It Is Very Easy to Purchase Property in Belize. YES!!
- English is the offical language of the Coutry.
- All our contracts and laws are in English.
- The British Common law Rules remain in force in Belize.
Is it wise to purchase property in Belize right now? YES!!
- Property values are steady and strong
- Property Values have increased over the past 20 years.
- Belize has no capital gains tax
- No inheritance taxes
- The currency exchange is fixed at a rate of $2 bz (Belize dollars) to 1 US dollar
- Belize has a stable economy
- Non-Belizeans can own property in Belize. Non-Belizean has the same rights as Belizeans in regards to land ownership.
Estimated Time the transactions take:
It takes approximately 30-90 days to complete a transaction
Is it possible to get financing?
Usually property owners agree to property financing at 10% - 15% interest. The rate is negotiable and far less than what is available at the local financial institutions (18%).
Buying or Selling a Property in Belize does not require you to be in the country. Our Agents will provide you with digital photos and videos upon request should you be away. However, we always recommend to our clients to take a trip to Belize at least for the initial property viewing.
First of all we are not able to submit an offer to any property without a deposit (down payment). Most transactions take place in Belize in USD American dollars.
Note that Buy Belize Real Estate will be beside you at all times throughout any the buying and selling process - From start to finish.
The first step: Submitting an offer:
Once the offer has been completed (signed and witnessed by a Justice of the Peace) and the purchasers money has been put into our escrow account, the offer and acceptance of sale becomes a binding and legally enforcable contract.
All of our contracts contain a time period within which all transactions should be completed. There is always a proper due diligence period on the form for the buyer.
Once we have acquired a completed Offer of Acceptance from the seller we are in business. At this point we proceed to carry out a title search which is a legal requirement for properties in Belize (these provide a search as far back as 25 years concerning the history of the property) so as to ensure there are no liens or taxes in arrears on the property.
Next, we will prepare a contract concerning the Agreement for Sale and present it to the sellers for them to sign and witness infront of a Justice of the Peace in Belize. At the same time, we will be preparing the original title transfer document for the property so that they may be signed at the same time.
After preparing the above mentioned documents, you will receive a phone call and email from our company requesting the balance of the monies to be payed for the downpayment. The full purchase price will be requested for deposit to the escrow account based on the time specified on the Purchase Offer or Agreement for Sale.
Next, we execute the transfer documents and we provide you with a copy and reciept of thier documentation at the land registry.
Should you request that we utilize an attorney, we can arrange for a local attorney to over look the contracts. In that case, we await word from the attorneys informing us that the documents are in order.
Note: The full monies deposited to the escrow account will not be given to the Seller until the transfers have been completed. All monies in the Escrow Account are protected and deposited for a single purpose and will not be released until that purpose has been fulfilled.
The executed documents will subsequently be processed at the Lands Registry. We then wait for the Lands Registry to prepare the new title for us in your name.
Once the documents are recieved, we will Fedex a package to you for you to fill out and complete in front of a notary public. Facisimile, are accepted in Belize.
In Belize, everyone must pay a stamp duty tax on the property they are purchasing. The rates are as follows:
a) Value of property purchase up to $10,000.00US no Transfer Tax tax payable.
b) Properties with a value of $10,000 USD and up pay 5% Transfer tax.
Note that on purchases over $10,000 USD, the initial $10,000 USD will not be taken into consideration when calculating the tax to be payed - its remains tax free.
Legal fees for title research - $ 250 usd
Title Transfer - $ 500 usd
Escrow Charges - $250 usd
Legal Fees for drafting Contracts - Agreement for Sale - $250 usd
It is customary that the purchaser pays for all closing costs under Belize transactions.
Stamp duty - 5% belizean , 5% foreigner ( government tax ) (Recently Reduced)
Bank approval - US$50 ( government tax )
Registration fee - US$15 ( government tax )
New title fee - US$15 ( government tax )
Inspection of the record - US$100
Courier fee - US$50 per trip
Bank charges for wiring - US$20
Sales tax - 9% on legal fees ( government tax ).
Note: Some of the prices above could vary.
We protect our clients at all stages of the transaction and remain guardians of the escrow at ll times. Should the seller default or for anywhich reason the property cannot be trasfered we will return the escrow deposit in full to our clients.