 OVERVIEW Belize is located on the Caribbean seaboard of Central America between Mexico and Guatemala and has a population of approximately 273,700. It has an area of approximately 9,000 square miles; 174 miles at its longest point by 68 miles at its widest point. By the early 1900's, Belize had grown to nearly 40,000 inhabitants. But a destructive 1931 hurricane destroyed Belize City and by the 1930's, the economy was so poor that the residents began to call for independence. By 1954 voting rights were extended to all adults, and by 1961, England agreed to begin the process of setting Belize free. In 1973, the colony's name was changed from British Honduras to Belize and on September 21, 1981, Belize's Independence was declared. English is the official language of Belize. Belmopan is the capital of the country, which was built in 1970. POLITICAL STRUCTURE Belize became a British Crown Colony in 1862 and became independent in 1981. It is now a parliamentary democracy. BANKING AND COMMUNICATIONS There are several major commercial banks in the Belize, which offer a full range of domestic and offshore services. The local currency is the Belize dollar which is tied to the US dollar at an exchange rate of BZ$2.00=US$1.00. There are excellent telecommunications; and airlines connect with major international routes through Miami, Houston and New Orleans. All major courier companies service Belize. LAW AND TAXATION The law of Belize is derived from English Common Law supplemented by local legislation. The court system is also similar to that of England and the final Court of Appeal is the Privy Council in England. Contract and commercial law is based on English Common Law. Offshore business can be carried out in a tax-free environment. An IBC cannot carry on business with residents of Belize, or own real estate in Belize. Why the Belize?
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