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Published on: 23 Aug 2016 by floriandresner
Joint Press Release OF BELIZE
INTERNATIONAL FINANCIAL SERVICES COMMISSION AND BELIZE INTERNATIONAL FINANCIAL SERVICES
As many of you may be aware,
the Government of Belize is
currently undertaking a fiscal debt restructuring exercise. With the global
economic recession and the continuing economic lethargy, many countries have
experienced a substantially increased fiscal debt burden. Over the past several
years, while Belize has fared better than many including within the Caribbean
and Central American region in weathering the recession, growth has largely
remained stunted resulting in lower than expected tax revenues. The result is
that the Government believes that the fiscal debt is not on a sustainable
trajectory and that it is in the country’s long-term best interest that the
restructuring is done to make it sustainable. This is the second debt
restructuring exercise by the Government. The first was successfully completed
in early 2007.
While the Government has
undertaken these restructuring efforts, Belize’s international financial
services industry has continued to grow steadily. Save and except for a
temporary reduction in the throes of the global recession in 2008 and 2009,
Belize IBC annual incorporations and renewals are at all time highs. This is
supported by the continued entry and licensure of multi-jurisdictional
international financial services practitioners. Belize’s international trust
continues to experience increasing popularity while its relatively small but
ever-growing international banking sector holds its highest deposits in the
Throughout this process of
growth, there have been no legislative interventions whatsoever arising as a
result of any Government debt restructuring exercise. Instead in 2009, Mutual
Funds (Fees) Regulations were introduced to allow for the effective
implementation of the registration process of private, professional and public
mutual funds in Belize. In 2010, the legislature enacted the International
Foundations Act and in early 2012, the International Limited Liability
Companies Act came into force. All these laws were clearly introduced to
enhance the offering of products in Belize’s international financial services
sector. The Government of Belize has demonstrated itself to be a very strong
supporter of Belize’s international financial services sector and the sector
and its members and stakeholders have no cause to believe otherwise.
As regulator and regulated, we
look forward to the continued growth and development of Belize’s international
financial services sector with the full support of the Government of Belize.
Financial Securities Regulatory Commission was
established to promote investor confidence in the securities and capital
markets by providing more structure and government oversight.