Legal Issues
The Belize legal system is simple and based on Old English Common Law.
Buying Land,
Property or Real Estate in Belize
Property or Real estate transactions in Belize are simple and straight forward.
No one should put off the idea because they are uncertain as to the legality or complexity of the process.
Who may purchase land in
Belize?
Anyone. A non-Belizean may purchase land and property in
Belize. Full title is granted to non-Belizeans.
Purchase of Land by a
Non-Belizean
Non-Belizeans pay 15% of the selling
consideration as a Stamp Duty or Transfer Tax to the Government of Belize.
Registration and fees are very minimal (approximately $15.00BZ / $7.50
US). Lawyer’s Fees for Legal Services for Conveying property is
approximately 1-3% of the Selling consideration. Each individual is
entitled to seek their own personal Legal Council. Approximate total
closing cost for a Non-Belizean citizen is 16-18% of the selling
consideration.
Anual Property Tax
Property tax generally consists of between
1-1.5% of the set value of the property assessed by the Department of
Natural Resources and is due on the 1st of April of each year.
Ownership of Banana Bank Heights
I am the sole benifial owner of the lots at Banana Bank Heights. I have legally drawn
up the subdivision plan with the assitance of a Belizean surveyor and I have register this plan
and I have approval from the Goverment of Belize to offer the lots for sale.
The Buying Process
If you wish to make an investment in a lot at Banana Bank then I will need a deposit of 10% of the purchase price.
It is normal for a lawyer to act as escrow during this process such that all parties are protected and all
transactions are done visibly and 'at arms length'. Once the sales contract has been signed the lawyer will
then register the contract with the relavant Belize goverment bodies. If you do not have a lawyer in Belize
you may use the same firm of lawyers who represent myself or you may wish to instruct a separate firm of
lawyers. In either case if I can assist you please ask.
Is fianance available?
Yes, I need an initial payment of 10% of the agreed purchase price down.
I will finance your purchase up to 10 years at 6% interest fixed.
You may repay the loan at any point without paying any further interest.
Can I subdivide my lot again?
Yes, subject to approval from the Land Utilitisation department.
I need help from a Belize Lawyer
There are many helpful Lawyers in Belize. I can recommend Ms. Tania Moody [tmoody@barrowandwilliams.com]
of Barrow and Williams in Belize City as she has represented me before. She is also familiar with Banana Bank Heights.
see: Barrow and williams
