Which Cyprus banks will now open for Belize IBC? (US citizen)
Thanks Admin. Can anyone steer me to "the right agent" for Astro Bank?There are a few banks that will do it, one of them is Astro Bank. You just need the right agent to do it.
This is very vague information and I'm missing something official that will confirm this.Here's the response I got:
"We are awaiting to receive a draft bill from the regulators.
From what I've gathered so far, it will not affect older companies until year 2021. But newer companies will be affected as of January. "
I found the other mention of it, waiting for response back.
[/QUOTE]Not quite what you asked, but i received below letter from one of service providers few days ago. I think it's important for everyone who's looking for Belize IBC
Towards the end of 2018, the Government of Belize passed a vital piece of legislation that directly affects the International Financial Services industry in Belize. In an effort to follow through on its commitment to the OECD regarding implementation of the Base Erosion and Profit Shifting action plan, Belize passed the International Business Companies (Amendment) Act, No., 24 of 2018. This amendment essentially removes the ring fencing feature of the IBC and brings IBCs into the Belize domestic tax regime. General amendments include:
1. Belize IBCs are now allowed to do business with Belize residents, own land in Belize, hold shares in Belize domestic companies and can be owned by Belize residents;
2. Belize IBCs are now within Belize’s domestic tax regime, subject to physical presence and tax residency status; the rate of tax under the domestic tax regime is tied to the type of income;
3. Physical presence and tax residency in Belize is optional, contingent upon evidence of economic substance elsewhere (except for IFSC licensed companies which must be physically present and tax resident in Belize), and physical presence requirements in Belize may be achieved via a managing agent;
4. Grandfathering provisions up to 30th June, 2021.
Since the amendments go beyond the corporate structure of the IBC and now bring these companies within the scope of our tax regime, we have been drafting guidance papers to avoid misinformation by providing a clear and concise summary of the new regime. As a valued client of ours, we are now pleased to provide to you our guidance papers addressing the IBC (Amendment) Act, No. 24 of 2018. Kindly find attached for your reference and perusal. The guidance papers (FIBS_Moore Stephens – Belize IBC Regime 2019) include flow charts for both intellectual property and non-intellectual property regimes as well as a tax summary and tax rate schedule that is now applicable to IBCs.