What are some popular uses of a Belize Trust?:

• Asset Protection:  Belize court cannot entertain any claim against the trust property emanating from the order of a foreign court regarding marriage, divorce, succession or creditors claims.  It is a fact that no Belize Trust has ever been compromised, and there is even a decision of the Supreme Court of Belize on this point.  The Belize Trust has successfully been used  to shield assets despite foreign laws relating to fraudulent transfers, bankruptcies or reciprocal enforcement of judgments.

• Estate Planning:  By utilizing an offshore trust structure the settlor is able to pass along  assets to heirs in an environment that is free of inheritance taxes, or forced heirship laws.  In addition, if one is concerned that a child may squander the inheritance,  controls may be placed on the beneficiaries’ access to the trust assets by implementing a spendthrift or protective trust.

• Tax Planning:  With proper input from onshore and offshore tax professionals, it is possible to arrange the clients affairs so as to legally  reduce his/her tax burden by transferring assets to the offshore trust.

What are the benefits of a Belize Offshore Trust?:

• Where the Settlor and Beneficiaries are non-resident and the trust property does not include any land in Belize, the trust is exempt from income tax, succession tax and stamp duty,

• All trusts other than unit trusts may be created by oral declaration or by instruments in writing,

• Settlor can, in the trust instrument, choose the governing law of the trust and may provide for several aspects of the trust to be governed by  different laws,

• No exchange control restrictions,

• Where the proper law of the governing law of a Belize Trust is changed to the law of Belize, any previous law cannot operate to vitiate the trust,

• Trusts may be created for a maximum of 120 years and income may be accumulated for a similar period,

• A Belizean Court cannot vary or set aside a trust or recognize the validity of a claim against trust property pursuant to the law of another country in respect of marriage, divorce, succession, or claims of creditors,

• Only one trustee is required.  Simple procedures are given for the appointment and removal of trustees. Corporate trustees may be appointed,

• Registration of the Trust is optional,

• Charitable and non-charitable purpose trusts may be created,

• Trustees are personally liable for loss, depreciation in value of trust assets or loss of profits consequent on a breach of trust.  However, in the case of a corporate trustee the directors are not personally liable,

• Persons who receive property or income with knowledge of breach of trust are constituted constructive trustees thereof.

Deloitte Belize, effective 1 June 2006, became an Independent Correspondent Firm to Deloitte Touche Tohmatsu, and is no longer a full member firm.  Our new firm's name is Castillo Sanchez & Burrell, LLP.

This new arrangement in no way compromises the quality of service you had grown to expect from Deloitte Belize, and offers the best solution for both our business partners and our firm. Our independent status means that we can continue to respond to our clients needs expeditiously, while still affording the quality audit of a big four firm.

The partners, management structure and professional staff complement of our Belizean firm remain the same, and we continue to benefit from access to the world’s leading accounting, auditing, management consulting and tax services methodology currently being utilized by Deloitte Touche Tohmatsu.

We are pleased to introduce our new local firm:

CASTILLO SANCHEZ & BURRELL, LLP

We take this opportunity to especially thank our clients once again for your continued patronage, and we look forward to continuing our relationship with our business partners as Castillo Sanchez & Burrell, LLP.

Our Mission: 

• To provide superior and innovative solutions, and maximize our people’s potential.

Our Vision: 

• To be recognized as leaders in the profession both locally and internationally through high quality diverse services and community involvement.

We can incorporate a Belize International Business Company within 2-3 days of receiving all required information.  We also provide, upon request, the following ancillary services: 

• Nominee Shareholder,

• Registered Office,

• Nominee Director,

• Registered Agent,

• Mail Handling,

• Bank Account Opening,

• Legal Support,

• Accounting Support.

The International Merchant Marine Registry of Belize called IMMARBE, is established and governed by the provisions of the Registration of Merchant Ships Act 1989 (the Act), the Registration of Merchant Ships (Amendment) Act # 5 of 1996 and Statutory Instruments #147 and #148 of 1991 and 54 and 123 of 1992.

There are no requirements concerning local ownership or participation in ownership, in order to apply for registration of a vessel in Belize.  The Registry is open to any type, class, or size of vessel used for navigation that is engaged in any lawful trade, service or international maritime activity.  However, vessels 25 years old or more are subject to any of the following conditions at the discretion of the Administration:

• To submit a valid class certificate to the satisfaction of IMMARBE's Head Office, undertaking to maintain said class during the vessel's registration in Belize, or,

• To pass a special safety inspection to the satisfaction of IMMARBE.

