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Becoming a Landlord? #472255
09/10/13 05:47 PM
09/10/13 05:47 PM
Joined: Sep 2013
Posts: 1
Colorado
K
KatieAndShamus Offline OP
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KatieAndShamus  Offline OP
K
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

Re: Becoming a Landlord? [Re: KatieAndShamus] #472265
09/10/13 07:12 PM
09/10/13 07:12 PM
Joined: Jun 2005
Posts: 2,018
Sequim, WA & San Pedro
Loansum-Al K Offline
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Loansum-Al K  Offline
Knee Jerk reaction..........no........but I'm not a landlord....have a property manager to handle our rental.


I'm happier than a pig in s__t...a foot on the sand...and a Belikin in my hand!
Re: Becoming a Landlord? [Re: KatieAndShamus] #472269
09/10/13 08:44 PM
09/10/13 08:44 PM
Joined: May 2011
Posts: 1,520
PACWest, SACSouth
Bear Offline
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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.

Re: Becoming a Landlord? [Re: Bear] #472275
09/11/13 04:38 AM
09/11/13 04:38 AM
Joined: Jun 2008
Posts: 2,000
SW, MA / SW, FL
R
ragman Offline
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ragman  Offline
R
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
Formerly from somewhere on a beach in Belize
Re: Becoming a Landlord? [Re: KatieAndShamus] #472289
09/11/13 06:12 AM
09/11/13 06:12 AM
Joined: Jun 2003
Posts: 980
Keighley
Inplub Offline
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Inplub  Offline
Short Term = Less than 6 months you are a hotel. Long Term = over 6 months you are a land lord. I believe.

Re: Becoming a Landlord? [Re: Inplub] #472290
09/11/13 06:14 AM
09/11/13 06:14 AM
Joined: Oct 2001
Posts: 5,975
San Pedro AC Belize
Diane Campbell Offline
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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!

Re: Becoming a Landlord? [Re: KatieAndShamus] #472318
09/11/13 11:12 AM
09/11/13 11:12 AM
Joined: Mar 2006
Posts: 1,818
South Ambergris Caye
JZB Offline
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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.

Re: Becoming a Landlord? [Re: ragman] #472339
09/11/13 08:23 PM
09/11/13 08:23 PM
Joined: May 2011
Posts: 1,520
PACWest, SACSouth
Bear Offline
.
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...

Last edited by Bear; 09/12/13 09:44 AM.

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