BNAR - Belize National Association of Realtors - In a move that our members and industry stakeholders at large have been clamoring for, The Government of Belize has announced that Land Title transfers involving foreign nationals will no longer require The Central Bank of Belize's approval before it can be processed by the lands department.
As a replacement, government will now require that the Central Bank simply be notified of these transactions. And in the event a transaction is suspect, the Central Bank will be able to flag that specific application and conduct relevant investigations.
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GOVERNMENT DE-REGULATES HALLMARK EXCHANGE CONTROL REGULATION OF LAND TRANSFER & SECURITIES PERMITS FROM CENTRAL BANK
In a Statutory Instrument No. 106 of 2020 dated July 29th, 2020 EXCHANGE CONTROL (AMENDMENT) REGULATIONS, 2020 Regulation 8 of the principal Regulations is amended by deleting the words "Except with the permission of the Central Bank"
Notwithstanding, the Central Bank needs to be notified in writing providing full particulars of the real estate transaction.
It has been pointed out by many land owners and purchasers that the Central Bank, would take in some instances a year to grant permit for certain real estate transactions, involving foreigners, to be completed. This delay prevented land transfer closings to take place and therefore delayed tax collection from Government of Belize and efficient closing by the real estate provider, seller and buyer.