much for watching and i'll see you next time