Stamp Tax increase

dqtester wrote:

Not sure if this will have any impact on land purchases, transfers, etc. but the issue of proper valuations, and the amount of time that these transfers are taking definitely needs to be addressed by government. people have been waiting 6 months to a year to get title transferred.

Often in Belize, for many Government services, if one offers to pay an "Expedite Fee" the wait time can be cut drastically.

Example I just needed to register an important document (not property related) at the only office in Belize that one can register it. The $75 US "Expedite Fee"was far less than it would have cost me to stay in Belize City for 3-4 additional days with a rented car. I had my document registered, and two color original certificates handed to me and started the drive back to Stann Creek in just over an hour after the government worker suggested the faster approach.

Like it or not, this is the way timely things happen in Belize.

Brigitte B wrote:

Aerodex - With all due respect - I disagree.

If you are paying someone "to get to the front of the line", you are contributing to the corruption.

And no, timely things happen in Belize, every day, for the majority of the people, without a bribe.

Yes you are correct  I did go with the system to save myself hundreds of dollars, and several days of waiting uselessly in a City that I never wanted to venture into at anytime and felt unsafe to us just simply being there.

You are also correct, in  that the other processes and steps leading up to the needed final registration went smoothly and quickly in Belmopan. Again when I bought my small house in Placencia we used a Lawyer to handle the transactions, that also went well, but I will never know for sure that "additional fees" were not included in the Lawyers many fees. 

It is wonderful that some among us are pure and without sin, I am the first to admit I will always weigh the personal merits of a practical approach.

Brigitte B wrote:

dqtester - The increase of the stamp tax from 5% to 8%, and apparently there will be a third reading, will affect all property purchases by non Belizeans.

Just found this online:

"2017 Update:

Stamp Duty also known as transfer tax has been increased from 5% to 8% on all foreigners purchasing properties in Belize as at July 2017. At a sitting of the House of Representatives this morning, a bill was read and entered to amend the existing law and increase the current stamp duty or transfer tax on all land and real estate transfers to foreigners by 3%. The current rate of stamp duty on Belizeans and foreigners alike is 5% with the first $20,000.00 exempted.

The Stamp Duties Amendment Bill (No.2) 2017 proposes and seeks to increase the stamp duty or transfer tax on all foreigners who conduct land or real estate transactions at the Lands Department to an additional 3% making the transfer a total of 8% on the consideration or purchase price."

https://www.belize.com/how-to-buy-belize-real-estate

Peli4fun wrote:

Has the new stamp tax rates been officially increased or did they just submitted an amendment?

I found this on The Central Bank of Belize website. 

https://www.centralbank.org.bz/docs/def … f?sfvrsn=2 

While I can't say for sure, I don't think the CB would put it on their site unless it had passed.

But as with many things here the use of British legaleze  with a Belizion accent keeps me wondering, what the heck did I just read?