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FOREIGN
OWNERSHIP
Real Estate prices
in Belize are higher than the rest of Central America.
However in contrast, Belize is quite economical in comparison
with prices in general for the Caribbean.
Attractive lots sell for about $15,000.00
US and up while beach front lots sell from $1,500.00 -
$2,000.00 US per beach front foot. Land prices vary depending
on
the area. Property with river frontage or beach frontage
is by far the most desirable and costly.
PROPERTY
EXCHANGE OR TRANSFER
When properties
are sold or exchanged, the Department of Natural Resources
charges a certain percentage per transaction.
Purchase
of Land by Non-Belizean -
- Non-Belizean pay 10% of
the Selling Consideration as a Stamp Duty or Transfer
Tax to the Government of Belize.
- Registration and fees
are nominal (approximately $15.00BZ).
- Lawyer's Fee for Legal
Services for Conveying property is approximately
1-3% of Selling consideration. Each individual
is entitled to seek own personal Legal Council.
- Approximate
closing cost for a Non-Belizean: 11-13% of the
selling cost.
Purchasing
of Land by Belizean -
- Belizean pay 5% of the
Selling Consideration as a Stamp Duty or Transfer
Tax to the Government of Belize.
- Registration and fees
are $15.00BZ.
- Lawyer's Fee for Legal
Services for Conveying property is approximately
1-3% of Selling consideration. Each individual is
entitled to seek own personal Legal Council.
- Approximate closing cost
of a Belizean: 6-8% of the selling cost.
Attorney fees start at
roughly 2% of the sale price. Deeds and contracts
are made by attorneys and are recorded in the General
Registry. They must also guarantee the title they make.
In some areas of Belize, "Condominium laws"
apply. In such cases it is advisable to have an attorney
examine the contract before deciding on a purchase of
the property.
Additional cost that are levied
include, registration fees, recording fee, registrar general's
fee and 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. a 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 opt to share
a percentage.
Property taxes are between 1-1.5% of the set value
of the land and made by the Department of Natural Resources.
Due date is 1st of April of each year.
Property tax on houses are usually less.
The Speculation 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. This is to discourage speculation
on large tracts of land and is meant to encourage
development. This
taxes are due 1st of
April of each year.
The Belize Government
grants tax holidays and 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.
Foreign investors may repatriate
100% of their investments and profits provided
they register all foreign exchange brought into
the country with the Central Bank and supply
audited financial statements annually. A minimum
of $250,000.00 BZD must be invested to qualify for
any concession. All applications must be submitted
to the Ministry of Economic Development.
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