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#472255 - 09/10/13 11:47 PM Becoming a Landlord?
KatieAndShamus Offline
Hey all! My wife and I are new to the forum. We're planing on traveling to Belize to check it out in April with the intention of moving there next September. We've been looking into the idea of buying property down there, and have found some homes that have apartments attached. One question i have for the forum is this:

* If you own a home in Belize and decide to rent out an attached apartment, do you have to apply for a business license?

I've searched the forums and internet, and can't seem to find any info directly answering this question.

Thanks for any help you can give.
Sincerely,
Shamus and Katie smile

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#472265 - 09/11/13 01:12 AM Re: Becoming a Landlord? [Re: KatieAndShamus]
Loansum-Al K Offline
Knee Jerk reaction..........no........but I'm not a landlord....have a property manager to handle our rental.
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#472269 - 09/11/13 02:44 AM Re: Becoming a Landlord? [Re: KatieAndShamus]
Bear Offline
On your own? You'll need a Business License, a TaxID#, a BTB Hotel license, checking and savings accounts. You'll need to consider how you'll take payment from guests with the knowledge you'll be required to make monthly submittals for both BTB Hotel and Business taxes...a Belizean merchant credit card account is another issue entirely. If you use a US merchant credit card account you will pay money to move it into any Belizean bank accounts you have. Many subtleties, lots of homework. I'd recommend using a proeprty manager initially as you learn the ropes.

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#472275 - 09/11/13 10:38 AM Re: Becoming a Landlord? [Re: Bear]
ragman Offline
Bear, I know that is so for short term rentals but I don't think so for long term. Would someone with more knowledge, than I answer this question?
_________________________
Jim
Somewhere on a beach in Belize

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#472289 - 09/11/13 12:12 PM Re: Becoming a Landlord? [Re: KatieAndShamus]
Inplub Offline
Short Term = Less than 6 months you are a hotel. Long Term = over 6 months you are a land lord. I believe.

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#472290 - 09/11/13 12:14 PM Re: Becoming a Landlord? [Re: Inplub]
Diane Campbell Offline
Originally Posted By: Inplub
Short Term = Less than 6 months you are a hotel. Long Term = over 6 months you are a land lord. I believe.


correct!

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#472318 - 09/11/13 05:12 PM Re: Becoming a Landlord? [Re: KatieAndShamus]
JZB Offline
Long Term rent (6 months or more w/lease) is subject to 3% Business Tax if it is more than $800/month, which means you need a tax ID number and trade license. I don't know if they updated the rules in the past couple years.
I would guess that a very small fraction of landlords actually go through the all the legal paperwork and pay their taxes. But again, I'm guessing.

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#472339 - 09/12/13 02:23 AM Re: Becoming a Landlord? [Re: ragman]
Bear Offline
Originally Posted By: ragman
Bear, I know that is so for short term rentals but I don't think so for long term. Would someone with more knowledge, than I answer this question?


Jim, yes, I was speaking from my own vacation rental position as that was my interpretaion of the OP's question. In regards to long term rentals one is not subject to Hotel Act requirements, but one must pay 3% business tax on qualifying rental income and in order to do that one is required to have a Tax ID and a business license...


Edited by Bear (09/12/13 03:44 PM)

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