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Belize Can Shelter Super Tax Brits
July 3, 2009Article by Ray Withers
Wealthy Brits looking for a financially friendly alternative to the UK now Gordon Brown has upped the top income tax rate should consider a property in Belize. So, here’s a quick guide to buying and owning Belize property:
1) Belize has no restriction on foreign ownership of property.
2) Hire an agent and a lawyer. The Belize property sector is not regulated and you may require reliable, local, professional advice.
3) Make sure your lawyer searches for deed restrictions – that are restrictions that go with the property owner’s rights and obligations and direct how the property can be used.
4) Negotiate a price and be ready to put down a 10%b cash deposit.
5) The lawyer is responsible for due diligence. TT buyer and seller should have separate lawyers to avoid conflicts of interest.
6) If all is OK, a title document is drafted and signed and the purchase funds paid to the seller. A stamp duty charge of 5-15% is payable depending on the buyer’s citizenship status in Belize.
7) Expect to pay legal fees of up to 2% of the property value.
8) Estate agent commission is generally 7% of purchase price for homes and 10% on land.
Belize real estate is available through UK-based international property consultants Property Frontiers.
Belize Reserve is an eco community in Western Belize. The site will include a 20 to 30-room hotel and 350 half-acre plots divided in to small villages for private residences.The plots cost £24,950. For some properties, the developer offers interest free 50% finance over five years.
The builder will put up your house at cost – about £34,950 on top of the plot price, depending on what you pick from the three designs. Other designs may be introduced as the development progresses.Homes are totally eco friendly, built from local sourced wood. Solar power provides hot water and electricity. The sewerage system utilises anaerobic bacteria that is not only environmentally friendly but requires no electricity.
The ongoing running and maintenance costs are predicted as minimal.Alternatively, The Bella Maya Resort is located on the Placencia Peninsula, a beautiful, 12-mile isthmus in southern Belize and only 15 minutes from the airport.World-class snorkelling and diving can be had just offshore in the crystal clear waters of the Caribbean Sea, plus a $28million 18-hole golf course is scheduled to be built just a couple of miles away from the resort.Two-bed apartments are for sale from £219,000 with a 70% mortgage.