AmbergrisCaye.com Home Forums The Cayes Ambergris Caye Real Estate Purchase Question

Does anyone know, or can anyone cite a reference to the following:

Purchasing property in Belize, goes thru the purchase with closing in Belize with a payment arrangement. Buyer makes payments, and now when trying to transfer title is being told they need to "create a Belizean company" to transfer the property title; as the payments on the property were made to an account outside Belize?!

All duties and transfer cost were made at the original closing - just want the title transferred now the transaction is complete. Seems if there's no capital gains tax on the Seller, and the Buyer paid the DUTY STAMP for the property - why would it matter where payments were transferred?

I'm also thinking - if the payments outside Belize were an issue, it wouldn't matter if the Buyer was a Belizean company or otherwise?!

Just trying to get title transferred - and need to learn the scope. As would have a tremendous NEGATIVE impact to land purchases in Belize if such restrictions are being imposed - and the ENGLISH law is transferring to MEXICAN law.

My advice is to speak with Alberto at Belize Caye Investments. They have a clear grasp and understand on dealing with Real Estate closings and the Central Bank rules.

Hi Phel .....

Indeed it would be a good thing to discuss your particular situation with a transfer agent and get the nuances clarified. There is no requirement to form a Belizean company in order to take title, although there could be good reasons to do so in your own transaction. This is not Mexico, thank goodness, but the banking issues we face as a consequence of US policies about currencies can be a headache. Nobody wants to complicate things on this end ......

Here are some basics on the subject of Central Bank approvals:
Transfers from foreigner to foreigner do not need Central Bank approval.
Transfers from Belizean to Belizean do not need Central Bank approval..
Transfers where there is one Belizean and one foreigner do need Central Bank approval. Said approval is contingent upon funds having come through the local banking system.

I absolutely recommend using the service of a Belizean attorney when purchasing property in Belize.