Requirements for External or Foreign Currency Loans

Pursuant to Exchange Control Direction 12/2014, which states that  “the specific permission of the Central Bank is required for the granting of any advance (whether by way of loan or overdraft) to any non-resident by residents, or for a resident to borrow from non-residents as per section 1(2) and 28(3) of the Exchange Control Regulations Act.”

These requests are reviewed on a case-by-case basis.

Note: This application should be completed and submitted by your respective domestic bank. 

Steps to apply for approval for a credit application 

1. Gather supporting documentation 

List of Supporting documentation 

i. If a legal entity:
a. Memorandum and articles of association and annual list of shareholders for established companies
b. For shareholder(s) or ultimate beneficial owner(s), notarized copy of passport for each shareholder or ultimate beneficial owner

ii. If a person:
a. Notarized or certified copy of passport
b. Employment letter
c. Immigration status

iii. For both i and ii above:
a. Bank account statement as evidence of source of funds
b. Loan amortization schedule
c. Business plan

The Central Bank reserves the right to request any additional information as deemed necessary for the processing of the application.

    2. Draft the letter of application for an external or a foreign currency loan

    The letter of application for an external or foreign currency loan should be sent  to the Central Bank addressed to the Manager of the Exchange Control Department. If the application is for a foreign currency loan from a local domestic bank, the domestic bank must apply to the Central Bank for exchange control approval. If the application is for a loan at a financial institution outside of Belize, then the applicant or appropriate agent must send the application directly to the Central Bank.

    The letter of application should contain the following information:

    i. Name, full address and country of residence of both borrower and lender
    ii. The amount in Belize dollars of the credit facility
    iii. The purpose and justification for the credit facility
    iv. The terms of the proposed credit facility, including the rate of interest and the repayment period
    v. Non-resident’s source of payments for the credit facility

    3. Email letter and supporting documentation

    Email letter of application and supporting documentation to [email protected].

    An acknowledgement email and application status will be sent via email within 24 hours of submitted application.


    If you have any further questions, please contact the Exchange Control Department of the Central Bank of Belize.