Workforce Payments Guide Belize
Last updated: Jan 15, 2025
Papaya offers Virtual IBAN accounts (or “wallets”) to hold your funds segregated and safeguarded until payments are ready to be processed. Opening and managing corporate bank accounts can often be complex and time-consuming, requiring extensive checks and due diligence.
Papaya’s Virtual IBAN solution, built on the trusted infrastructure of JPMorgan, streamlines this process-making it faster, easier, and more cost-effective while ensuring your funds are secured.
3rd Party Payments
- PAYE Tax Day: PAYE (Pay As You Earn) payment and filing are due on the 12th of each month.
- GST/BTax Day: General Sales Tax and Business Tax are due on the 15th of each month.
Social Security Contributions: The contribution payments and the monthly contribution statement are both due by the 14th day of each month for the previous month worked. In Belize, there are several methods available for making payments to the authorities: - Debit and credit cards: The POS and ATM networks facilitate payments by debit and credit cards.
- Direct credit facilities: These are used to make bulk payments such as salaries and pensions.
- Online bill payment facilities: These allow for the payment of bills online
Banking Regulations
The banking laws that impact cross-border workforce payments in Belize include:
Currency Controls: The Government of Belize has established currency controls. Foreign investors seeking to convert, transfer, or repatriate funds must comply with Central Bank regulations. Foreign investments must be registered at the Central Bank to facilitate inflows and outflows of foreign currency.
Labour Laws: The Belize Labour Act outlines the rights and responsibilities of employers and employees, which could impact cross-border workforce payments.
KYC
The Know Your Customer (KYC) process in Belize involves the following steps:
Identity Verification: A clear color copy of a valid and current passport, certified by a notary, lawyer, chartered accountant, consular officer, court officer, bank manager or a similar regulated professional or state official.
Address Verification: A document such as a utility bill, bank or credit card statement, mortgage statement, tax bill, correspondence from a government agency, home security services bill, home internet or cable services bill, or rental contract. The document must indicate the full name of the individual together with his residential address and must not be older than 3 months.
Reference Letter: One bank reference letter or a professional reference letter indicating the length of time for which the individual is known to the referer, being not less than three years and the nature of the relationship between the individual and the referer.
CV (Curriculum Vitae): A document summarizing your education, skills, and experience.
All of these documents must be received before any company formation or management orders can be completed.
International Banks
| Bank Name | Bank Code (IBAN) |
|---|---|
| Citibank N.A. | CITIUS33 |
| Bank of America N.A. | BOFAUS3N |
| JPMorgan Chase Bank N.A. | CHASUS33 |
| Deutsche Bank AG | DEUTDEFF |
| HSBC Bank plc | MIDLGB22 |
| Barclays Bank PLC | BARCGB22 |
| Standard Chartered Bank | SCBLGB2L |
| UBS AG | UBSWCHZH |
| Credit Suisse AG | CRESCHZZ |
| BNP Paribas | BNPAFRPP |
| Société Générale | SOGEFRPP |
| ING Bank N.V. | INGBNL2A |
| Rabobank | RABONL2U |
| ABN AMRO Bank N.V. | ABNANL2A |
| Banco Santander | BSCHESMM |
| BBVA | BBVAESMM |
| Banco Itaú | ITAUBRSP |
| Banco Bradesco | BBDEBRSP |
Local Banks
| Bank Name | Bank Code (IBAN) |
|---|---|
| Atlantic Bank Limited | ABLBZBZ |
| Belize Bank Limited | BBLBZBZ |
| Heritage Bank Limited | HBLBZBZ |
| National Bank of Belize Limited | NBBLBZBZ |
| Scotia Bank (Belize) Limited | NOSCBZBZ |
| Belize Bank Corporation Limited | BBLBZBZ |
| Atlantic International Bank Limited | AIBLBZBZ |
| Caye International Bank | CIBLBZBZ |
| Choice Bank Limited | CHBLBZBZ |
| Belize Bank International Limited | BBILBZBZ |
| Holy Redeemer Credit Union | HRCUBZBZ |
| St. John’s Credit Union | SJCUBZBZ |
| La Inmaculada Credit Union | LICUBZBZ |
| Blue Creek Credit Union | BCCUBZBZ |
| Saint Martin’s Credit Union | SMCUBZBZ |
| Toledo Teachers Credit Union | TTCUBZBZ |
| Citrus Growers and Workers Credit Union | CGWCBZBZ |
Payment Methods
In Belize, there are several B2C payment tools available for businesses and consumers. Here are some of the major types of B2C payment systems:
- Credit and Debit Cards: By integrating a payment gateway into your ecommerce site, you can accept card payments from customers.
- Digital Wallets: Customers can store a variety of different credit cards and bank account numbers within an online wallet. Examples include services like PayPal, Apple Pay, and Google Pay.
- Bank Transfers: Also known as electronic funds transfers or direct debit payments, these payment systems allow customers to complete checkout by transferring money from their bank account to the retailer’s bank account.
- Mobile Payments: With this ecommerce payment method, the customer sends a payment request to the service provider via text.
- Belizing Payments: This is a platform for accepting credit card payments from customers quickly and securely in Belize.
Please note that the availability and usage of these payment tools can vary based on the specific requirements of the business and the consumer.
Cryptocurrency
Belize does not appear to have any legislation that specifically regulates cryptocurrencies. However, there are online cryptocurrency exchanges operating in Belize, including Binance, Kraken, and Coinmama. These platforms allow you to buy and sell Bitcoin and other cryptocurrencies.
In 2023, the Financial Services Commission (FSC) of Belize, on behalf of the government, joined an international standard for automatic exchange of information between tax authorities in countries with active cryptocurrency markets-the Crypto-Asset Reporting Framework (CARF). This move suggests a growing recognition and regulation of cryptocurrency markets in Belize.
Questions & Answers