Posted: Thursday, January 6, 2022. 4:17 pm CST.
By BBN Staff: A Belizean institution, Caye International Bank, has been awarded 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 President Luigi Wewege, received the awards due to consistently high levels of performance in all that pertains to client services as well as financial services and products.
The series of awards were issued by several important publications.
International Investor Magazine, an online publication that provides news, insights, and analysis about world markets and investment opportunities, named Caye International Bank to be the Best Offshore Bank for CARICOM 2021. The magazine also listed the bank’s newly elected president, Luigi Wewege, as Private Banker of the Year (CARICOM 2021). It reports that the awards represent its readers’ choices of organizations that provide the investment community with better ways of doing business.
Global Banking and Finance Review wrote that Caye International Bank was the Best Private Bank for Central America. The publication’s awards reflect innovation, achievements, and strategic changes within the global financial community. They recognize companies of all sizes that are prominent in various areas of expertise within the financial world.
Pan Finance Magazine‘s awards identify organizations and individuals that have excelled in their respective fields. It listed Caye International Bank as Private Bank of the Year for LATAM 2021, and it named Luigi Wewege as Private Banker of the Year (LATAM 2021) as well.
Finally, Corporate Vision Magazine called Caye International Bank the Best International Private Banking Services Provider of 2021.
Caye International Bank’s Chairman, former Belizean ambassador and attorney Joel Nagel, explained the reasons why he believed the bank received so many awards among all those throughout Latin America. Nagel said: “Caye International Bank is well known for its great client services as well as its integrity and reliability. It is therefore no surprise that it continually receives such awards year after year.”
Michael K. Cobb, Director of Caye International Bank, commented: “We are very proud of the level of service that our bank provides, and that is why it has been recognized as one of the best banks in all of Latin and Central America.”
Caye International Bank’s President, Luigi Wewege, added: “The fact that we have received all these awards from such recognized global publications demonstrates the commitment and teamwork of the bank’s management and governance to continuous growth plus innovation.”
The awards issued in 2021 comes on the heels of Caye International Bank having received other prestigious awards every year prior. Global Finance Magazine awarded the bank as the Best Private Bank in Belize in 2020 for the third year in a row. In 2019, Wealth and Finance International 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 headquartered on Ambergris Caye island, Caye International Bank plays a particularly important role in Belize’s economy, where tourism drives demand for new and existing businesses. The bank does not just provide a place for offshore savings accounts but also serves as a source of funds for investment in these local businesses and in other opportunities that support the country’s economy as a whole. The bank finances enterprises that range from commercial mortgages to residential construction loans, thus allowing foreigners to help boost Belize’s economic growth.
Belize is a stable country with a growing economy increasingly becoming known to be a good place for banking, specifically when compared with the United States, Canada, or Europe. This is due to its zero-tax rate on many personal and business accounts as well as its strong bank secrecy laws, which give clients increased privacy and confidentiality. Since the local currency is pegged to the dollar of the United States at a rate of two-to-one, the funds of clients who bank in Belize are safe and unlikely to experience currency devaluation.
Furthermore, Belize’s asset protection laws help ensure that funds held under 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 24% liquidity ratio, making it one of the highest in the world for any international bank.
In addition, the government of Belize has been particularly welcoming of foreign investment, with incentives such as no limitations on exchange control for account balances. Thus, people can deposit and withdraw funds at any time, which cannot be said for other locales.
Although Belize has felt the impact of COVID-19 in several sectors, including its economy, the country has managed quite well in relation to others. In general, thanks to its culture and forward-thinking attitude, attorney Joel Nagel said that Belize overall is set to grow further in the field of offshore banking and investment as its laws continue to be fine-tuned to guarantee that the country is at the forefront of best practices for offshore banking solutions.
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