Caye International Bank in Belize, chaired by Joel Nagel, named Best Offshore Bank in the Caribbean Community
Posted: Thursday, January 6, 2022. 4:17 p.m. CST.
From BBN staff: A Belizean institution, Caye International Bank, received a plethora of awards this year, making it one of the best in all of Latin America. The bank, which is led by Chairman Joel Nagel and newly elected Chairman Luigi Wewege, received the awards due to its consistently high levels of performance in everything relating to customer services as well as financial services and products.
The series of awards has been presented by several major publications.
International Investors Magazine, an online publication that provides news, insights and analysis on global markets and investment opportunities, has named Caye International Bank Best Offshore Bank for CARICOM 2021. The magazine also named the bank’s newly elected chairman , Luigi Wewege, as Private Banker of the Year (CARICOM 2021). He reports that the awards represent his readers’ picks of organizations that provide the investment community with better ways to do business.
Review of Global Banking and Financial Activities wrote that Caye International Bank was the best private bank in Central America. The publication’s awards reflect innovation, achievement and strategic change within the global financial community. They reward companies of all sizes that stand out in various areas of expertise within the financial world.
Pan Finance MagazineThe ‘s awards identify organizations and individuals who have excelled in their respective fields. He ranked Caye International Bank as Private Bank of the Year for LATAM 2021, and he also named Luigi Wewege as Private Banker of the Year (LATAM 2021).
To finish, Corporate Vision Magazine named Caye International Bank the Best International Private Banking Provider of 2021.
President of Caye International Bank, former Belize Ambassador and Lawyer, Joel Nagel, explained why he thinks the bank has received so many awards among all those in Latin America. Nagel said, “Caye International Bank is well known for its excellent customer service as well as its integrity and reliability. It is therefore not surprising that he continuously receives such awards year after year.
Michael K. Cobb, Director of Caye International Bank, said, “We are very proud of the level of service provided by our bank, which is why it has been recognized as one of the best banks in all of Latin America. and central. ”
President of Caye International Bank, Luigi Wewege, added: “The fact that we have received all these awards from recognized global publications demonstrates the commitment and teamwork of the management and governance of the bank. for continued growth and innovation.
The awards presented in 2021 follow Caye International Bank which received other prestigious awards each year before. Global finance magazine awarded the bank the Best Private Bank in Belize 2020 award for the third consecutive year. In 2019, Wealth and International Finance ranked it as the best offshore private bank in Latin America and also named it the most outstanding offshore bank in Central America in 2018.
As the only international bank based on the island of Ambergris Caye, Caye International Bank plays a particularly important role in Belize’s economy, where tourism drives demand for new and existing businesses. The bank not only provides a place for offshore savings accounts but also serves as a source of funds to invest in these local businesses and other opportunities that support the economy of the country as a whole. The bank finances businesses ranging from commercial mortgages to residential construction loans, allowing foreigners to help drive Belize’s economic growth.
Belize is a stable country with a growing economy that is increasingly known to be a good place for banking, especially when compared to the United States, Canada, or Europe. This is due to its zero tax rate on many personal and business accounts as well as its strict bank secrecy laws, which provide customers with increased privacy and confidentiality. Since the local currency is pegged to the United States dollar at a two-to-one rate, customer funds banking in Belize are safe and unlikely to suffer currency devaluation.
Additionally, Belize’s asset protection laws help ensure that funds held in the right structures are protected from lawsuits. Essential bank reserve requirements in Belize are also much higher than those in the United States, with Caye International Bank specifically having a liquidity ratio of 24%, making it one of the highest in the world for all international banks.
Additionally, the government of Belize has been particularly supportive of foreign investment, with incentives such as no exchange control limitation on account balances. So, people can deposit and withdraw funds anytime, which cannot be said for other places.
Although Belize has felt the impact of COVID-19 in several sectors, including its economy, the country has fared quite well compared to others. In general, thanks to its culture and forward-thinking attitude, lawyer Joel Nagel said that Belize is on the verge of further development in the field of offshore banking and investment, as its laws continue to be refined to ensure that the country is up to it. at the forefront of best practices in offshore banking solutions.
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