Cyprus Bnks for Belize IBC?

[Bit Tilted]

Which Cyprus banks will now open for Belize IBC? (US citizen)

 

[JohnLocke]

There are a few banks that will do it, one of them is Astro Bank. You just need the right agent to do it.

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[Bit Tilted]

Admin said:
There are a few banks that will do it, one of them is Astro Bank. You just need the right agent to do it.
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Thanks Admin. Can anyone steer me to "the right agent" for Astro Bank?

I'm hearing Belize IBCs will be taxed in 2019, but not the LLCs. Could I open commercial Astro Bank account with LLC instead of IBC?

Last edited by a moderator: Dec 6, 2018

 

[Mr Magoo]

How will IBC's be taxed by Cyprus banks in 2019?

 

[JohnLocke]

Bit Tilted said:
I'm hearing Belize IBCs will be taxed in 2019, but not the LLCs. Could I open commercial Astro Bank account with LLC instead of IBC?
Click to expand...

any public information about this? please provide a link if you don't mind!

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[Bit Tilted]

I am checking now to see if there is any documentation to back up the statement I was given. Been looking into finding agent for Belize IBC formation. Heard this twice, I know where one came from (checking) but so far unsure about the other.

Will post here if any documentation comes.

 

[Bit Tilted]

Here's the response I got:

"We are awaiting to receive a draft bill from the regulators.

From what I've gathered so far, it will not affect older companies until year 2021. But newer companies will be affected as of January. "

I found the other mention of it, waiting for response back.

 

[altair77]

I dont mind .... 🙂 🙂 🙂

 

[Tepesch]

What do you mean Belize IBCs will be taxed in January ? How much tax more info please!

 

[Mr Magoo]

what is considered an 'older' company and what a 'newer' company?

 

[Bit Tilted]

Mr Magoo that quote is all I have on it for now.

 

[negon]

Bit Tilted said:
Here's the response I got:

"We are awaiting to receive a draft bill from the regulators.

From what I've gathered so far, it will not affect older companies until year 2021. But newer companies will be affected as of January. "

I found the other mention of it, waiting for response back.
Click to expand...

This is very vague information and I'm missing something official that will confirm this.

 

[Bit Tilted]

yes, VERY vague.. Could be a crock. Let's see if any actual document comes back..

Could there be something restricting these cats from making Belize IBCs but allowing them to make LLCs? Maybe something they don't want to admit?

Anyway, I'm still looking for someone that can help with my structure...

 

[Bit Tilted]

Belize IBCs to be taxed in 2019. Member 7889 has the scoop, Thanks 7889! He also has attachments in his original message.

7889 said:
Not quite what you asked, but i received below letter from one of service providers few days ago. I think it's important for everyone who's looking for Belize IBC

Towards the end of 2018, the Government of Belize passed a vital piece of legislation that directly affects the International Financial Services industry in Belize. In an effort to follow through on its commitment to the OECD regarding implementation of the Base Erosion and Profit Shifting action plan, Belize passed the International Business Companies (Amendment) Act, No., 24 of 2018. This amendment essentially removes the ring fencing feature of the IBC and brings IBCs into the Belize domestic tax regime. General amendments include:


1. Belize IBCs are now allowed to do business with Belize residents, own land in Belize, hold shares in Belize domestic companies and can be owned by Belize residents;

2. Belize IBCs are now within Belize's domestic tax regime, subject to physical presence and tax residency status; the rate of tax under the domestic tax regime is tied to the type of income;

3. Physical presence and tax residency in Belize is optional, contingent upon evidence of economic substance elsewhere (except for IFSC licensed companies which must be physically present and tax resident in Belize), and physical presence requirements in Belize may be achieved via a managing agent;

4. Grandfathering provisions up to 30th June, 2021.


Since the amendments go beyond the corporate structure of the IBC and now bring these companies within the scope of our tax regime, we have been drafting guidance papers to avoid misinformation by providing a clear and concise summary of the new regime. As a valued client of ours, we are now pleased to provide to you our guidance papers addressing the IBC (Amendment) Act, No. 24 of 2018. Kindly find attached for your reference and perusal. The guidance papers (FIBS_Moore Stephens ”“ Belize IBC Regime 2019) include flow charts for both intellectual property and non-intellectual property regimes as well as a tax summary and tax rate schedule that is now applicable to IBCs.
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