Many people will be able to point you in the direction of buying property in Belize, but when it comes to making such an important investment decision, deal with a professional. Get the facts from reliable sources. The following briefly describes purchasing property in Belize.

Procedure for Purchasing Property With your Real Estate professional, prepare an Offer to Purchase, specifying the Purchaser’s name and address, the Seller’s name and address, the property legal description, purchase price and terms of the offer. All the terms of the sale will be written into the offer. The offer, signed by the Purchaser, will be accompanied by a deposit (usually 10%).

NOTE: There is a newly formed Association of Real Estate Brokers of Belize, and there is a Bill for a Real Estate Act which will be a control and licensing body in Belize, but to date there is no one accepted format of an “Offer to Purchase” form, but there is an accepted schedule of ethics. When a signed Offer to Purchase has been accepted by the Seller or Authorized Agent and the deposit funds have been transferred to the Broker’s “client account,” the offer becomes a valid accepted offer, under the terms agreed to.

Expenses Other than Purchase Price With a transfer of land whether by sale, exchange or gift, there is the Belize Government Stamp Duty and a Filing Fee. The Stamp Duty is based on a percentage of the value of the land or the consideration, whichever is the greater. Stamp duty is now 5% of value with exemption on Bz$20,000 for all transfers of land. No stamp duty on value Bz$20,000 or less, or lands transferred by testamentary disposition or by intestacy, for which duty is zero. Filing fees are Bz$30. The Purchaser pays the Stamp Duty and Filing Fees on the property transfer, and this should be stipulated in the Offer to Purchase.  Legal fees are usually negotiated, and normally cost about 2% of the value for the Purchaser, 1% for the Seller. Your attorney, or paralegal will ensure that the title to be transferred is good and marketable.

Title Systems The system of land title registration used in Consejo Shores is governed by the Registered Land Act system with Absolute Fee Simple Title granted.

Property Taxes Separate valuations are kept for Agricultural, Suburban and Beach lands based on unimproved value of the land, at 1% of categorized value per annum. The Lands Department must be advised of any change in ownership. All taxes are due each 1st April in respect of the twelve months beginning on that date. Residential lot owners at Consejo Shores are currently paying according to the new categorization system, which amounts to approximately BZ $50.00 per annum.

Miscellaneous Belize has no tax on Capital Gains or Inheritance Tax (Estate Duty).