“Kathleen, my daughter and I are going to Belize soon and I would like to open a savings account there. I will look at rental property and/or real estate, maybe spend a few months in the future.
“So my question is can I open up an account now when I am just visiting?”
–Hubbard E., United States
Yes, you could open a bank account in Belize during your scouting visit. However, Belize is one place where you can open a bank account long distance. That is, you don’t even need to travel to the country or to visit the bank in person to open an account here.
Also note that Belize issues two kinds of banking licenses—international and domestic. Make sure that you open the kind of account you intend to open and that you need. Probably you want an account with a bank with an international license, not a domestic one. Three of the banks in this country have both licenses, making it even more important to clarify up front what you’re trying to do.
***
“Kathleen, it seems like a million years ago, but I was wondering whether it’s still possible to open a bank account in Belize remotely (over the Internet).
“With banks abbreviating their services under the pressure placed upon them by FACTA I would be surprised to hear that Belize has managed to elude the scrutiny of the FACTA bullies.
“Your insights into this situation are greatly appreciated.”
–Rick A., Canada
All Belize banks are now FATCA compliant. Some still allow you to open an account without visiting in person.
Continue reading: Timing Currency Rates When Investing In Property Overseas
