exchange-control-regulations-2003                SI No. 106 of 2020 Exchange Control (Amendment) Regulations, 2020

 

NO MORE CENTRAL BANK OF BELIZE PERMIT NECESSARY FOR REAL ESTATE PURCHASES THAT INVOLVES RESIDENT TO A NON-RESIDENT (Vice-versa).

The Government of Belize has made a big step to ensure that during these trying times of the Covid-19 pandemic create a more conducive and streamline system and to ensure an investor friendly market for foreign investors looking to invest to Belize post Covid 19.

The Statutory Instrument No. 106 of 2002 date on July 29th, 2020 Exchange Control (Amendment) Regulation 8 has been amended from a compulsory acquisition of a  Central Bank Permit for land sale involving a Resident to a Non-Resident (vice-versa) prior closing of any land purchase.  The amendment taking effect shall now only provide to Central Bank of Belize a notice and documentation of the said land sale transaction but closing can take place immediately once the Central Bank has been notified of the land transaction.  It is yet to be determine what the process will be with regard notifying the Central Bank of Belize of the transaction and how the Central Bank Of Belize will acknowledge the notices.

Indeed this is a giant step forward and must commended the Government of Belize during these trying times to exercise reasonable conscience and leadership but also that the government has heard the pleas of many stakeholders in the industry including the Association of Real Estate Brokers of Belize (AREBB) who have been arduously liaising with the government officials to find solutions to long-term bottlenecks both at the Central Bank of Belize and at the Ministry of Natural Resources.