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Foreigners can purchase to own land in Belize, Freehold.
There is no required permits by G.O.B (Governement of Belize) for any foreigner to invest in real estate in Belize.
A Speculation Tax was implemented in 2002, which is a 5% of the undeveloped value of the land set by the Department of Natural Resources, and applies to property 300 acres and more. This Speculation Land Tax was passed to encourage large land holders to developed their property and not to sit on it to speculate. The property tax and Speculation Tax is due 1st of April of each year.
Property tax generally consists of between 1-1.5% of the value set by the Department of Natural Resources.
Property Exchange or Transfer:
Any form of transfer of property; whether sold, exchanged or given by way of a gift, there are closing costs related to these transactions. The charges are certain percentage per transaction.
Purchase of Land by Non-Belizean:
- Non-Belizean pays 5% of the selling Consideration as a Stamp Duty or Transfer Tax to the GOB (Government of Belize).
- Recording and Registration fees are minimal.
- Lawyer's Fee for Legal Services for conveying property is approximately 1-3% of selling consideration. Each individual is entitled to seek its own personal Legal Council. Approximative closing cost: 8-11% of the selling consideration.