Frequently Asked Questions - Belize

Q.   Who can purchase land in Belize?
Anyone, including non-Belizeans can purchase property in Belize and will be granted a freehold title.

Q.   What taxes should I expect to pay?
Property Tax
Property taxes range between 1% and 1.5% of the value of the property set by the Department of Natural Resources. These taxes are due April of each year and can be paid at any lands department countrywide.
Speculation Tax
This tax applied only 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
Currently a new lower transfer tax has been put in place and the percentage depends on the purchase price amount.

Q.   What other fees might I need to consider?
Registration fees are very minimal at approximately BZ$15 or US$7.50
Legal fees for conveying property range between 2% and 3% of the selling price.

Q.   Do I have to be in Belize to buy or sell property?
No, many transactions are completed whether the purchaser or seller is not in Belize. The documents are sent via Express mail (FedEx, DHL or UPS) to the absent party and executed in front of a notary public. Buyer offers can be completed by facsimile which is legally binding in Belize.

Q.   What are the factors that determine Real Estate prices in Belize?
  1. Location of the property
  2. Accessibility to property (major roads, highways)
  3. Proximity to major towns, villages and shopping centers
  4. Proximity to International Airport and International Import/Export Ports
  5. Proximity to water bodies (creek, river, lake or ocean)
  6. Access to Utilities
  7. Qualification of Property: i.e. Commercial, Residential etc.
  8. Quality of Improved or unimproved property
  9. Building materials used and finishing touches
10. Distance for transporting good

Q.   How do I go about making an offer or purchasing land through Tropic Real Estate?
First you must make an offer which we will present to the seller for approval. After the seller has accepted the offer, we will write up a contract and have seller and buyer sign, then we will require a deposit of 10% of the asking price of the offer in our US bank account. This deposit is a 100% refundable should the seller withdraw the offer. The buyer has the option to hire an attorney in Belize to carry out the closing or have us do it. The balance of the money is due at closing.

Q:   Why Belize?
Belize is English speaking
No qualifications needed to purchase property
Acquire full title to land and property
Only 2 hours by air to the US
No Inheritance Tax
No Capital Gains Tax
Good standard of living
Stable government
Member of the British Commonwealth
Member of the United Nations
Fixed exchange rate
Tropical climate
2nd largest barrier reef in the world (great fishing and diving)
185 miles of unspoiled coastline
Low population
Clean air and water
No smoke stack industries
Ethnic Diversity

Q.   How do I obtain Belizean citizenship?
Upon entering Belize, you are given a 30 day entry stamp. If you wish to remain in Belize for a longer period of time, you must contact the nearest Immigration Office for an extension. You may apply for permanent residence after having one year of legal residence in Belize. After being a legal resident for 5 years or over, you may apply for citizenship in Belize.

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