Requirements for Foreign Bank Account

Pursuant to Section 2 of the Exchange Control Regulations Act, Revised Edition 2020, all residents of Belize who receive foreign currency are required to surrender such funds to an Authorised Dealer in Belize, unless permission has been granted by the Central Bank for their retention or use.

Accordingly, individuals and legal entities must apply in writing to the Central Bank for approval to operate a bank account with a financial institution abroad, as funding such an account with foreign currency constitutes the retention of foreign currency by a resident.

These requests are reviewed on a case-by-case basis.

Steps to apply for approval for a foreign bank account

1. Draft application letter

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

i. Name of legal entity or individual requesting foreign bank account
ii.  Nature of business for applicant
iii.  Purpose of the account
iv. Name of the foreign bank where the account is to be held
v. Source of funds for the account
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 of application and supporting documentation to [email protected].

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