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FOREIGN OWNERSHIP OF PROPERTY IN BELIZE
PROPERTY TRANSFER
The Department of Natural Resources charges a certain percentage per transaction when the properties change hands.
Purchase of Land by Non-Belizean -
There are certain criteria’s and the rules which ahs to be followed by the foreign owners while pur4chasing the property in Belize
(1) Non-Belizean pay 5% of the Selling Consideration as a Stamp Duty or Transfer Tax to the Government of Belize.
(2) Registration and fees are nominal - $7.50 USD
(3) Lawyer's Fee for Legal Services for Conveying property is approximately 1-2% of Selling price.
(4) Closing cost for a Non-Belizean is between 11and 13% of the selling cost.
Purchasing of Land by Belizean -
Where as when the Belizean purchase
(1) Belizean pay 5% of the Selling Consideration as a Stamp Duty or Transfer Tax to the Government of Belize.
(2) Registration and fees are $15.00BZ.
(3) Lawyer's Fee for Legal Services for Conveying property is approximately 2% of Selling consideration.
(4) Approximate closing cost for of Belizeans is between 6 and 8% of the selling cost.
ATTORNEY FEES
This fees start with approximately 2% of the sale price. In most cases the attorney are contracted to provide the deeds and contracts for the property transactions.
OTHER FEES
a) Registration fees
b) Recording fee
c) Registrar general's fee
d) Fees for the publishing notices in the Government Gazette.
There is no capital gains tax or inheritance tax in Belize.
TAXES
When real estate is sold. The land transfer tax is levied on the transaction. It is usually the purchaser who pays the tax however, both the purchaser and the owner can agree to share a percentage.
PROPERTY TAXES
Property taxes lies between 1-1.5% of the set value of the land and made by the Department of Natural Resources. Taxes are collected on the 1st of April of each year.
SPECULATION TAX
This tax was implemented in 2002. The tax is levied at 5% of the undeveloped value of the land set by the Department of Natural Resources, and applies to property 300 acres and more. It discourages speculation on large tracts of land and is meant to encourage development.
TAX HOLIDAYS
The Belize Government allows tax holidays and some other concessions to encourage both local and foreign investment in Belize. Under the Fiscal Incentives Act of 1990, tax holidays can be up to 25 years depending on the nature of the business and how much of it is locally owned. Buy Belize Real Estate will organize meetings with the Prime Minister or Minister of Tourism where necessary. Foreign investors may repatriate 100% of their investments and profits provided that they register all foreign exchange brought into the country with the Central Bank. The Central Bank will require that you send audited financial statements annually to their offices. A minimum of $250,000.00 BZD must be invested so as to qualify for tax concessions in the country. All the applications must be submitted to the Ministry of Economic Development.
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