Business & Economy
Belize Enacts New Insolvency and Bankruptcy Act to Modernize Financial System
The Financial Services Commission (FSC) has announced the enactment of the Insolvency and Bankruptcy Act, 2025, a significant reform aimed at modernizing Belize’s financial framework. Effective September 17, the new law replaces the Bankruptcy Act of 1902 and introduces a comprehensive system that addresses insolvency and bankruptcy for individuals, businesses, and financial entities. It emphasizes fairness, transparency, and mechanisms to support economic recovery.
Business & Economy
MSMEs Gain Relief Under Belize’s New Tax Amnesty
The Office of the Prime Minister (OPM) officially launched the Fiscal Incentive MSME Business Tax Amnesty Program on September 19th in Belmopan. The initiative, supported by the Ministry of Investment’s Investment Policy and Compliance Unit (IPCU), the Belize Tax Service (BTS), BELTRAIDE, and the Economic Development Council (EDC), is designed to help micro, small, and medium enterprises (MSMEs) formalize their operations with the BTS.
Business & Economy
CIB’s President Luigi Wewege discusses why Europeans are showing interest in Belize
In a recent article published in the Times of Malta, Belize is described as a small English-speaking nation on the Caribbean coast of Central America, popular not only for tourism but also for migration and offshore banking. Luigi Wewege, President of Caye International Bank (CIB), based in San Pedro Town, Ambergris Caye, outlined why Europeans are increasingly drawn to the country for its climate, security, and financial opportunities.
Business & Economy
Belize to Implement CARICOM Free Movement with Three Countries
As of October 1st, Belize, Barbados, Dominica, and St. Vincent and the Grenadines are expected to begin implementing the free movement of their citizens...
Business & Economy
New Minimum Wage Proposal Divides Opinion Across Belize
On Tuesday, September 16th, Prime Minister Honourable John Briceño delivered his State of the Nation address at the University of Belize campus in Belmopan City. He spoke about the country’s progress and challenges in the economy, jobs, and national security. One announcement that drew considerable attention was another planned increase in the minimum wage from $5 to $6 per hour. While employees would take more money home, some stakeholders and critics argue the move could negatively affect the local economy.
Business & Economy
Tropic Air Officially Launches Three New Cessna Grand Caravan EX Aircraft
Tropic Air marked a significant milestone on September 17 with the official launch of three new Cessna Grand Caravan EX airplanes at Philip S.W. Goldson International Airport (PGIA). The additions strengthen the airline’s commitment to improving service quality and advancing Belize’s aviation industry.
Business & Economy
Low Season Leaves Secret Beach with Fewer Crowds
The popular recreational area northwest of San Pedro Town, Secret Beach, is seeing fewer visitors as the tourism low season sets in. During peak months, the beach is usually bustling with activity almost daily. Still, in recent weeks, the crowds have dwindled, forcing local businesses to adapt while continuing to cater to those seeking a quieter experience.
Business & Economy
Belize Investment Summit 2025 Yields Billions in Investment Commitments
First held in November 2021, the Belize Investment Summit was created to attract and promote investment for economic development in Belize. The summit is a high-profile event led by the Office of the Prime Minister and the Ministry of Finance, Investment, and Economic Development. Organised every two years, the 2025 edition, held from September 3 to 5, was themed Bridging Markets, Building Resilience. It concluded as a resounding success, attracting over 600 prominent international investors, business leaders, government officials, and local entrepreneurs. Preliminary estimates indicate investment commitments exceeding BZ$1.5 billion across various sectors.
Business & Economy
San Pedro Businesses Struggle Amid Record Sargassum Influx
This year has brought record levels of Sargassum to the Caribbean, with unprecedented amounts of the brown algae affecting coastlines across the region, including Belize. On Ambergris Caye, the heavy influx has forced some beachfront businesses in San Pedro Town to shorten operating hours, while others have extended seasonal closures until October, when the seaweed is expected to subside.
Business & Economy
San Pedro Records Highest Inflation in Belize in July 2025
San Pedro Town recorded the sharpest rise in consumer prices for July 2025, with an inflation rate of 3.1% compared to July last year. According to the Statistical Institute of Belize (SIB), the island community has experienced a continuous increase in inflation throughout 2025, outpacing the national average of 1.2%.
Business & Economy
Caye International Bank and President Luigi Wewege Honored at 2025 Global Excellence Awards
Caye International Bank (CIB) and its president, Luigi Wewege, have once again been recognized on the international stage, earning top honors at the 2025 Global Excellence Awards presented by Acquisition International magazine. CIB was named Offshore Bank of the Year 2025 for Central America, while Wewege received the title of Offshore Bank President of the Year 2025 for Central America. The awards highlight both the institution’s and its leader’s commitment to excellence, innovation, and client service in the offshore banking sector.
