Scotiabank
“Scotiabank is dedicated to anticipating and responding to the vitality, economic growth and expansion in Central and South America. In fact, we've been active in the region for almost 40 years. With branches, representative offices and affiliations with the top banks in the regions, Scotiabank is pleased to offer a wide range of personal, commercial and retail, corporate, and trade finance services”
Belize Bank
“The Belize Bank is the largest full service commercial banking operation in Belize providing a wide range of banking and financial services to both domestic and international customers.”
Legality of Buying & Selling Property in Belize
Real estate investors considering making a land or property purchase in Belize are afforded the same legal rights as Belizean citizens when it comes to freehold property ownership. Title insurance is not necessary and closing costs are low as there is no capital gains tax.
The following is general information on purchasing real estate in Belize. It is not to be construed as legal advice. Real estate laws on the mainland can be quite different than those on islands, coastal areas, and areas near national borders. Independent legal assistance should be sought and secured before proceeding to purchase.
There are few restrictions applied to international purchasers and because the legal system in Belize is based on British common law the entire property buying process is relatively simple. There is no visa, permission or license requirement for an individual to take freehold title to land or property in Belize upon purchase. A buying decision can be made and executed quickly which suits many investors who want to simply invest in parcels of land or real estate developments without complication. The only real restrictions that apply to non-Belizeans wanting to purchase are a government approval requirement via the Ministry of Natural Resources.
Once you have found the property and negotiated the price it is standard to sign a preliminary contract and pay a deposit of up to 10% of the final purchase price. The contract you sign will be provisional to the acceptable conclusion of land and title searches. Once all checks have been completed and no problems have been unearthed the final contract will be signed and the final balance will be transferable and title deeds will be transferred.
Property taxes vary by area but are generally low ranging from about 1.5% for land. Property tax on homes is usually less.
All deeds and contracts are made by attorneys and are recorded in the General Registry. They must also guarantee the title they make. In some areas of Belize condominium laws apply. In such cases it is advisable to have an attorney examine the contract before deciding on purchasing the property.
Environmental impact statements are necessary for the development of a piece of property, especially property on the coast.
Property purchasers can take title to freehold property in Belize in one of three different ways:
Deed of Conveyance:
Ownership by way of conveyance is a registered right to ownership of property. Ownership by conveyance can be converted to a Certificate of Title via an application for first registration. Any subsequent buyer is issued a Transfer Certificate of Title. Do make note that a Deed of Conveyance is a valid legal title only once an attorney has confirmed that the seller has valid title to the property.
A Transfer of Certificate:
A Transfer Certificate of Title is a physical title to a particular parcel of land. This form of ownership is secure – but it is more expensive and time consuming than a Deed of Conveyance.
A Land Certificate:
A Land Certificate is an absolute title and applies to property purchases in new or specially designated areas. The Government is in the process of re-registering all freehold lands under the Registered Land Act of 1987 to achieve a uniform system of land ownership.
The above was taken from:
U.S. Embassy Website
Ministry of Natural Resources Website
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