Financial Sector Eases Banking for CARICOM Citizens

Through the implementation of the Free Movement Regime, eligible nationals from Barbados, Dominica, and Saint Vincent and the Grenadines can now live and work in Belize under an “indefinite stay” status.

In alignment with this move, the Central Bank of Belize has announced that CARICOM nationals with indefinite stay status will now enjoy the same banking privileges as resident Belizeans. Among the key changes, CARICOM nationals with indefinite stay status can now open local currency accounts without prior Central Bank approval and are free to buy or sell property and register local businesses without submitting written notice to the Bank.

However, Belizeans planning to migrate to Barbados, Dominica, or Saint Vincent and the Grenadines must still seek approval for fund transfers.

As Belize deepens regional ties, the Central Bank emphasised that all financial institutions must continue to uphold anti-money laundering and counter-terrorism financing standards. Banks have been instructed to update internal procedures and train staff to implement the new measures effectively.