After our 2nd tour to the island we decided to move from USA. So we are in the middle of transaction for a piece of land. Our question is do we need an Offshore account to buy it? What is the positives and negatives? Many Thanks in advance
I'm sure one of the helpful realtors will pop on and correct me if wrong with the correct info but I think this is an obsolete method at getting round paying the 5% Stamp Tax and is unnecessary now for that reason alone.
Bit scary if you are in "the middle of the deal" and asking questions like this on here. You should be getting professional help on this. Please make sure someone does a Title Search for you in Belmopan before you hand over $
I have to go with Phil, If you are not represented by a very well known attorney or lawyer slam on the brakes and get one. No you do not need an account in Bz. (and you will find that getting an account is not that simple either) to make the deal happen. Things happen slowly but after all that is why you want to be here. Enjoy and be careful
One of the main reasons we see IBC's being pushed is because the realtors get a $1,000 kick back from the fees charged. Then the IBC manager collects annual fees from then on, on annual basis.
There are many reasons why you may want an IBC and the benefits and burdens are best explained by a registered attorney. A list of attorneys registered to conduct business in Belize does not include paralegals.
In most cases there is no need to have an IBC to own property. Various reasons why would be to maintain some semblance of anonymity and perhaps shield assets but it is actually fairly burdensome for the average person to hold and the annual reporting filing fee each year is high.
On the island a non-Belizean needs to show land ownership in order to own boat and in some cases to own a vehicle - and an IBC holder cant really prove ownership of the IBC without defeating the purpose of having an IBC.
I am sure there are many opinions about the pros and cons and perhaps we will hear some here.
But as we mentioned before, get legal advice from an attorney as they keep quite up to date on the ever evolving laws and regulations.
Shebnur, discard all of the above responses. You need advice from a real professional. If you provide an email address, I will be assist you so that you do not become a statistic and at no cost. I have seen too many people make the same mistake over and over because of misinformation.
Thanks for all responses. The reason i wrote to this forum to get REAL people's experience. The otherwise i have Real Estate and Closing Agencies working with me. Forums are not advertising service for land sharks, real estate guys, bankers or closing agencies, basicly not for business professionals. So ScubaLdy, don`t worry i ignored already all this kind of infos. : ) Depends all the other answers IBC looks like only waste of money and confuse all the transaction. Since i am not try to make money laundry or some monkey business maybe i should avoid it. Again thanks for the previous and upcoming answers