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#252387 - 10/10/07 12:44 AM Belize Trusts and Belize Banks
ELDORADO-777 Offline
I want to start a discussion about Belize Trusts and the U.S. reporting requirements of the person who sets up this trust.


Belize Trusts are unique in that they do not have to be registered in Belize according to the year 2000 trust law act. This means that a person could actually have a trustee who was outside of Belize but the Belize trust would still be ruled by Belize law. It does not have to be registered anywhere. Very few people know this. If you do not believe me please read the act.
So the unknowing ones pay lawyers high fees for something they could be setting up themselves.


I realize that anything said here will not be acted upon before a legal opinion backs up what is said. But there must be people on this forum who are knowledgeable of Belize trusts and U.S. reporting requirements.


Also, does anyone know anyone who can function as an introducer for an LLC opening up a bank account in Belize. I know someone with an LLC who would like to open an account at Belize Bank but needs an introducer. Any information would help.


Some feedback would be appreciated, EL-777
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#252458 - 10/10/07 06:06 PM Re: Belize Trusts and Belize Banks [Re: ELDORADO-777]
Amanda Syme Offline
Well that's rich. You're saying that people don't need to use an attorney to set up trusts etc. .. that they can do so much documentation on their own - but then you can't get a bank account opened because you need an "introducer." Ummm, I think the attorney can help you do that.

I still wonder who would listen to advice from an anonymous poster on a message board that consistantly advises against hiring professionals in certain fields to adequately represent their interests.


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#252459 - 10/10/07 06:25 PM Re: Belize Trusts and Belize Banks [Re: ELDORADO-777]
Loansum-Al K Offline
I have no idea what an "introducer" is. However, when I opened my account with Belize Bank, I had to have a referral letter from my bank in the US. Sounds like what you are calling an "introducer".
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#252465 - 10/10/07 06:55 PM Re: Belize Trusts and Belize Banks [Re: Loansum-Al K]
Amanda Syme Offline
Banks will provide personal letters of introduction - for individuals. LLC's, PLC's, IBC's etc are a whole different kettle of fish.

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#252489 - 10/10/07 09:19 PM Re: Belize Trusts and Belize Banks [Re: Amanda Syme]
ELDORADO-777 Offline
It is amazing how "spin" is placed on something someone said: I am not advising anyone to do anything. I am only telling you what I read in the Belize Trust Act which very very very very few people read on their own. With a Belize Trust it does not have to be registered in Belize. Which means it can be set up and administered from some other place outside of Belize. A trust is an agreement between two parties and lawyers like to make it complicated and charge high fees. Please read the Trust Act through like I did twice and the light will dawn like it did for me.


Thanks for pointing out that an introducer is usually a bank and is not an attorney. And thank you for telling me this in a kind way LOANSUM-AL K, You do not know how discouraging it is to come on this forum and see someone spewing venom at you.


Much obliged, EL-777


P.S. I said in my post above: "I realize that anything said here will not be acted upon before a legal opinion backs up what is said. But there must be people on this forum who are knowledgeable of Belize trusts and U.S. reporting requirements."


So you can see I was not advising anything and I certainly was not talking about IBCs and LLCs etc.

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#252496 - 10/10/07 09:45 PM Re: Belize Trusts and Belize Banks [Re: ELDORADO-777]
Sir Isaac Newton Offline
Many professionals, who are not lawyers, offer corporate services (establishing international companies). Wendy Oxley of Oxley Services and Santiago Gomez of International Services are well known and reliable in Belize City. They have a wide range of services and may be able to offer an introduction letter to one of the international banks here in Belize.

A trust can be drafted by almost anyone and domiciled in Belize. It may be smart to get an expert opinion when doing so as the trust may outlive the settlor. Usually high net worth individuals have lawyers close, these lawyers tend to trust other lawyers in the jurisdiction where the trust will be written. There is nothing wrong with paying a lawyer for his opinion, that's what they do as most have seen the worst in a situation. It can be handled without one though. Sometimes it may be a wise investment as things change over time especially when money is involved. CYA to say.

SIN
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#252499 - 10/10/07 09:49 PM Re: Belize Trusts and Belize Banks [Re: Sir Isaac Newton]
ELDORADO-777 Offline
Hello SIN:

Thank you for your kind post. Can you tell me if a Belize Trust needs to be domiciled in Belize. When I read the trust act the other day carefully I did not see that it had to. I even think it says that it does not have to be domiciled in Belize. What do you know about this.

Thanks, EL-777
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#252500 - 10/10/07 09:52 PM Re: Belize Trusts and Belize Banks [Re: ELDORADO-777]
Sir Isaac Newton Offline
Legal domicile, under the jurisdiction of the Laws of Belize. It can physically be in your safe at home.
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#252501 - 10/10/07 09:58 PM Re: Belize Trusts and Belize Banks [Re: ELDORADO-777]
Amanda Syme Offline
Be careful. The laws that you read on-line are not amended or changed. When new legislation is proposed and enacted it is not necessarily added to the on-line versions. The laws are revised every 10 years or so and that is when any changes, amendments etc are published and included.

If this post is considered spewing venom then we must live in very different worlds.

This is a case of non-attorneys voicing their opinions based on how they interpret the laws, or how they have seen first hand many a person that has left Belize in discouragement after being led astray by people that meant well, but were not competent to dispense the advice that was taken as gospel by the unsuspecting victims.

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#252709 - 10/12/07 06:35 PM Re: Belize Trusts and Belize Banks [Re: Amanda Syme]
Marty Online   happy
this was requested to be deleted by the first poster

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