Selling with CENTURY 21 BTAL
OUR TEAM of Real Estate professionals are dedicated to handling all your real estate transactions as swiftly, and carefully as possible. We understand the complexity and are aware of the legal procedures to facilitate such a delicate process. Both the seller, and our professional agents share a similar goal; plan, execute, sell. Together, we will evaluate and recommend the precise strategy to enhance the marketability of your property. Our team develops the most effective marketing strategy customized to each individual property portfolio. This then translate into the execution of a successful international and local exposure by utilizing the vast powerful resources of the CENTURY 21 system.
The professionals will aid to explain all necessary procedures and regulations, submit all written offers, assist with the negotiation process, and provide an estimate of your net sales proceeds so you may understand all implications prior to any acceptance.
To commence the selling process, prepare the following legal documents:
- Survey Plan
- Tax Statement
Upon having gathered the mentioned documents, contact our office or any regional agent to schedule a communication date. Our agents will promptly respond to your request and contact you immediately. Contact us HERE or to view a list of our team of regional professionals.
Buyer Representation & Buying Process
CENTURY 21 BTAL holds the utmost dedication to our clients and guarantee professional representation. We aid to search, recommend, and facilitate the negotiation process to purchase at the right price. Our Team is well associated with the leading professionals of their individual industry: Surveyors, architects, attorneys, contractors, lenders, etc. Our aim is to provide our clients with representation to securing the right opportunities in acquiring a piece of the jewel, BELIZE.
The buying process in Belize is incredibly similar to the UK and US system. In Belize, once an offer has been formally accepted, a deposit is to be paid into escrow account which will include a binding Sales Agreement outlining the details of the accepted offer, payment schedule, and any other relevant terms and conditions of the transaction. A period of 30 to 90 days is allowed for each party to conduct any relevant searches, due diligence, preparation of legal transfer documents, fund allocation, etc. before concluding the sale. Once the final payment has been made, the transfer of ownership documents will be executed for legal processing and thereafter the escrow account will be released for the seller’s access.
Buying process explained in the following Steps:
- Request Offer to Purchase form.
- Submit Offer to Purchase form to the respective agent. This process may include a negotiation period with counter offers.
- Acceptance of Offer
- Sales Agreement drafted outlining the price, payment schedule, and terms.
- Security Deposit submitted into Escrow Account.
- 30 to 90 days for due diligence.
- Closing Date: Seller surrenders legal title and transfer of ownership documents to the Buyer; Buyer authorizes release of full payment to Seller
- Buyers process needs to indicate the 8% stamp duty transfer of ownership cost, and the central bank regulation for foreigner to apply. (Re-attached, needs to be updated)
Belize has a fixed exchange rate because a stable currency is considered necessary for sustainable growth and development. The Exchange Control Regulations are essential for protecting the fixed exchange rate regime. Compliance with the Exchange Control Regulations ensures that foreign currency inflows are pooled and made available to meet the needs of the general public. Each resident contributes to safeguarding the fixed exchange rate through obedience to the law.
LAWS GOVERNING LAND TRANSACTIONS
Section 40 of the Exchange Control Regulations, Revised Edition 2003, stipulates that Central Bank’s permission must be obtained where a non-resident is involved in any transaction relating to the transfer by way of sale, exchange, gift or mortgage of any land, buildings or other hereditaments situated in Belize. This includes: a) Any purchase of land situated in Belize from a resident to a non-resident, foreign national residing in Belize or a foreign company b) Any purchase of land situated in Belize by a resident from a non-resident.
EXCHANGE CONTROL REQUIREMENTS FOR PERMISSION TO OWN LAND IN BELIZE
The letter of application for the purchase of land in Belize should be sent to the Central Bank addressed to the Director of the Research Department and should contain the following information:
- Names and addresses of buyers and sellers
- Description of property being transferred
- Type of transfer
- If sale, state currency and sale price of property
- When land is being sold to a non-resident, indicate the payment arrangement for the land, explaining how the foreign currency from abroad will be channelled to an authorised dealer.
The following documents must be attached to the letter of application:
- If the transferee or transferor is a natural person:
- Certified true copy or notarized copy of a valid passport of each person
- If the transferee or transferor is a legal entity (usually a company):
- For a foreign legal entity:
- Notarized or certified true copy of a valid passport of its ultimate beneficial owner’s.
