Posted: Friday, July 31, 2020. 1:07 pm CST.
By BBN Staff: In a bold move to remove a bureaucratic bottleneck, the Barrow government has decided that land title transfers involving foreign nationals will no longer require Central Bank’s approval before it can be processed by the lands department. This requirement was introduced by government a few years ago to capture the foreign exchange from these transactions but ended up becoming a major bottleneck that slowed down land title transfers.
According to PM Barrow, no application was ever rejected by the Central Bank and hence the removal of this requirement is very justified. In addition, realtors and developers have been clamoring for this change; foreign investors as well will welcome this decision.
As a replacement, government will require that the Central Bank 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.
Land title transfers from Belizeans to foreigners attract a stamp duty of 8% as compared to 5% for Belizeans. A smoother title transfer process is also aimed at improving government’s collection of stamp duties from these transactions.
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