Belize being part of the British Commonwealth and having a legal system that is based on British Common Law. Home
buyers and property purchasers can obtain title to freehold property in Belize.
Such real estate purchase would be obtainable and authenticated
as follows:
1. Deed of Conveyance:
The oldest form of title ownership
is by a Deed of Conveyance. Ownership by way of conveyance is a registered right to ownership of property. Ownership by conveyance
can be converted to a Certificate of Title via an application for first registration. Any subsequent buyer is issued a Transfer
Certificate of Title. It should be noted, however, that a Deed of Conveyance is a valid legal title once an attorney has confirmed
that the seller has good title to the property.
2. A Transfer of Certificate:
A Transfer Certificate of Title
is a physical title to a particular parcel of land. This form of ownership is secure. It is more costly and time consuming
to transfer title on a Transfer Certificate of Title than on a Deed of Conveyance.
3. A Land Certificate:
A Land Certificate is an absolute
title and applies to property purchases in new or specially designated areas. The Government is in the process of re-registering
all freehold lands under the Registered Land Act of 1987 to achieve an eventual uniform system of nationwide land ownership.
However this will take time, as some areas have to be re-surveyed.
When purchasing property in Belize, title insurance is not necessary and closing costs are very minimal as
there is no capital gains tax.
The Government assesses a 5% stamp tax on the declared
purchase price of the property at the time of transfer of title and there is an additional tax of 10% for non-residents and
for persons who have resided in Belize
for less than 3 years.
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