Country Manual Private Banking
Belize
out of Bank’s Country of Establishment (Def, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | Yes |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
We have reviewed the documents following consultations with our local counsel. We confirm that due to a change of expert’s interpretation, the cross-border rules described in the manual apply to financial services directed towards or performed in Belize when the prospect/client is a resident of Belize and irrespective of the Bank’s country of establishment. The scope of the manual reflects this change.
For services provided within Belize exclusively to non-residents and conducted in foreign currency(ies), such activities fall under the jurisdiction of a different regulatory framework, specifically the International Banking Act. In the present Country Manual Private Banking Belize, the prospect/client is always deemed to be a Belizean resident.
Non-material changes
Some comments and content have been slightly reworded (without introducing material changes) to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
BT Short comparison
This document allows users to quickly identify the modifications made compared to the previous version of the PB Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM PB BT SHORT COMP” and “BELIZE” in the Target Country Field.
The BT Short Comparison should be read as follows
The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Geneva, April 24th, 2025