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#249808 - 09/16/07 03:23 AM money questions
suecate Offline
we are looking into buying a villa in Ambegris Caye and had a question about the amount of money you can take out of Belize each year. If we rent out our house is there a maximum that we can withdraw each year or have deposited into our bank account in the states? If we sell and make a profit what are the commerce rules for this? Costa rica is $10,000 per yr.

#249818 - 09/16/07 12:42 PM Re: money questions [Re: suecate]
Sun&sand Offline
Why not open an off shore acct, and just wire transfer when you need to. That way, you avoid paying Uncle Sam the enormous taxes on it all, just pay on what you need to take in to the states. I am not sure how much $$ you can take back in a year, but isn't it something like $10K each visit? I can't remember, but I believe it's on the customs form. Good luck!!
Live so that when you arise in the A.M, Satan shudders & says..
'Oh sh t..she's awake!'

#249819 - 09/16/07 01:16 PM Re: money questions [Re: Sun&sand]
indygal Offline
Take any projections of profit from renting out your condo with a very large grain of salt. Vacany rates are high and management seems to take most all the income. Getting your expenses cover is more likely.

Selling at a profit a few years from now is good bet - Uncle Sam will want his cut in the form of capital gains on the profit. He probably won't know unless you drop a big wad of cash in your US account. I personally hate the old man but sometimes he just needs to be paid.

You can wire money in or out of Belize, with out problem.
Life is not about waiting for the storm to pass, it's about learning to dance in the rain.

#249820 - 09/16/07 01:18 PM Re: money questions [Re: indygal]
indygal Offline
Take my wire statement with a grain of salt. You need to arrange it - fill out a form and wait. With a real estate transaction you just make the arrangements ahead of time - realtor will know how to make it happen.
Life is not about waiting for the storm to pass, it's about learning to dance in the rain.

#249824 - 09/16/07 01:46 PM Re: money questions [Re: indygal]
suecate Offline
I just don't want to be stuck leaving any profits in belize banks if we decide to sell at a profit and things turn out perfect in a not so perfect world.

Our most concerning question is =if we have the money wired into a non-belize account is there a maximum per year?

#249834 - 09/16/07 03:13 PM Re: money questions [Re: suecate]
TrueLover Offline
Ideally you should have both a US dollar account and Belize dollar accounts. Never keep more Belize dollars than you can use if you'll need US dollars fror a purchase like Real Estate. It's easy to convert US to Belize but takes time to go the other way for any considerable amount. Other points of interest are whether to have corporate accounts too. IBC or LLC. Even if you have an attorney, take the time to get the most current information online from the Ministry of Finance, Central Bank, and so on. Some accounts have annual fees and unless you're dealing with large sums and are aggresive Investors, it can be high. Keep it as simple as you can and don't do anything you don't fully understand. Also if you purchase land and secure a Title, thats fairly simple. Taxes are low in most cases here but transfer fees can really cut into the profit margins so be willing to develope the resale value to a healthy percentage or wait to turn after enough time. The biggest mistake I see Speculators make is trying to get too much for their properties or businesses and wait years to sell when they could have sold at a reasonable profit and been invested in something else. Time is money. Also the Owner Seller trap. Works fine for the person who has the ideal product at market and knows how to sell but in most cases people try to eliminate paying an agent or make the comission so small that few will put any energy into it when they have properties that are easier sells for less that will pay them more. And shotgunning their properties with every agent in town I believe cheapens the appearance of it. Makes you look desparate and people naturally wonder why someone hasn't bout it allready. You can have the best deal to offer but it still needs to be matched to the right buyer and sold. Another thing to look for is the right exposure. If two people see your listing it probably won't sell but if ten look it should. OK, I've gotten carried away. What was the question? wink
Writer claims no authority, worthwhile knowledge of any kind, and didn't make love to that woman.

#249839 - 09/16/07 03:59 PM Re: money questions [Re: TrueLover]
suecate Offline
is there a maximum dollar amount that can be taken out of belize per year. Costa Rica has a cap of $10,000.00. Example - if I buy a condo/villa in a rental pool and my income is $15,000 do I have leave the other 5 in a bank in belize? Also if I buy for $100,000 and sell for $200,000 do I have to leave 90,000 profit for 9 yrs? I am not a real estate investors just someone who loves belize and plan on long term but stuff happens in life and want to cover all my bases. thank you for all your help..

#249846 - 09/16/07 04:31 PM Re: money questions [Re: suecate]
TrueLover Offline
Contact Belize Bank, Atlantic bank, Caye International Bank, Scotia Bank, in San Pedro and get the answers from them in writing. This is all fun and chit chat but don't forego doing the Due Diiligence yourself. There would be nobody to blame for FREE misinformation. Dreams take actions in reality. Keep them separate.
Writer claims no authority, worthwhile knowledge of any kind, and didn't make love to that woman.

#249847 - 09/16/07 04:35 PM Re: money questions [Re: suecate]
JZB Offline
As far as I know, if you sell your condo, chances are the money for it never comes to Belize in the first place. Most real estate transactions are handled in US dollars within US banks. Also, depending on who you get to manage your condo rental, often most of the money for the rental is kept in the states. Many rental owners will have US merchant account for example so when they accept a renters Visa or MC the money goes right to the US and then money is transfered to Belize Dollars as needed. As truelover says, its easy to get Belize Dollars but not so easy to get US$.

#249848 - 09/16/07 04:45 PM Re: money questions [Re: JZB]
suecate Offline
thank you all so much and any more info is greatly appreciated. I will contact the banks directly - those who experiance usually have better answers this was a great place to start.

Can't wait for October..

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