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PURCHASING PROPERTY
- Buyers pay 5% of
the Selling Consideration as a Stamp Duty or
Transfer
Tax to the Government of Belize.
- Registration and fees
are nominal (approximately $30.00BZ).
- Each individual
is entitled to seek own personal Legal Council.
- Approximate
closing cost 6-9% of the
selling cost.
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.
T A X E S
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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PROPERTY
TAXES
