- Since the Alien Landholding Act was abolished back in 2001, there are no longer any licenses, permits, or even individual permissions or conditions for a foreigner to acquire a title to freehold land in Belize. This also means a foreigner can own property and have the same rights as a citizen of Belize.
- Have professional legal advise standing by when it comes to purchasing the property. However, you can also find an experienced and highly reputable paralegal who can help finalize a purchase and check the title history of local properties. On the other hand, closing costs and how to take your title will require qualified legal representation.
- While commonplace in the U.S. and Canada, title insurance isn’t so usual. It does, however, offers a title guarantee through a primary American Provider. The Government of Belize guarantees most titles while your local lawyer can provide an opinion on the secure purchase of the property.
- Closing costs are straightforward as there is no capital gains tax on the purchase or sale of real estate. There is a 5% stamp tax on the declared purchase price of the property at the time of title transfer. If you reside in Belize for less than three years, there is an additional 5% tax. It’s necessary to review and understand all your options before completing a sale.
- Though local financing is available, it’s not recommended as most foreign property transactions are cash or financed offshore. Professional advice is always essential when seeking funding.
- Make sure the title is searched and not carrying any liens or encumbrances like mortgages.
- Make sure the property is owned by that supposed vendor and confirm the title search was carried out.
- If taxes on the property haven’t been paid, then you won’t be able to purchase it.
- Be wary of strangers living on the property and claiming rights to the land and building.
- The sales agreement must be valid governing the purchase, and there’s no existing challenge to the title unknown to the vendor.