Business Location Selection

Business Location Selection

LAND ACQUISITION

Applicable Beneficiary: Someone that wishes to lease or purchase land in Belize to conduct business. Land is either privately-owned or government-owned.

Procedure for Obtaining Government Land

  1. The investor wishing to purchase or lease government submits project proposal to the Land and Surveys Department and must demonstrate the ability to raise the necessary funds.
  2. The investor will informally meet with the National Estate Officer to discuss the land available.
  3. The investor then submits an application on the prescribed form.
  4. The officers will study the project proposal and prepare a Cabinet Confidential with recommendations
  5. The Cabinet Confidential is sent to the Minister of Natural Resources for approval
  6. The Minister of Natural Resources forwards the Cabinet Confidential to the Office of the Cabinet Secretary
  7. The Cabinet Secretary tables the Cabinet Confidential for cabinet decision.

Procedures for Purchasing Lease Land

  1. The land must be developed in accordance with the lease agreement.
  2. The land must be surveyed. This is facilitated through permission to survey. Applicant’s social security card must be presented.
  3. Proof of nationality must be given i.e. passport, certificate of nationality, voter’s ID etc.
  4. If the land is mortgaged, then a Letter of Consent to purchase from the lending institution must be presented.
  5. A land inspection will be conducted by the Land Inspector.
  6. As in the case of lease applications, the applications are forwarded to the National Estate Section in Belmopan, where the application will be examined to see if all requirements are met.
  7. If the requirements are met, the application will be approved and a purchase agreement must be signed by the applicant.
  8. Once the agreement is signed, the applicant must abide by the terms of the purchase agreement and complete payment within the agreed time.
  9. Lease becomes Property

Procedures for Purchasing Land through a Real Estate Agent

  1. Provide agent with criteria for land/property being sought details such as size, special characteristics (i.e. sea frontage, high way frontage, etc.) and purpose (i.e. agricultural, commercial, etc.)
  2. Indicate the estimated budget to acquire the land/property.
  3. Physically visit the proposed site(s).
  4. Prepare a formal “offer” for the selected site of interest. Based on the value of your offer, 10%isheld in escrow. If your offer is“accepted”the escrow becomes non-refundable.
  5. Based on your above offer and acceptance, the terms of agreement and sale are stipulated and are to be followed contractually for“closing” of the deal.
  6. The Title Transfer is to be prepared by an attorney or the Real Estate Agent and duly registered by him/ her at the Lands Registry. The usual cost is between11/2% and 2% of the value of the land/property under consideration.
  7. Ultimately, stamp duty is payable to the Government of Belize at the rate of 5% of the value of the transaction.

Procedures for Acquiring Land-Party to Party

  1. Identify parcel of land or property, and locate the owners.
  2. Negotiate details and terms of sale.
  3. Prepare and submit proper documentation(Certificate of Registration (certify or non-certify)and Land Transfer Form) to the Registrar of Lands; this is usually prepared by the seller.

PROPERTY RENTAL

Office and warehouse space is not difficult to locate. Most individuals/companies who have space available will advertise in the classified section of the newspapers, on a sign within the compound, or will utilize the services of a real estate agent or broker. Most real estate agents have a website that will list available properties. For a listing of real estate agencies that are members of AREBB (Association of Real Estate Brokers of Belize), you can visit the following website: www.arebb.com

Companies who have specific needs for office, warehouse and factory space can employ the services of a contractor to build a facility to their specifications. A listing of property rentals and a complete listing of Real Estate Agents and contractors can be found in Support Agencies.