Posted By: Harvey
Information - 05/01/08 09:31 PM
I am in the process of purchhasing a property in Belize and am receiving conflicting information. I hope somebody there can clarify what is happening for me. Appreently there are Foreign Exchange Regulations of 1976 that require the Central Bank to give approval of sale to a non-resident. Now, I am informed that there was a problem with the administration with titles issued by the Government for the period 2003 - February 2008 and my title might not be approved as it was issued by the Government in 2006. Can anybydy, anybody at all, explain what is happening to me? Your assistance would be gratefully appreciated.
Posted By: Amanda Syme
Re: Information - 05/01/08 09:48 PM
Why don't you wait and see if your purchase and title transfer is rejected before you get too worried. All legitimate land transactions are being honoured.
There are some central bank approvals for non-Belizeans to own shares in Belizean companies, and there are also foreign exchange permits that all non-Belize dollar transactions are subject to - but this is standard procedure and should not cause any alarm (unless you have obtained your funds illegally or are classed as being a member of a world recognized terrorist organization.)
Most government land sales transactions from 2003 - 2008 will not experience any delays or problems, there are just some discrepancies that need to be cleared up in regards to some large tracts of land, small island sales and incomplete survey work in some subdivisions.
Do you have an attorney handling your transaction? If you are worried that it isn't going smoothly it would be wise to contact and retain a lawyer in Belize.
Posted By: smiles
Re: Information - 05/04/08 09:55 AM
Hi We just brought property north of San Pedro didn't use a real estate agent, used a paralegal, the deal just took 4 weeks we move in on tues, I'm from England and my husbands an American, it happened with no hassels what so ever, if you like we can but you in touch with this paralegal, if you wish.
Posted By: Amanda Syme
Re: Information - 05/04/08 04:18 PM
If your property is in the new registration system or is corporate shares and the filings and property taxes etc are up-to-date you can actually close in as little a week.
But that's not what Harvey was talking about - he is buying land that was previously owned by the Government.