CLOSE X

Register - if you don't have an account

Yes! Sign me up for Global Property Guide's fortnightly email newsletter.


Login - for registered users

Forgot Password?
Explore destinations
continent map couldn't be loaded Pacific Europe & Russia North America Latin America Asia Africa Middle East Caribbean

 


Financial Overview

Directory

Property Search

Global Statistics

Regional Statistics


Aug 05, 2013

Belize has low income tax


INDIVIDUAL TAXATION


Belize houses and properties

Nonresidents are taxed on their Belize-sourced income. Married couples are taxed separately.

INCOME TAX

Income is classified according to sources and is taxed accordingly. Income tax is levied at a flat rate of 25%.

RENTAL INCOME

Business Tax

Nonresidents receiving rental income pay business tax at a rate of 3% on the gross rental income. Business tax is due monthly and is generally a final tax.

If taxpayers want to deduct income-generating expenses, they can opt to file an income tax return at the end of the tax year.

Income Tax

Taxpayers can claim expense allowance when they file their income taxes. The process is as follows:

  1. Compute for the total business taxes paid for the tax year.
  2. Compute for the income tax payable, deducting income generating expenses from the gross revenue.
  3. Compare results. If the income tax payable is bigger than the business tax, the taxpayer doesn’t have to pay the difference. If the business tax is greater, proceed to the next step.
  4. Subtract income tax payable from business tax.
  5. Use the difference as an expense allowance on the profit and loss statement when submitting the income tax return for the year.

Deductible income-generating expenses are as follows: repairs, property taxes, insurance, and mortgage payments.

CAPITAL GAINS
There is no capital gains tax in Belize.

Stamp Duty

Residents pay 10% stamp duty when purchasing property.

PROPERTY TAX

Land Tax

Land tax is levied at a flat rate of 1% on all unimproved land located in Belize. Property owners are liable to pay this tax.

Property Tax

Property taxes are levied on actual rental income of the property (if it is rented out) or on the assessed rental values, which are likely to be underestimated by the authorities. The tax is levied at 12.5% for occupied properties located in urban areas but the tax rate is levied at 2% for unoccupied properties.

In Belize City, property tax on both occupied and unoccupied property may not exceed 2% of the market value of the property.

  




Comments


Be the first to comment on this article!



Login or Register to submit a comment!

In order to promote open and spam-free conversations, Global Property Guide moderates commetns on all articles. You can expect that your comment will be published within 24 hours.



Compare Countries

Overseas real estate mortgage

Free Newsletter

Fortnightly updates from the global property arena directly to your inbox.


Email Address:





Connect to professional advice in Belize



PROPERTY RECOMMENDATIONS

 
Download free Global Property Guide reports Sponsor a property investment report

Our Newsletter

 
Fortnightly updates from the global property arena directly to your inbox.

Manage subscriptions
Chinese property buyers and Asian buyers, there is great property for high net worth Chinese buyers on Juwai.com

Which parts of the world are most attractive for property investment today?

Click here to download our FREE Property Recommendations Reports!

Close Me