Belize is removed from the EU Blacklist

In 2017, the Eu’s ‘blacklist’ system cracked down on regimes that enabled tax avoidance with unclear or unfair tax policies.

In November 2019, Belize was removed from the EU ‘blacklist’ as a result of implementing all the necessary reforms to address concerns regarding economic, removal of preferential exemptions and automatic exchange of information.

Belize has demonstrated political commitment ensuring that it is a jurisdiction of compliant international standards on information change and tackling harmful tax practices which is critical to the value proposition of the International Financial Centre.

Belize hopes that moving forward, the Government of Belize will continue to engage with international businesses and financial services sector to reaffirm the jurisdiction’s dedication to providing services that will benefit both Belize and the global economy.

And the good news doesn’t stop there.

Director General of the IFSC, Claude B.F. Haylock released the follow statement.

“We are pleased to announce that commencing February 24th, 2020 until February 14, 2021, the Continuation Fee which is payable to the Government through the IBC Registry is waived. In addition, any foreign company wishing to re-domicile into Belize under the Belize IBC Act that can take advantage of continuing into Belize will also be able to apply for the Tax Identification Number (TIN) free of the regular service charge once the application is made along with the continuation request.”

On receiving the news, Prime Minister Dean Barrow welcomed the positive step taken by the EU. He highlighted that it demonstrated the International community’s recognition of Belize’s commitment to helping in establishing a modern international tax framework under which profits are taxed where economic activity and value creation occur.

For more information on incorporating a company in Belize visit https://www.sfm.com/belize-offshore-company