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Belize (the former British Honduras, independent since 1981) is made of a very diverse population with many different cultures and a variety of languages. What makes Belize unique is that it is the only country in Central America where English is an official language. Of course, Belize is a beautiful location to live in and to travel for a vacation.

That said, one of the primary reasons foreigners communicate or travel to Belize is because of the offshore banking opportunity. In Belize, you have the chance to increase your dollar value and save on taxation by transferring your money to an offshore account. In fact, Belize has five commercial banks and several offshore banks to consider.

Three of these banks are based in Belize, including Alliance Bank, Belize Bank and Atlantic Bank, as well as the smaller Caye International Bank based in San Pedro Town on the beautful Ambergris Caye. On the other hand, First Caribbean Bank (formerly Barclays, now owned by CIBC Canadian International Bank of Commerce) and ScotiaBank are multinational banks that have branches in Belize. What separates Belize from many other less well regulated offshore centers is the process of opening an account. In most cases, expatriates can easily walk into a country's local bank and start an account. In Belize as part of the due diligence or Know Your Customer (KYC) process you will prompted for bank references, as well a letter of reference from your lawyer or accountant signed by an officer and with the firm's letterhead.

Commercial banks require that citizens have official residency, or part-time residency before they open an account. In contrast, offshore accounts actually require the opposite: you cannot be a resident and still bank in the country.

Offshore accounts banking in Belize has a small but rapidly increasing string of international or offshore banks. This group of offshore banks was authorized by the Banks and Financial Institutions Act in 1995. These banks operate exclusively for non-residents and handle receiving, borrowing, interests, savings and investment. In learning how the system works you will notice that there are two major categories of offshore banks in Belize: Class A, which has no restrictions, and Class B, which has some minor restrictions. The second class of license requires that a business office be present in the country, and that the banks cannot accept deposits from the general public nor any checking features by the owner. The first class is an unrestricted license, which also requires a business office in Belize, but without any other restrictions. Both classes of banks are regulated by the Belize Central Bank, while 'Offshore' banks are not subject to local taxes or other fees. They are not allowed to do business with Belize residents. Some of the biggest offshore banks include Atlantic International Bank and Provident Bank and Trust of Belize.

How trustworthy are these offshore banks? The country's reputation has vastly improved in the last several years as tighter regulations have come into effect in order to monitor the formation and activities of large multinational corporations. Unlike some other offshore banks, Belize international banks are not listed on any blacklists and have a superior design to prevent any money laundering activity. Still, it's important to conduct due diligence when considering any international banking or offshore investment opportunity. With a solid reputation, privacy and low taxation opportunities, banking in Belize may be your best move. For more information visit QWealthReport.com.