Requirements for an External or Foreign Currency Loan

Pursuant to section 1 of the Exchange Control Regulation Act, Revised Edition 2003 (Regulations), non-resident shall, in Belize, do any act which involves, is in association with or is preparatory to borrowing foreign currency within Belize or outside Belize without the permission of the Central Bank. These requests are reviewed on a case-by-case basis.

Steps to apply for approval for an external or foreign currency loan

1. Gather supporting documentation 

List of Supporting documentation 

i. If a legal entity:
a. memorandum and articles of association and annual list of shareholders for established companies
b. For shareholder(s) or ultimate beneficial owner(s), notarized copy of passport or signed true copy of passport for each shareholder or ultimate beneficial owner

ii. If a person,
a. notarized copy of passport or signed true copy of passport
b. Job letter
c. Immigration status

iii. Bank statement of accounts as evidence of source of funds
iv. Amortization schedule
v. Business plan

The Central Bank reserves the right to request any additional information as deemed necessary for the processing of the application.

    2. Draft the letter of application for an external or a foreign currency loan

    Guide for drafting letter of application

    The letter of application for an external or a foreign currency loan should be sent to the Central Bank addressed to the Manager, Research Department, Exchange Control Approvals Unit. If the application is for a foreign currency loan from domestic bank, the domestic bank must apply to the Central Bank for exchange control approval. If the application is for a loan outside Belize, then the applicant or its agent must send the application directly to the Central Bank.

    The letter should contain the following information:

    i. Name, full address and country of residence of both borrower and lender
    ii. The amount and currency type of proposed loan
    iii. The purpose and justification for loan
    iv. The terms of the proposed loan, including the rate of interest and the repayment period
    v. Applicant’s source of foreign currency for loan payments

    3. Email letter and supporting documentation

    Email letter and supporting documentation to [email protected]

    An acknowledgement email and application status will be sent via email within 24 hours of submitted application. If you have any further questions, please contact the Exchange Control Unit of the Central Bank of Belize.

    If you have any further questions, please contact the Exchange Control Unit of the Central Bank of Belize.