Belize

Belize has enjoyed peace, stability and democracy since 1964. The country, a British Crown colony in 1862, achieved complete self-governance in 1981. Belize is a member of CARICOM, the British Commonwealth, the United Nations, the Non-Aligned Movement, the IMF, the Organization of American States, Central American Integration System and the World Bank.

Belize’s system of government is a Parliamentary Democracy modeled after the British Westminster model. The Head of state is Queen Elizabeth II represented by the Governor General, who holds the titular Head of State. The governor general, prime minister and cabinet are the executive branch of the government. The legislative branch comprises of a twenty-nine member elected House of Representative elected by universal adult suffrage and an eight member appointed Senate. The laws of Belize are derived from English common law, supplemented by local legislation. The court system is similar to the one in England, and contract and commercial law is also based on the English model. Belize, since 1961, has a two party political system, which is not constitutionally mandated. In the most recent national elections in March 2003, the incumbent government of the People’s United Party after five years of governance was reelected to a second term winning 21 seats and the United Democratic Party winning 8 seats. Both parties are committed to the economic development of the country. Belize will be holding general elections in 2008.

The local currency is the Belize Dollar, which is tied to the US Dollar with a fixed rate of BZ$2.00 = US$1.00.

Belize was one of the first countries in Latin America to begin the digitalization process of its telecommunications system and now has a network that is almost 100 percent digital. Belize was also one of the first to privatize its national telecom company (1988), but gave Belize Telecommunications Ltd. (BTL) a 15 year monopoly concession until 2003 for all phone services including cellular, paging, local and long distance. Today, Belize’s telecom market is open for competition which is evident with the launching of a new telecommunications provider, Speednet (SMART), within the last year.

Belize currently has one international airport, the Philip S.W. Goldson International Airport near Belize City providing daily services to the world through a number of international carriers to the United States and Central America.

Moving around the country has never been easier. The Government of Belize over the past years has been actively improving streets, roads and highways, including improved signage on streets and villages outside of the city.

English is the official and spoken language of Belize. However, many people in Belize are bilingual with the following languages making up their second spoken language: Spanish, Mayan, and Garifuna. As of 2002, Belize has a literacy rate of 98.2 percent according to the United Nations Millennium Statistics Division.

The Belizean Government has promoted economic development through a mixed economy with private sector support and the public sector judiciously utilizing foreign borrowing, mainly on concessional terms, for infrastructure development. As of 2001, real GDP growth rate is estimated at 3% with agriculture, industry and services composing GDP.

The Ministry of Economic Development operates a comprehensive investment scheme which is available to Belizean and foreign investors alike. This provides for a tax holiday for up to 15 years and up to 100% exemption from trade taxes on import of capital equipment and raw materials. Under this investment scheme there are no restrictions on the repatriation of profits, dividends, fees, capital (including capital gains) arising from foreign investments in the country provided all such investments are registered with the Central Bank.

The strength of tourism in Belize lies with the diversity of natural and cultural attractions. Over the past ten years, Belize has actively invested in its tourism initiative. Belize realized that tourism, specifically eco-tourism, could be a real and attractive investment opportunity and an excellent catalyst for economic growth. The country continues to invest in its tourism industry.

The heart of Belize’s tourism industry lies in Belize’s natural and cultural attractions. Belize is home to the longest Barrier Reef in the Northern Hemisphere that offers paradise for fishermen, divers and snorkelers. The Caribbean coast is lined with a coral reef and some 450 islets and islands known locally as cayes, pronounced “keys”. Belize is home to the longest barrier reef in the western hemisphere stemming approximately 200 miles (322 km) and the second longest in the world after the Great Barrier Reef. Three of the four coral atolls in the Western Hemisphere are also located off the coast of Belize, offering a haven for a variety of water sports. Inland Belize holds within its history a Center of the Mayan culture with many archaeological sites throughout the country in various states of exploration. A major portion of the country is comprised of jungle and for the explorer natural untouched wilderness offers spectacular adventure. Visitors can choose from a variety of accommodations from international hotels and guest houses to inland resorts of thatched-roof cabanas as well as restaurants providing a wide range of cuisine. The combination of excellent service, modern corporate and fiscal legislation affords an extremely attractive environment for the global investor.

The cruise tourism industry is one of the most dynamic and fastest growing components of the leisure industry. Since the early eighties, the industry has had an average annual growth rate of 7.9% per year throughout the Caribbean. Similarly, over the last few years Belize has seen port calls skyrocket by more than 100%. This growth rate should see a dramatic increase as we continue to attract lines to Belize. Belize City is a major focal area, hosting over 40% of all Cruise Passengers that come ashore.