All vessels to which the ISM Code and the GMDSS regulations are applicable must submit proof of compliance to these regulations (DOC/SMC and Cargo Ship Safety Certificate or Record of Equipment) in order to be accepted for enrollment or for renewal of documents.  In the case of new enrollments the existing and valid proof of compliance from the former registry is accepted on temporary basis but the interested party will be given a reasonable period of time to obtain the corresponding certificate issued by any of the Recognized Organizations authorized by IMMARBE.

Regular Registration:

Regular registration of vessel can be divided into two status: provisional and permanent.

Provisional status:  The registration of a vessel under provisional basis is effected for six months and may be requested from any IMMARBE's Designated Offices worldwide.

Permanent status:  Full term registration is granted for five years and can be processed immediately if all necessary documents and requirements are readily at hand.  Otherwise, it can be effected during or at the end of the provisional status once the documents are filed at IMMARBE and provided that the vessel is tax clear with the Administration.  Where documents are in a language other than English an official translation shall accompany.

For the purpose of permanent registration the following requirements must be accomplished:

• Builder's certificate (if it is a newly built vessel),

• Bill of Sale with Acceptance of sale and Protocol of Delivery,

• Judicial sale Instrument or Resolution.

Other forms of Registration:

In addition to the standard procedures for regular registration of vessels status, IMMARBE has special procedures for different types of registration and for a limited period of time, which are used for specific purposes:

• Registration of yachts and non-commercial crafts,

• Vessels under construction,

• Special registration,

• Dual registration,

• Charter out,

• Charter in.
  

Important considerations regarding registering in Belize:

• Every vessel registered in IMMARBE shall at all times keep a SHIPPING AGENT appointed by the ship owners.  Only attorneys and accountants with Belizean practicing certificates, Belizean licensed banks and financial institutions, as well as persons designated by the Attorney General can act as agents.

• Upon application by the same owner or his agent to register more than one vessel at the same time or within a specified period not exceeding one hundred and twenty days, an INCENTIVE RATE REDUCTION OF UP TO 75% of the registration fee and/or first year's annual service tax may be approved by the Registrar on the recommendations of the IMMARBE'S Head Office.

Taxation:
Offshore Banks pay no taxes in Belize.

Classes of Banks:
A Class "A" bank can conduct any type of banking operation without restriction.  A Class "B" bank cannot solicit business from the general public.  However, it can act as a treasury or bank for an associated group of individuals or companies.

Capitalization Requirements:
Class "A":  The required minimum balance for a Class "A" offshore bank is US$500,000.  This can be in the form of CD's, T-Bonds or cash on deposit in a recognized bank.

Class "B":  The required minimum capital for a Class "B" offshore bank is US$200,000.

What makes Belize offshore banks attractive and affordable is the fact that the capital does not have to be deposited with the Central Bank of Belize or any other bank within Belize.  The capital may be maintained outside the country.  However, the capital must be fully paid up before the license is granted.  Auditor's proof is required that the capital has indeed been paid-up.

Directors:
One director must be Belizean - these are usually non-executive directors.  Other directors can be from any country.  At least one must have prior banking experience.  References, CVs and Financial Statements are required on all individuals and companies who are founding the bank or are connected with the application.

Shareholders:
A minimum of one shareholder is required and registered shares may be issued.  Bearer shares are not allowed.  No details of the shareholders appear on the public file but a register of shareholders must be kept at the registered office of the company in Belize.

Business Plan:
A Business Plan with details as to marketing and business projections is a must.  A Risk Management Strategy and a three-year projected balance sheet are also required before the application for license is processed.

Annual Reporting Requirements:
A standard annual report must be submitted to the Central Bank.  Monthly returns are also required.

Registration Time:
Incorporation of the initial offshore company can be achieved within 72 hours.  According to the Central Bank, applications to secure a banking license are approved within 90 days of submission of all properly completed documents.  Of course the emphasis here is on proper completed documents, and it is rare that the Central Bank is satisfied with the documents it receives.

Local Requirements:
The bank MUST maintain a registered office address within Belize.  This can be a small office staffed by 3-5 individuals but the main operations can be conducted in branches in any part of the world.

Application Fees:
The Central Bank’s initial Application Fee is US$2,500 and is non-refundable.  Upon grant of the License a fee of $25,000 is payable to the Government.

Application Form:
There is no application form publicly available.  Interested applicants (or their representatives) need to appear for a pre-filing interview, at which the Central Bank determines whether an application form will be issued.

Our Services:

• Review of Documents and, Legal Advice;

• Scheduling Appointment with Central Bank;

• Preparation of Business Plan;

• Local Director Service;

• Accounting Support;

• Annual Filing