By the rules of supply and demand, the value of Belize land has been skyrocketing with no limit in sight. While this may be difficult for those Belizeans who think they cannot afford to buy private land, it is a boost to the Belizean economy and is motivating people who own land in Belize to recognize the value of their land.
The Government is aware of locals who cannot afford to buy private Belize land and is distributing to those who are fortunate. The Ministry’s First Time Land Owner Program is assisting Belizean in owning a piece of Belize. Land Clinics are held in all districts to facilitate documentation of land ownership and processing of land applications.
On the private sector side, land owners have been subdividing their holdings, making it possible for more parcels of Belize land to be on the market. This is occurring all across the country and has dramatically increase the number of Belize land purchasing options for those who want to own land in Belize. Many of these opportunities can be found on Belize real estate websites and some international real estate sites.
Belize is known to attract scam artists and buying land in Belize has always been a favorite for local and foreign swindlers. Don’t fall into their traps. The bait is sometimes very alluring but good judgement can prevent you from losing your money. This is not to say that you should run away if by a chance of good fortune, a Belize land owner needs to dump his real estate holding and you are in the right place at the right time.
Due diligence should be your priority in any Belize land transaction. First, be sure that you are dealing with the owner or a reputable Belize land agent. If you are, there will be no problem in asking questions and demanding to see documents to prove that the land is owned by the person selling it or that the agent has authority to negotiate a sale. These documents should also prove that the land is free of liens and can be transferred. If seller has convinced you to buy, then the next step would be paying the seller and registering the transfer at the Lands Department.
Paying the seller will require permission from the Central Bank of Belize if the transfer is to or by non-residents. The request is sent to the bank along with supporting documents for its approval. A clearance letter must be presented for the Lands Department to accept the application for transfer if non-residents are involved in the sale. For small properties between residents, submission of the application to transfer the land is confirmation that the seller received payment. The buyer must note that the price paid for the land may not be the same as the value as that set by the Valuation Unit in the Ministry. Stamp duty is payable on the amount by which the price exceeds $20,000BZ. At present, the rate is 5% for locals and 8% for foreigners. If the price is assessed at more than the price paid, additional stamp duty will be required to continue the process.
For those who cannot afford to buy Belize land but have a dream, there are many opportunities to lease Belize private land and start working on your Belizean Dream. This working farm is an example of a turnkey Belize land venture that is available. If you want to start small, there are Belize land owners who are willing to lease a portion of their properties for you to try your hand at farming or any venture that requires land.
It will be our pleasure to help you find and buy or lease that perfect spot.
