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Buying property as non-residents

I have read online that there is a new law regarding non-residents buying property in Belize.  We are now required to get approval from the Central Bank of Belize before we can make a purchase.
Does anyone have any experience with this?  I wonder why we need approval from a bank when we are not even taking a loan from them.

Please post the link to the Rumor you are referring to.

You may might want to check with several local Real Estate offices because IF true, this will surely  affect their business.

I was looking at this sancasrealty.com/eng/buying

I am currently in Process with Consejo Shores for a piece of land. AFTER I submitted my offer letter and deposit they made me aware I had to bring a bank statement and I had to pay GST on a piece of dirt. They also made aware that there is an additional fee for purchasing through the Central Bank. When I pressed them on the matter they explained it was to make sure I had the money----well I am a cash buyer so why the hell do they need to make sure I indeed have the money?

The money laundering act may have something to do with it. So they are a tax haven but want to make sure you aren't an international drug smuggler? Doesn't make sense. Just another fee.

Read here:
www.ibanet.org/Document/Default.aspx?...C678...


In multiple aspects, Belize is becoming less and less attractive. I am in business (contractor) and younger than most looking at going to Belize. Most will just cut the check--I will not. I also have a problem with the attorneys and their fees in Belize. They charge like they are in New York City or Philadelphia. Fear mongering is rampant and so are "the money grabs" from the lawyers and government right down to the Mennonite Builders, they are charging people like they have the same costs on the East Coast of the United States. They are all filling their pockets at our expense---they are also not forthcoming with the information and give it in pieces or you have to learn it on a blog.

Don't forget 5% Stamp fee. Unless that is the other fee from the bank you were talking about .

The stamp fee is separate from the Central Bank Fee for approval. And they want to see your bank statement which I am leery about. No one needs to know my net worth, I think a tax return would be more appropriate.

@Kevin Performance Construction
That is right, the stamp fee is 5% less 10,000 of the purchase price.
I was also looking at Consejo Shores lot 764 & 765.  Are you already on the ground in Consejo?
Do you plan to go through with the purchase?  Please share your experience.

Kevin,

That link seems to be restricted to registered members of the International Bar Association.

Could you cut and paste the content for the rest of us?

Khang2015

Thanks, the link you posted has now been released for viewing.

Reading that link, I can see one more reason why so many Belizeans so adamantly refuse to list with or have anything to do with Realtors. In the USA, FSBO is alive and well, but nothing compared to Belize.

Last year, when I personally started looking around for property in Belize, I started asking around to everyone I met. I was really surprised at the very large number of properties for sale outside of realtor channels.  To me proving once again, there is no substitute for boots on the ground if you want to get the best deal.

It is no wonder that such a large number of properties in Belize are sold directly by owners and for cash.  Foreign buyers used to going through  "traditional retail" channels are going to miss many  great opportunities.

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