Question:
When is the best time to visit Belize?
Answer:
Feb - April is the driest time of the year, while July is the wettest month. High season runs from mid-December to April. The rest of the year is less crowded, lodging is discounted and the tropical diversity is most evident during this time of the year.
Question:
Can I own property in Belize?
Answer:
It is legal for a foreigner to own property in Belize and property transfers are handled similarly to the US. Freehold title will protect your interest. There is a tax on property transfers.
Question:
What taxes should I expect to pay?
Answer:
Property Tax
Property taxes range from between 1% to 1.5% of the value of the property set by the department of Natural Resources.
Speculation Tax
Thus tax applied to undeveloped property of 300 acres or more. It is 5 % of the undeveloped value of the land set by the Department of Natural Resources.
Transfer Taxes
Belizeans pay 5% of the selling consideration as a stamp duty or transfer tax - non-Belizeans pay 15% of the same.
Question:
What other fees might I need to consider?
Answer:
Registration fees are very minimal, approximately BZ $15 or US $7.50.
Legal fees for conveying property range from between 1% to 3 % of the selling consideration.
The closing cost for a Belizean purchasing land is approximately 6-8% of the selling consideration. The closing cost for a non-Belizean is approximately 11-13% of the same.
Question:
What are the factors that determine Real Estate in Belize?
Answer:
Location of the property
Accessibility to property (major roads highways)
Proximity to major towns, villages and shopping centers.
Proximity to International Airport and International Import / Export
Access to Utilities
Qualifications of property (i.e. Commercial, Residential.)
Quality of improved or unimproved property
Building materials used and finishing touches
Distance for transporting goods.
Question:
How do I ensure the property that I want to buy has clear title?
Answer:
By having your legal representative research the title and issue a title opinion. The title is researched in the Lands registry and in the Companies Registry if the land is held under a company. Liens judgments and encumbrances are valid only of properly lodged. A title opinion for land which is not in the new registration section, such as conveyed land, taxes a little longer as an abstract of title must first be prepared that goes back no less than 30 years. The statute of limitation on land claims is 30 years. An opinion of good and clear title will be issued once the attorney has satisfactory examined the abstract in fine detail.
Question:
Do I have to be in Belize to buy or sell property?
Answer:
No, many transactions are completed where either the purchaser or seller is not in Belize. The documents are sent via Fed Ex to the absent party and executed in front of a notary public. Purchaser offers can be completed by facsimile which is legally binding in Belize.
Question:
What about property insurance?
Answer:
All manor of insurance is available in Belize. For more information go to www.rfginsurancebelize.com.
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