Buying land in Belize

The procedure for buying land in Belize

A Land Consultant advises me that the correct procedure is as follows;

A land owner holds either the 'Deed of Conveyance' or 'Minister's Fiat Grant' in respect of any property they own.

A Land Consultant procures the paperwork necessary for the purpose of transferring the ownership of either of the above documents, from the seller to the purchaser.

Regarding Land Tax;

If the property sale is less than $20k, a $15 recondsideration fee is payable.

If the property sale is more than $20k, the first $20k is disregarded and 5% of the balance is payable as Land Tax to the Government of Belize.

His fee for carrying out the transaction is $300. If you would like his contact details to assist in carrying out your transaction, please contact me and I would be happy to pass that on for you.

More information and tips on buying real estate in Belize;

Although Costa Rica and Panama get all the publicity, Belize is renowned as one of the easiest countries in Central America for foreign buyers. There are no restrictions on noncitizens owning property, no capital gains taxes and low property taxes. The country operates as a member of the British Commonwealth, with English as the primary language, and the Belize currency is fixed 2 to 1 to the dollar, providing a measure of stability to the money market.

Belize also boasts one of most liberal retirement programs in the region, the Retired Persons Incentive Program, first enacted in 1999. Under the program's terms, foreign citizens older than 45 can import their possessions duty free and gain special residence status as long as they meet a few basic requirements.

The primary stipulations are proof of pension income and promises not to seek jobs in Belize. "If they want to own a business or invest in something they can do that," said Cerafina Ross, international relations liaison officer for the Belize Tourism Board. "They just can't work for somebody else."

While there are no restrictions on foreigners owning land, local experts say it pays to know some of the local twists:

• Before a sale can close, the buyer has to pay a transfer tax, also known as the stamp tax, usually about 5 percent of the property's value. The good news: Recently the tax was lowered from 15 percent.

• As in any other country, it is essential to have a proper title to the property. It is common to hire a land consultant to search the title history.