In the first article of the series introducing the most popular private foundation founding centers, we have already presented Lichtenstein. Belize is also a private-foundation paradise and still an immensely popular offshore and tax-free financial center.
The Belize private foundation is a separate legal entity. As such, they can do business, buy or sell properties, or other assets, sign contracts, open bank accounts, and hold assets under their own possession.
Since 2000 when the Belize Foundation Act came into effect, the legal situation of an offshore private foundation is barely different from any other private foundations.
According to the law, private persons and companies can found any charitable, non-charitable, normal, or non-purpose offshore private foundations. In Belize to register an offshore private foundation – in case of one or more persons or companies – it is
sufficient a one member advising board, and usually one week of registration time.
What is the Belize private foundation good for?
– wealth management, trusteeship
– property management
– family trusteeship and inheritance cases
– business objective
– can be uses as holding
– to separate personal wealth
The advantages of the Belize private foundation:
– Fully free from VAT as long as the owners, the beneficiaries, and the assets (under management) are not in Belize
– They enjoy all advantages, what a company can, and mostly reckoned as a form of company.
– It’s not possible to neglect any assets or money proffered to a Belize private foundation due to any foreign court decisions.
– The assets and money proffered to a Belize private foundation are getting separated from the founder or founders.
– A Belize private foundation can do any kind of business, apart from the ones illegal in Belize, but can’t do financial activities without the necessary
– It can be terminated by its own advising board, if they have the authority
– Practically, a Belize private foundation barely has reporting obligations or any other administrative tasks
What are the essentials to register a private foundation
– The official name of the articles of incorporation in Belize is “Foundation Charter” and it must contain:
– The name of the foundation
– The accurate appellation of the initial assets or real estates
– The name and address of the founder (or founders)
– The names and addresses of the advising board members (can be nominee)
– The name and address of the authorized agent (mandatory)
– If there is an appointed secretary, then its name and address
– If there is a guardian, then its name and address
– The purpose of the foundation
– Provisions and regulations relating to the beneficiaries
– Or any other provisions necessary for the actuation of the private foundation
The articles of incorporation can be written in any languages, but it requires an audited English translation. It has no restrictions according to naming our foundation, but one, it has to contain any of these words:
– or Fdn.
Only a few phrases have been forbidden by the law:
– and phrases connected to the Belize government
The advising board can hold a general meeting outside of Belize, whenever and wherever they want.
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