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#253801 - 02 November 18 7:43 am - America/Chicago Proceeds from Sale of Real Estate
robles Offline
Member

Registered: 14 June 13
Posts: 42
Recently in the news from San Pedro , Consolidated Water was having ongoing difficulty repatriating profits back to its home country outside of Belize. It would appear out of frustration they sold the company to the Gov't of Belize to enable to get back their capital.
https://www.sanpedrosun.com/business-and...-out-of-belize/

On sale of real estate in Belize has there been any problems getting sale proceeds out of Belize? Alternatively, can sales occur where a trust account proceeds are handled out of country eg. US to avoid this problem

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#253839 - 12 November 18 6:53 pm - America/Chicago Re: Proceeds from Sale of Real Estate [Re: robles]
Habeneros Online   content
Full Member
*

Registered: 02 August 12
Posts: 79
might be that they where incorporated in Belize and the company was liquidated without settling corporation Tax! I have heard that property sales proceeds need central bank clearance but I have not tried to get this confirmed. Might be part of the global anti tax avoidance regime!

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#253840 - 12 November 18 8:13 pm - America/Chicago Re: Proceeds from Sale of Real Estate [Re: robles]
ElDorado Online   content
Junior Member

Registered: 17 July 06
Posts: 20
Loc: Belize
I recently tried to spend US$1000 on some US shares. I was told by my bank that the Central Bank wanted to see me in person before they would authorise the wire.
I found I could use my credit card to get around this. Turned out it was cheaper too.

It seems capital controls have quietly been put in place, probably to retain as much foreign currency as possible. While this is sound policy for Belize it is going to throw a spanner in lots of works and provoke further hostility from the US gov.

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#253842 - 13 November 18 11:27 am - America/Chicago Re: Proceeds from Sale of Real Estate [Re: robles]
Habeneros Online   content
Full Member
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Registered: 02 August 12
Posts: 79
I would suggest its more to do with anti money laundering and tax evasion! If you do not need to bring money into Belize don't!

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#253847 - 15 November 18 8:38 pm - America/Chicago Re: Proceeds from Sale of Real Estate [Re: robles]
robles Offline
Member

Registered: 14 June 13
Posts: 42
Thanks for your input. I don't understand if you show audit trail why it is an issue for anti-money laundering. I wish it was clear to what he capital controls were in place so it wouldn't scare away investment with the fear of the unknown

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#253850 - Yesterday at 09:10 AM Re: Proceeds from Sale of Real Estate [Re: robles]
Habeneros Online   content
Full Member
*

Registered: 02 August 12
Posts: 79
many people around the world pay cash for real estate and then sell it and bank the money! There are those who have bought using belie companies and also tax haven countries. To prevent criminals and tax evaders might be the central bank check every transaction and reports via the FATCA agreement! Belize has been used as a transit country for drugs to the usa and much of that cash was used to build condos on ambergris caye so as to clean it up! Sell drugs use the cash to pay a local builder to build a condo block then sell the condos to americans who pay money into a bank, cleaned money! There is very little to audit! I could even tell you which condo blocks are built from drugs, of course I have no intention of doing so, I want to live!


Edited by Habeneros (Yesterday at 09:13 AM)

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