| Belize's Strategic Geographic Location
Located on the Caribbean seaboard of Central America, Belize is bordered on the North by Mexico, and on the South and West by Guatemala. Belize is only two hours away from the USA via regular air services maintained by major international carriers. It is often referred to as the bridge between Central America and the Caribbean, and its strategic location in the region can be likened to what Hong Kong is in the East.
Belize's Government
Belize, once known as British Honduras, is a former British dependent territory. In 1862 the country was established as a British Crown Colony; in 1964 self-government was achieved; in 1973 the name was officially changed from British Honduras to Belize; and in 1981 Belize gained full independence.
Today, the legal system is based on English Common Law supplemented by local legislation. The court system is made up of several Magistrate's Courts and a Supreme Court, with final appeal being to the Privy Council in London.
The political system is based on the British Westminster model with Queen Elizabeth II as head of State, represented by a Belizean Governor General.
The Bicameral legislature is made up of a 29 member elected House of Representatives, and a 12 member appointed Senate, while the Executive branch is made up of a Prime Minister and Cabinet. General democratic elections are held every 5 years.
Belize Government's Commitment to the Offshore Industry
The government is fully committed to the ongoing development of Belize as a leading offshore jurisdiction. Through regular consultations with the private sector, the government ensures that its policies and legislation are more mindful of the needs and interests of the international financial community in an environment which engenders trust and confidence.
Belize's Offshore Legislation
In 1990, Belize enacted new legislation creating the International Business Company (IBC), a refinement of the British Virgin Island's model. In a short period of time, the jurisdiction has risen to prominence as one of the world's progressive offshore jurisdiction. In addition to having one of the most modern and up to date offshore legislation, Belize's success can also be attributed to the country's long history of economic, social and political stability.
Principal Pieces of Belize Offshore Legislation
Money Laundering (Prevention) Act, 1996
International (Offshore) Banking Act, 1996
Registration of Merchant Ships Act, 1989
International Business Companies Act, 1990
Trusts Act, 1992
International Insurance Act, 1999
Mutual Funds Act, 1999
Limited Liability Partnerships Act, 1999
Protected Cell Companies Act, 1999
Limited Life Companies Act, 1999
International Financial Services Commission Act, 1999
Belize's International Partners
Belize maintains close ties with its global counterparts, and is signatory to several conventions, including: The Caribbean Basin Initiative (CBI), LOME IV, Caribbean/Canada (CARIBCAN) and The Caribbean Community (CARICOM).
In addition, Belize holds membership in several international organizations, including: The Association of Caribbean States, The British Commonwealth, CARICOM, African Pacific Caribbean Countries (ACP), The Caribbean Development Bank, The Inter-American Development Bank, The International Monetary Fund, The Non-Aligned Movement, The Organization of American States, The United Nations, the World Bank, The Organization for the Prohibition of Nuclear Weapons in Latin America (OPANAL), and The Caribbean Bananas Export Association.
Belize has also signed double taxation agreements with many countries, including: The United Kingdom, Guyana, Jamaica, Trinidad and Tobago, St. Lucia, Antigua and Barbuda, Bahamas, Barbados, St. Vincent and the Grenadines, Dominica, Grenada, St. Kitts and Nevis, Suriname and Monseratt.
Belize at a Glance
Belize is comparable in size to Wales or the State of Massachusetts in the USA. It has a land area of 8,867 square miles or 22,923 square kilometers.
The terrain can be described as follows: swampy coastal areas, flat savannah in the north, and rainforest foothills and mountains in the south.
- The mainland is approximately 174 miles long and 68 miles wide, while the coastline is dotted with over 400 cayes or islands.
- The climate is sub-tropical, with an average temperature of 79° F/ 26° C.
- One of Belize's main tourist attractions is its 185 miles long Coral barrier reef - the longest reef in the western hemisphere, second only to Australia's.
- The mystery of the Maya civilization has enchanted archaeologists and tourists alike. To date, over 1,000 Maya ruins have been discovered in Belize.
- Belmopan is the administrative capital, while Belize City is the main commercial center.
- Time Zone: GMT - 6. US Central Standard Time with no Daylight Savings Time.
Belize's People
Belize's population is ethnically and culturally diverse, comprising of a highly trained English speaking professional work force with Spanish also spoken by the vast majority. The population is approximately 256,800 with a labor force of 86,800 men and women (2001).
Ethnic groups include: Mestizo, Creoles, Garifuna, Maya, Chinese, Syrians/Lebanese, East Indians, and Caucasians.
Several other ethnic languages are also spoken, including: Creole, Garifuna, Maya, Ketchi and Chinese.
Belize's Infrastructure
Infrastructure and support services include a reputable and modern international banking system, a state-of-the-art telecommunications system, reliable postal and courier services, and first class hotel and conference facilities. Belize is linked to its immediate neighbors and to the rest of the world by air, land, and sea.
The major banks are: The Belize Bank Ltd., First Caribbean International Bank Ltd., The Bank of Nova Scotia, Atlantic Bank Ltd., and The Alliance Bank of Belize Ltd.
Belize boasts a recently constructed terminal at the Philip Goldson International Airport, located 9 miles from Belize City.
Main international carriers include: American Airlines, Continental Airlines, USAIRWAYS, and Taca International Airlines with regular flights to and from Miami, Houston, Dallas and Charlotte in the USA, and Honduras, Guatemala, Mexico and El Salvador in Central America.
Main domestic carriers include: Maya Island Air and Tropic Air.
Regular bus services are available to most towns and villages throughout the country, as well as to both Mexico and Guatemala. Highways: Total of 2,547 km (1,583 miles) of roads, with 526 km (327 miles) being major highways.
Main deep-water berths and facilities for general and bulk cargoes are located in Belize City, Dangriga and Toledo.
International courier services for express delivery include: DHL, Federal Express and UPS.
A satellite earth station in the capital provides high quality telecommunications with the rest of the world. Regular and mobile phone, telex and fax, pager services, e-mail and Internet access are available through the local phone company, Belize Telecommunications Limited. Belize has direct dialing capabilities with most countries worldwide.
Belize's Economy
Belize has experienced sustained growth over recent years. Principal exports include sugar, citrus, bananas, fish products, garments and timber, while principal imports include machinery and transport equipment, manufactured goods, food and beverages, construction materials, fuels and lubricants.
Although agriculture accounts for about 30% of GDP, both offshore and tourism industries are assuming increasing importance.
The local currency is the Belize dollar, which trades at a fixed exchange rate of US $1.00 to BZ $2.00. The Central Bank of Belize regulates the country's financial industry.
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