It Is Very Easy to Purchase Property in Belize.
a) English is the offical language of the Coutry.
b) All our contracts and laws are in English.
c) The British Common law Rules remain in force in Belize.
Is it wise to purchase property in Belize right now?
Property values are steady and strong
b) Property Values have
increased over the past 20 years.
Belize has no capital gains tax
e) 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
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.
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
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 ).
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.