Belize Offshore News

August 28, 2015 - Why Canadians Are Moving Their Money to Belize

During the past couple of years, our office has been fielding an increasing number of calls from Canadians eager to move money to Belize.

Often these Canadians are retiring in Belize in search of a warmer climate, inexpensive real estate, and a laid-back lifestyle. As a native of Buffalo, a U.S. city on Canada’s doorstep, managing partner Ryan Wrobel can relate.

When a Canadian leaves the country permanently, the Canadian Revenue Agency (CRA) will review the situation to decide tax liability. If the CRA accepts that the move is permanent, then the person is no longer liable to be taxed by the Canadian government. But if the CRA decides not to accept this status, the person will remain liable to be taxed on any income they make anywhere in the world. This most often will be the case of a Canadian who claims to have permanently left Canada but spends much of the time “visiting” the country (let’s say in the summer months, for instance). Canada and Belize do not have a tax treaty, but that doesn’t mean that the CRA cannot decide to try to tax you just the same. It’s imperative when moving to Belize to consult with a Belize attorney who knows the ins and outs of the legal system and can help you navigate any challenges that arise.

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Because in the end, it’s well worth the effort. Canadians who move to Belize as part of the Belize Qualified Retirement Program (Belize QRP) will be able to move their money tax-free into the country, as well as benefit from a number of other important advantages which have gained Belize renown for being one of the best tax havens in the world.

In Belize, you can avoid taxes through mechanisms like secure offshore bank accounts, international business companies and other types of offshore companies, and offshore stock trading and investment opportunities that offer asset protection in a confidential, safe way.

Tax haven Belize has a legal structure protecting its status. Protections include no annual reporting requirements or annual accounting requirements for Belize offshore companies. Company officers are anonymous with no public listing of directors or shareholders under Belize law. Only one director is required with your new offshore business company incorporation and the director can be you or a nominee of your choosing.

To learn more about Belize retirement and offshore possibilities, please visit our Belize FAQ section. And to speak with a Belize lawyer who can assist you, contact us today.


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