Requirements for Foreign Bank Account

Pursuant to Section 2 of the Exchange Control Regulations Act, Revised Edition, 2003, all residents of Belize who receives foreign currency must surrender same to an Authorised Dealer in Belize, unless the Central Bank has given permission for its retention or use. Therefore, legal entities and/or individuals must apply in writing to the Central Bank of Belize to operate a bank account with a financial institution abroad since the funding of such an account with foreign currency represent the retention of the foreign currency by the resident. These requests are reviewed on a case-by-case basis.

Steps to apply for approval of non-resident Belize Dollar Account 

1. Draft Letter of Application  

The letter of application for a foreign bank account should be sent to the Central Bank addressed to the Manager, Research Department, Exchange Control Approvals Unit, and should contain the following information:

i. Name of legal entity or individual requesting foreign bank account
ii. Applicant’s nature of business
iii. The purpose for the account
iv. Name of the foreign financial institution in which the account is to be held
v. Applicant’s source of funds
vi. Justification for the account, which demonstrates that need cannot be met by domestic financial institutions
vii. In the case of an existing foreign account that the applicant is asking permission to operate under the exchange control regulations, the account number for the bank account

    2. Gather supporting documentation 

    The following documents must be attached to the letter of application:

    i. If a legal entity, memorandum and articles of association and annual list of shareholders
    ii. Belize dollar statement of accounts as evidence of source of funds
    iii. Company’s audited financial statement
    iv. Notarized copy of passport or signed true copy of passport for each ultimate beneficial owner
    v. Ownership structure of resident entity
    vi. In the case of an existing account, copy of foreign bank statement of account

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

    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.