- Company formation documents.
- In the case of an Overseas Company registered to conduct business in Belize, a copy of the certificate of incorporation that shows the foreign company’s registration as an Overseas Company in Belize.
- For a resident legal entity:
- It’s most current annual returns which has a listing of its directors and shareholders.
- Notarized or certified true copy of a valid passport of its directors and shareholders.
- For a foreign legal entity:
- Copy of land documents The Central Bank reserves the right to request any additional information deemed necessary for the processing of the application. The processing time for an application is five working days, once ALL required information is submitted.
PAYMENT FOR PURCHASE OF LAND BY NONRESIDENT FROM A RESIDENT
Non-residents are expected to pay for land purchased from residents with foreign currency sourced outside Belize and brought into the domestic banking system through an authorised dealer. Failure by the seller to surrender the foreign currency sales proceeds to the authorized dealer is a contravention of Exchange Control Regulation 2, unless approved by the Central Bank.
REGISTRATION OF FOREIGN INVESTMENTS (LAND) IN BELIZE
Non-resident investors are advised to register their investments in land with the Central Bank in order to facilitate the repatriation of funds when the land is sold. Registrations can be done through a domestic bank in Belize, which will submit an application to register the foreign investment (inflows of funds from abroad) in Belize on behalf of the non-resident client.
The following does not require Central Bank permission to transfer land by way of sale, exchange, gift or mortgage in Belize:
- A resident transferring land to a Belizean resident
- A non-resident transferring land to another non-resident
Residents of Belize include:
- Belizean nationals who live and/or work permanently in the country.
- Belizean nationals who are studying abroad, are serving Belize’s diplomatic missions abroad or have been residing abroad for less than one year.
- Nationals of other countries who have permanent resident status or have work permits and have been residing in Belize for at least one year.
- All enterprises located and conducting business in Belize, including the unincorporated branches of foreign companies.
- Nationals of other countries who have not resided in Belize for at least one year, are studying in Belize or are permanently residing outside Belize.
- Belizean nationals who have been residing outside Belize for at least one year.
- Official diplomatic and consular offices and military establishments of foreign governments, non-Belizean personnel and their dependents.
- Enterprises incorporated under the International Business Companies Act, Chapter 270, Revised Edition 2011.
Authorised Dealers are appointed by the Central Bank to assist in conducting foreign currency transactions. The following domestic banks are Authorised Dealers:
- Atlantic Bank Limited.
- Heritage Bank Limited.
- National Bank of Belize Limited.
- Scotia Bank (Belize) Limited.
- The Belize Bank Limited.
EXCHANGE CONTROL REGULATION ACT
- Part VII Section 40 (1) and (2) of the Exchange Control Regulation sets out certain prerequisites before the sale of property between resident persons, foreign nationals residing in Belize and non-resident persons or companies incorporated in foreign countries can legally take place. Exchange Control Regulation Act – Revised Edition 2003.
- It is unlawful, except with Central Bank of Belize permission, for any resident of Belize to transfer any land situated in Belize by way of sale, exchange, gift or mortgage to a nonresident person, foreign national residing in Belize or company incorporated in a foreign country. Exchange Control Regulation Act, Section 40 (1) – Revised Edition 2003.
- It is unlawful, except with Central Bank of Belize permission, for any non-resident to transfer land situated in Belize by way of sale, exchange, gift, or mortgage to any person resident in Belize. Exchange Control Regulation Act, Section 40 (2) – Revised Edition 2003.
- Any resident who obtains or receives foreign currency, and is not an authorised dealer, must surrender such foreign currency to an authorised dealer, unless Central Bank’s permission was obtained to retain the foreign currency. Exchange Control Regulation Act, Section 2 (1) – Revised Edition 2003.
- Payment for the Transfer of Land, Buildings or Other Hereditaments Situated in Belize can be made as follows; (a) In Belize dollars from an External Account; (b) From funds eligible for credit to an External Account; or (c) From the proceeds of foreign currency sold to a domestic bank in Belize.
Exchange Control Direction Number 15/2014 – Revised December 2014.
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