BELIZE FOUNDATION
Belize Offshore Foundations
The Belize Foundation Act is one of Belize's most recent pieces of offshore legislation, passed in 2010. The principles of the Belize offshore foundations are similar to that of other private interest foundations legislations. Under this Act, a person(s) or a corporation(s) can form a charitable, non-charitable, ordinary or non-purpose offshore foundation.
Belize Foundations Key Features
- The assets in the Belize foundation must have a minimum value of US$10,000;
- Foundations can be formed by one or more individuals or corporations;
- Assets held by a foundation can be real, tangible or intangible;
- Assets within a foundation are protected from insolvency or bankruptcy, seizure, claimed or sold;
- Cannot carry out any activity, from or within Belize;
- Cannot conduct any financial services unless licensed to do so;
Belize Foundation Advantages and Benefits
A foundation formed in Belize is a separate legal entity. Belize Private Foundations can engage in business, can trade, buy and sell property, sue and be sued, enter into contracts and open bank accounts and hold assets in its own name.
Belize foundations have the following advantages and benefits:
- Belize offshore Foundations in all forms are exempt from all taxes and duties as long as founder and beneficiaries are non-resident and all of the endowed property and interests, are held outside Belize;
- The Belize Foundation has the same consideration as companies and is usually regarded as a corporate entity;
- No Belize Foundation, or any contribution to a Belize Foundation, will be void or voidable because of a foreign law or judgment;
- Assets gifted upon an Belize Foundation constitute an estate independent from that of the founder(s);
- Belize offshore foundations can carry out any kind of civil or commercial transactions apart from activities prohibited in Belize or any financial services business (unless the required license has been obtained).
- Belize foundation may be dissolved by the foundation council if these powers are so vested.
- Do not have heavy maintenance or administrative requirements.
Belize Private Interest Foundation Requirements
In order to form a Belize private foundation, the following conditions must be met:
- One or more natural or legal persons (founder) may establish a private foundation;
- The initial property endowment (in any legal currency) must have a minimum value of US$10,000.
- All Belize Foundations must have a Belize registered agent acting on their behalf.
- Must have a registered office in Belize.
- Belize private interest foundation must have a foundation council (with at least one member, individual or corporate) AND at least one of the members must be a resident of Belize (we offer this service)
- Must have a secretary who is a resident of Belize and a regulated person (we can provide this service)
- The Belize Foundation is established through the written foundation charter.
- Name of foundation
- Property endowed
- Name, address of founder or founders
- Full name of foundation council member (minimum of 1)
- Name and address of registered agent
- Name and address of resident secretary (may be the agent)
- Purpose of the foundation
- Laws of governance and operations
- Duration of foundation
- Beneficiaries name/class/relationship (if desired)
- A foundation shall keep or may cause to keep such accounts or records as its council deems necessary
- The name of the Belize offshore foundation must end with the word Foundation or its abbreviation, Found. or Fdn.
Offshore Foundations to Consider: