Any potential Developer of land in Belize is advised to seek the assistance of an Attorney and Escrow Agent. This is due to the fact that the transfer process is not automatic and can extend to a few weeks. In the interim, secure and reputable methods to hold funds have been established and banking relationships maintained with many of Belize’s Local and Offshore Banks for the provision of Professional and Licensed Escrow Services.

The complexity, and thus potential pitfalls, arising from the transfer of land in Belize is attributed to the various types of land titles available in Belize. There are Deeds of Gift, Indentures, Conveyances, Title by Prescription, Strata Titles (Condominiums), The Torrens System-First Certificates of Title (FCTs), Transfer Certificates of Title (TCTs), Registered Land Title (RLA) and Minister’s Fiat Grants or Leases. As such, freehold or good root of title has to be ascertained by a vigorous title search, as to be determined by succession and inheritance issues, absence of restrictive covenants or easements, physical possession and proper survey descriptions. Title and parties must also be crossed checked in the Courts of Belize since despite the fact that no liens, charges or incumbrances may be apparent on title, equitable interests may still exist by virtue of Court action against the property itself or the owner for example, against a spouse or corporate owner.

Belize Timeshare and Escrow Ltd offers the following
timeshare development services:

PREPARATORY PURCHASING/ DUE DILIGENCE

• Provision of advice as to the most appropriate structure for the transaction in light of the client’s needs and with regards to savings on taxes;
• Preparation and Review of the agreement for sale to discern the contractual obligations and to ensure the proper execution thereof and attestation thereto;
• Preparation of the Escrow Agreement as mandated by the new Act;
• Attending to its recording (if in recordable format);
  Investigation of title to the property at such registries as may be necessary depending on the type of property;
• Making requisitions as to title (if necessary) and title opinion thereon;
• Preparation of conveyance/transfer documents in respect of the property;
• Attending to the payment of all requisite government fees on behalf of the client including property taxes, stamp duty and recording or registration fees;
• Ensuring the proper execution of and attestation to the conveyance/transfer,
• Attending to recording or registering of the said conveyance/transfer documents at the appropriate registry;
• Placing or preparing Liens or Cautions on the property where required or appropriate;
• Submission of retainer agreement between the parties;
• Procuring all locally required permits for foreign ownership if applicable, and

Providing such other normal professional services as may be necessary from time to time to effect the real estate purchase/sale transaction.

After initial review, The Firm will provide an exact quote of all fees payable by client for the contemplated transaction. There will be no hidden professional or governmental fees.

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ESCROW SERVICES

(both type A & B below must contain specific clauses under the new Act that are already included in our Escrow Agreements)

Type A - Acting on behalf of one party:

• Preparation of detailed and tailored escrow agreement for your personal special terms and conditions;
• Full practical and legal protection for client’s money, security of title and interest;
• Release only when favourable to clients which is dependent upon the specifics of the properly drafted escrow agreement.

Type B - Acting as an Independent Third Party Escrow Agent

• Preparation of escrow agreement with local industry standard terms and conditions;
• Release strictly upon terms of the agreement being fulfilled or alternately, a refund of the escrowed funds;
• Total and assured impartiality, independence and integrity.

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The Firm assists in the incorporation and annual maintenance/filings of Local (“LTD”) and International Business Companies.
 

LOCAL COMPANIES "LLC's"

These companies are ideal for local investment, landholding or normal business activity within Belize. They are referred to as “Local Companies”, “Chapter 250 (from the number of the actual legislation) or “LLC’s”.  When properly structured, they can provide Asset Protection, Tax Minimization and Confidentiality.  While these compared to an International Business Company (IBC-discussed below) vary with regard to which aspect one is dealing with, they can generally protect the investment form frivolous lawsuits against the owner or owner’s associated companies. Separate legal status/entity is a vital and recognized aspect of Belize law.

Annual Filings are due and reveal normally, the minimum requirements being at least two directors (can be corporate directors) their addresses (or in some instances, Nominee Directors for added confidentiality) and shareholdings. This filing requirement is not mandatory for the IBC.

There are no restrictions on foreign ownership (can extend to 100%), repatriation of profits or transfer of ownership. Naturally, there are some very important permissions to be obtained but the firm assists with all such required permits and consents as a matter of routine.

Incorporation time is 24 hours subject to name availability and client is provided with Articles and Memorandum of Association, Certificate of Incorporation, Share & Director Registers, Resolutions and Powers of Attorney if required. A brief synopsis of required business notices and postings together with annual reminders are standard so that your company is never in danger of being struck off.
 
The Firm also assists (if structures to be set up do not circumvent them) in procuring Trade Licenses, and all required tax registrations such as General Sales Tax, Income and Business Tax or Social Security Registrations.
 
These companies are available for most business in Belize but are generally set up to hold land and operate resorts.
 
Foreign Companies can also be registered in Belize without re incorporating as an “Oversea Company doing business in Belize” or can “Continue” under the IBC legislation. Please contact us for further details.

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INTERNATIONAL BUSINESS COMPANIES ("IBC") & TRUSTS

These are companies that are set up to take advantage of Belize’s emerging reputation as a well regulated and international financial structuring center. They can do business only with non-residents of Belize but can have an office (only) in Belize and access Belize Offshore banks to open and maintain USD, Euro, Canadian and Sterling accounts. Retirees who fall under the QRP Programme also can qualify for this benefit while residing in Belize.
 
IBC’s are 100% tax free and subject to no reporting or filing requirements. Meetings can be held worldwide and there are no exchange permissions required, of currency conversion requirements.
 
The Firm is an affiliate of its registered and licensed IBC & Trust branch, Orion Corporate & Trust Services Ltd. and can be accessed at www.orionibc.com for further details on this efficient and tax free entity. Orion Corporate and Trust Services Limited was declared by the Government of Belize via Statutory Instrument No 83 of 2003 as a "Trust Corporation."
 
The same can apply for Belize Trusts for which Orion Corporate & Trust Services Ltd. is also licensed.
 
Belize Trusts have no gestation period (usually 2 years) as Trusts in other countries. They are valid and effective from date of incorporation provided there is no duress, fraud or mistake and have been judicially interpreted to withstand claims of creditors, spouses and foreign tax agencies/governments. More information on this aspect including select cases can be obtained through further contact.

Trusts are used as an additional level of ownership for real estate, Chapter 250 and  IBC’s, International Intellectual Property structuring and can be set up to ensure a smooth transition (i.e. avoiding Probate costs and delays) upon death.

The office of “Protector” is also recognized under the Belize Trust Act. The Settlor can appoint anyone of trust (or appropriate qualification) or his choosing to act in this capacity to supervise and monitor the trustee and duration of the Trust.
 
Both IBC and Trust registries offer maximum confidentiality to the inner workings, structures and parties concerned.

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Members of the firm are also members of prominent local and International organizations such as:

Belize Offshore Practitioner’s Association
Belize Bar Association
English Society of Trust & Estate Practitioners (STEP Miami Branch)
International Tax Planning Association (ITPA)
International Bar Association of Real Estate Brokers of  Belize (AREBB)
Belize Chamber of Commerce & Industry (BCCI)