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#253383 - 20 June 18 5:37 am - America/Chicago New procedures with Central Bank
jdlongwell Offline
Junior Member

Registered: 06 February 18
Posts: 1
I understand that new procedures have recently been implemented on land purchases by foreign nationals. The process now requires approval from the Belize Central Bank before the transaction is submitted to the Land Office for final approval. Does anyone have insights about why this new procedure was put in place and what it means in terms of the cost and timing of property purchases in Belize? Thx! JD

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#253386 - 25 June 18 6:42 pm - America/Chicago Re: New procedures with Central Bank [Re: jdlongwell]
Oliver Offline
Full Member
*

Registered: 11 October 11
Posts: 95
Loc: Monmouth County, New Jersey, U...
Oh Boy another step, my guess more time to close..... UGH!
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#253391 - 02 July 18 2:36 pm - America/Chicago Re: New procedures with Central Bank [Re: jdlongwell]
jstewartpa Offline

**

Registered: 17 May 12
Posts: 1014
Loc: Pennsylvania and Hopkins
There has always been an approval process from Central Bank to make sure cash transfers meet accepted international banking laws. It's part of the normal process and usually takes anywhere from 1 to 2 weeks to approve large transfers. Use a reputable closing agent with an approved escrow account and it will go smoothly.
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Stupid should hurt!

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#253394 - 03 July 18 9:19 am - America/Chicago Re: New procedures with Central Bank [Re: jdlongwell]
britinbelize Online   content

**

Registered: 01 June 14
Posts: 308
Loc: Bay area CA + Belmopan
Don't think this is particularly new Just possibly bringing it back to public attention. It is just part of the anti laundering rules that they agreed comply with for US banking rules. Central bank is always supposed to have a way to track of large sums of foreign money going through its Banking system.
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We came to the states for our last adventure before we die but as we didn't die yet, there is time for another adventure this time back to Belize.

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#253677 - 13 September 18 9:08 am - America/Chicago Re: New procedures with Central Bank [Re: jdlongwell]
Q in Belize Offline

**

Registered: 25 October 04
Posts: 286
Loc: Belize
https://www.centralbank.org.bz/docs/defa...re.pdf?sfvrsn=2

This explains it all.

There was a law made/republished in 2014 that stated all Belizean property must be bought/sold in Belize dollars and foreigners must exchange all other currencies in a Belize bank for BZ$ in order to make the purchase. the seller can then apply to a bank for foreign exchange.

I will try to find that law and post it here.

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#253678 - 13 September 18 10:10 am - America/Chicago Re: New procedures with Central Bank [Re: jdlongwell]
JohnP Online   content

**

Registered: 26 August 11
Posts: 763
Loc: Michigan / Sittee River
I just bought a piece in Phase 3 of Sittee Point on the river and this had no real effect on the closing. Tania Moody with Barrow & Williams handled this transaction and the one a few years back. I saw no real difference in the closing time or process.

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#253696 - 21 September 18 4:31 pm - America/Chicago Re: New procedures with Central Bank [Re: jdlongwell]
gelint Offline
Full Member

Registered: 02 May 16
Posts: 83
Loc: Norway , Iowa
JohnP. Stopped at your house to look at your sea wall.Nice!built one too.Your outside ocean facing screens are rusting.Maybe ok looking out.Also you have a croc next door.Take care.

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#253697 - 21 September 18 8:29 pm - America/Chicago Re: New procedures with Central Bank [Re: jdlongwell]
jstewartpa Offline

**

Registered: 17 May 12
Posts: 1014
Loc: Pennsylvania and Hopkins
Yes, Walter Crocite is happy getting a tan on the beach.
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Stupid should hurt!

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#253698 - 23 September 18 8:39 am - America/Chicago Re: New procedures with Central Bank [Re: jdlongwell]
JohnP Online   content

**

Registered: 26 August 11
Posts: 763
Loc: Michigan / Sittee River
Oh I bet Kevin & Dee are not liking him around with their dogs!

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#253699 - 23 September 18 4:58 pm - America/Chicago Re: New procedures with Central Bank [Re: jdlongwell]
gelint Offline
Full Member

Registered: 02 May 16
Posts: 83
Loc: Norway , Iowa
We shooed him down to phase 3 Sittee point.He's waiting for you on the lot.

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