Regulatory Alerts2014-12-19
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Exchange Control Direction No. 14/2014 - Emigration
The Central Bank of Belize issues Direction No. 14/2014 to regulate the remittance of funds by persons emigrating from or returning abroad from Belize. The directive permits residents and foreign nationals to apply for emigration allowances or asset repatriation upon providing proof of permanent residence abroad and a tax clearance statement. It further specifies that designated foreign residents cease to be residents of Belize upon departure and may seek settling-in allowances.
1 EXCHANGE CONTROL DIRECTION NUMBER 14/2014 (Revised December 2014) TO: AUTHORISED DEALERS AND AUTHORISED DEPOSITARIES Emigration
- Persons who have taken up residence outside of Belize or residents who are preparing to emigrate may apply to the Central Bank to remit funds abroad as emigration allowance. Applications should be accompanied by a full statement of assets held in Belize, and should include evidence that the applicant is permitted to take up permanent residence in another country.
- In the case of Belizean emigrants, a settling-in allowance may be applied for, along with a declaration of the amount to be eventually remitted.
- Foreign nationals who have been designated residents of Belize and who are returning to take up permanent residence abroad would normally be given permission to repatriate all assets in Belize.
- Upon departure from Belize, foreign nationals who had been designated residents of Belize will cease to be residents of Belize.
- Each application for Emigration Allowance must be accompanied by a statement from the Commissioner of Income Tax indicating that there are no objections for the transfer.
Controller of Foreign Exchange CENTRAL BANK OF BELIZE
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