The general public is hereby informed that the Stamp Duties (Amendment) (No. 2) Act, 2017 came into force on November 1st, 2017.
The rate of stamp duty on transfer of land to a Belizean (or CARICOM) national whether by sale, exchange, gift, or testamentary disposition remains 5% on the consideration or value of the land in excess of $20,000.00 and in the case of transfer of land to any other person the rate of stamp duty is 8%.
The above rates of stamp duty will apply to other land transactions as specified in the Stamp Duties Act, Chapter 64, Substantive Laws of Belize, Revised Edition 2011, as amended.
For more information kindly contact the Office of the Commissioner of Stamps at email firstname.lastname@example.org or phone 828-5026.
Belize is currently considered a prime real-estate market, however, many realtors believe “such an amendment to the law will serve as a deterrent for any investor to consider Belize as a potential option.” Many are concerned that the real-estate industry in Belize might shrink due to the increased tax. The new raise, according to them, might force an exodus due to the loss of sales. According to GOB, this new amendment will assist in deterring fraud and promote healthy real-estate transactions in Belize.
No objection has been released or tabled from any other organization or the Opposition regarding the new Stamp Duty amendment.