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Belize is an independent, sovereign nation situated to the southern tip of Mexico, in the Yucatan peninsula. It is a former British Colony, gaining independence in 1981. Still operating on the basis of English common law, the legal system is comprised of Magistrates’ Courts, a Supreme Court and Court of Appeal, with the ultimate appellate court being the UK Privy Council. In 1990, Belize entered the offshore financial services sector when its National Assembly enacted the International Business Companies Act (now Chapter 270 of the Laws of Belize, Revised Edition 2000), which, after amendments, allows Registered Agents to incorporate international business companies and Limited Duration Companies. Its legislative armory was further strengthened in 1992 when the Trusts Act (Chapter 202) was enacted. Both have allowed Belize to become a favorite jurisdiction for many professionals seeking to offer secure offshore jurisdictions and products for their clients. Belize boasts a solid professional infrastructure, with attorneys, accountants and company and trust service providers. Telecommunication services are good and it is a destination for many major airlines, such as American Airlines and Continental Airlines. Tourism also plays a significant role in the country’s economy, as Belize boasts the second largest barrier reef in the world, as well as the most comprehensive display of Mayan civilization currently excavated. |