No it is not possible, paypal is country specific so you will not be able to have a Belize or any other offshore company to apply also if you use a VPN with an Belize IP iw wouldn't help you if your bank account is opened somewhere else.
According to Paypal, it allows withdrawal to a credit card in the Bahamas.
How about registering the offshore company in the Bahamas to have a Bahamas address and get a visa card to the companies account, which is in New Zealand?
I guess you have to register your name and address besides the company address when opening merchant account with PayPal. Wouldn't that compromise the anonymity of the offshore corporation? Would be great if nominee services (the nominee director or shareholder would register the account) for Paypal and other eWallets were offered.