Property Taxes in Belize

Belize: Your Seclusion Place With Least Property Taxes

While governments of other countries are snooping on citizens and courts are on the spree to seize property, BELIZE is one country that stands out for being a tax shelter.

Collaboration with leading tax havens like Jersey and Guernsey has made Belize a powerful legislation to safeguard the investors and the residents. Flexible real estate market of this figurative paradise has properties for everyone. In ‘short n crisp’ words, whatever be the budget, one can buy their dream home as per their heart’s desire. Yes, it also includes those luxury beachfront properties with electrifying scenic views.

The robust and democratic government of Belize gives its people the much needed ‘sigh of relief’. Not only they can rest assured on the privacy part but also keep their hard-earned assets safe.

Property Taxes: A Thorough Investigation

Here in the country, properties are assessed by the Department of Natural Resources. Among all the Commonwealth countries, Belize’s property tax is concluded as one of the lowest. Overall amount depends on the property type and is generally between 1- 1.5% of the assessed value. Every year, property taxes are due on April 01.

Some major facts for a clear picture:

  • Property taxes outside the cities are settled on land value and not the developed value of the property.
  • In matters of real estate taxes:
    • Property transfer taxes are at 5%
    • Attorney fees amount between 1% and 2% (including miscellaneous expenses)
    • Buyer is expected to pay over 6 - 7% for closing costs

IMPORTANT:

These taxes and fees are dependent on the total purchase price.

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Additional Knowledge Bites

  • Be it the developer or the investor, both are subject to Speculation Tax when it comes to large plots of undeveloped land. This tax is based on 5% of the undeveloped value of the property.
  • In matters of title transfer, transfer tax is charged being considered as an essential part of the buying process. Values under $10,000 have no tax but values that exceed the amount have 5% tax.
  • A liberal residency program known as QRP makes Belize different from every other nation. Owing to this program, people of age 45 or above are allowed to reside in the country without paying income tax or customs duties on personal property that includes vehicles too.
  • Being the only English speaking country in Central America, residents are free from worrying about the translated documents.
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Property Rights

One will always fall short of words while praising Belize for its tax department. With a flexible and welcoming real estate market, the country has no purchasing restrictions for anyone. Having said that, whether one is a Belizean or a non-Belizean, property market grants full land title to both along with equal rights to buy, sell and rent properties.

Real Estate Agent´s Fee

6% to 7% for homes while 10% for land is the fee charged by the agents. Though the commission is paid by the seller, it can be split between the buyer and seller depending on the negotiation.