Requirements for External or Foreign Currency Loans
Pursuant to section 28 (3) of the Exchange Control Regulation Act, Revised Edition 2003 (Regulations) and paragraph 3 of Direction 12 of 2014, the specific permission of the Central Bank is required for the granting of any advance (whether by way of loan or overdraft) to a locally incorporated company with foreign shareholders or to non-residents. Those requests are reviewed on a case-by-case basis.
*Note: This application will be completed and submitted by your respective domestic bank.
Steps to apply for approval for a credit application
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. Belize dollar statement of accounts as evidence of source for payments
iv. Amortization schedule for loans
The Central Bank reserves the right to request any additional information as deemed necessary for the processing of the application.
Guide for drafting letter of application
The financial institutions extending Belize dollar credit to a non-resident must formally apply on behalf of its non-resident client for exchange control permission via a letter of application for a loan, overdraft, guarantees and/or credit card to the Central Bank addressed to the Manager, Research Department, Exchange Control Approvals Unit. The letter of application should contain the following information:
i. Name, full address and country of residence of both borrower and lender
ii. The amount in Belize dollars of the credit facility
iii. The purpose and justification for the credit facility
iv. The terms of the proposed credit facility, including the rate of interest and the repayment period
v. Non-resident’s source of payments for the credit facility
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.