Belize

Belize: new rules on intellectual property reporting for IBC companies

On 19 December 2019 the information about the duty of all International Business Companies (IBC) in Belize to fill and submit the forms about intellectual property assets (in case of acquiring, holding or dealing with them) or absence of such to the International Financial Services Commission (IFSC) has been published on the official website of …

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Belize has been excluded from EU “blacklist”

Belize has been excluded from EU “blacklist”

8 November 2019 the Council of the European Union has informed of its decision to exclude Belize from the “blacklist” of non-cooperative jurisdictions for tax purposes. It is stated that this decision was based on expected adoption of several measures to abolish the regime that provides for full exemption of taxation for International Business Companies, …

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The European Union has changed “blacklist” of jurisdictions for tax purposes

The European Union has changed “blacklist” of jurisdictions for tax purposes

10 October 2019 the Council of European Union (EU) has made several changes in the list of non-cooperative jurisdictions for tax purposes once again. 2 jurisdictions (United Arab Emirates and Marshall Islands) that was listed previously now have been excluded from the said “blacklist”. This “blacklist” of jurisdictions was designed in December 2017 and included states …

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Belize: changes of physical presence requirements

Belize: changes of physical presence requirements

27 March 2019 legislative bodies of Belize have enacted next amendment to International Business Companies Act 2011 (“IBC Act”) which provides for changes of physical presence requirements. In December 2018 the definition of a resident company and physical presence requirements have been included in the IBC Act for the first time, as well as the …

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The European Union published a "black list" of countries and territories for tax purposes

The European Union extends list of non-cooperative tax jurisdictions

On 12 March 2019 the European Commission published a press release informing that 10 jurisdictions (Aruba, Barbados, Belize, Bermuda, Dominica, Fiji, Marshall Islands, Oman, United Arab Emirates, Vanuatu) have been added to the list of non-cooperative tax jurisdictions (also known as “the EU offshore blacklist”) The reason for adding the said countries to the EU …

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Belize: changes in legislation on International Business Companies

Belize: changes in legislation on International Business Companies

In line with several offshore jurisdictions, such as British Virgin Islands, Cayman Islands and Seychelles, 1 January 2019 Belize has modified its legislation on International Business Companies (IBC) regime. This modification provides for physical presence of IBC companies in the territory of Belize and application of territorial tax regime. Changes were made by amending of …

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Redomiciliation of companies: international practice

Redomiciliation of companies: international practice

Legislation of many countries allow re-registration to another jurisdiction of legal entity that was originally incorporated in one jurisdiction. Due to substantial changes of requirements to international companies in offshore jurisdictions (British Virgin Islands (BVI), Belize, Cayman Islands, etc.) that was made in 2019 this instrument may be used more frequently than before. Redomiciliation provides …

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Belize implements register of directors and beneficial owners and abolishes bearer share arrangements

Belize implements register of directors and beneficial owners and abolishes bearer share arrangements

New amendments under the International Business Companies (Amendment) Act 2017 were adopted in Belize in 21 of July in order to implement registers of directors and beneficial owners as well as to abolish bearer share arrangements. Regarding registers of directors and beneficial owners it should be taken into account that they are not open to …

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