Frequently Asked Questions
Palm Reef Resort is being developed by Palmetto Holdings Limited – a registered Belize company, duly incorporated under the laws of Belize
Palm Reef Resort will be developed by Palmetto Holdings Limited. Well before each phase reaches completion, a strata corporation will be set up to ensure fair representation for each and every owner. The management of the rental program will be managed by a professional management company on behalf of the owners.
Are there any restrictions placed on owners selling their condos before the development is complete?
Owners may sell their condo before completion of the development, however, the contract must be completely closed and there are a few marketing restrictions. For bulk purchasers, institutional funds and investors, a restriction will be in place.
A professional hospitality company will be appointed.
There are no restrictions if the owner is not participating in the rental program. Otherwise, owners must provide 90 days’ advance notice for peak season from October through May and 30 days’ notice for all other times.
A fully registered Strata Corporation will serve as the legal structure for holding ownership as per the Strata Titles Registration Act of Belize, Cap 196 of the Laws of Belize, R.E. 2000.
Purchasing and Legal Transfer
Purchasers would need to sign a Purchase and Sale Agreement, followed by payment of the applicable deposit into Palmetto Holdings Escrow Account and provide normal due diligence documents as required under Belizean Law.
Condos at Palm Reef Resort can be secured by paying an initial deposit that reflects the current level of construction.
Additional stage payments are made at various construction milestones depending on the building’s level of completion.
The first deposit of 20% will be due with the agreement signing.
The Second deposit of 25% will be due when ground floor concrete slab is certified complete.
The Third deposit of 25% will be due when the ceiling concrete slab and walls are certified complete.
The final 25% is due upon substantial completion of the condo. This includes flooring, exterior windows and doors.
The remaining 5% will be due upon completion of the condo and at Title Application.
Fly & Buy allows you as a potential owner to come experience Belize and meet with us face to face before completing a purchase.
- Book a trip to visit Placencia, Belize
- We will recommend places to stay and assist in making the process easy and flexible.
- You will be personally collected by a Palm Reef Resort representative at the airport and returned at the end of your stay.
- We will collect you, at your convenience, to visit our sales center for your discovery tour and afterwards you will enjoy a local Caribbean lunch or dinner, on us, as we discuss Palm Reef Resort.
- Clients that purchase will have the cost of flights for 2 deducted from the purchase price of the unit.
Winter of 2020
The residences are all furnished to provide consistent quality and is included in the price.
Funds are released after each stage of construction is reached and signed off by the Site Architect.
The transfer of property will take place when the last payment is received.
An 8% transfer tax is levied, as is standard for Belize.
It may vary but typically Belizean attorney fees are 1-2% of the purchase cost.
No, not in Belize, however, based on an owner’s country of residency, you may have a liability to declare any capital gains. Always consult a tax accountant in your country of residence for advice.
Property taxes for the strata are included in the monthly homeowners’ association (HOA) fee. Property taxes are very low in Belize and taxes for each individual residence are estimated at approximately $100 US per year.
A foreigner can own property outright in Belize and has the same rights as a Belizean citizen to freehold property ownership.
Land certificate (strata title).
Yes of course, but not a Belizean IBC. As with any IBC, it cannot conduct business within its domicile.
Condos are entered into the rental program where they are marketed and sold as hotel inventory through the management company’s distribution platforms and channels. Net receivable income, after deduction of standard industry accepted costs, is split on a 75/25 basis: 75% for the owners and 25% for the management company.
An owners’ reservation number will be provided to all owners. This reservation hotline and dedicated email, links directly to our front office / reservations department to ensure VIP treatment for all of our owners.
Notice of at least 90 days will need to be given during peak season (October to May). 30 days will usually be sufficient for all other times. Owners may reserve their unit on a last-minute basis if there isn’t an existing reservation. Management will do their best to move paying guests and accommodate our owners.
Fees are charged daily when rented and by request when owners are in residence. Owners will have preferred rates on all services.
75% to owners and 25% to management
No, all rentals must be handled by the management company.
Monthly statements are sent electronically within 14 business days after the last day of each month.
Yes, credit balances can be assigned by the owner to cover HOA/strata fees.
Yes, the rental pool proceeds paid out to individual owners may be used at the owners’ discretion.
None – all taxes are paid prior to receiving any rental fees.
Visiting and Residency
All international flights land in Belize International Airport. American, Delta, United and Southwest, Air Canada and WestJet Airlines fly direct from various cities in North America. Avianca, TAG and Copa Airline fly from cities outside of North America.
North Americans do not require a visa as a tourist for a period of up to 30 days. For stays longer than 30 days an Extension of Stay application must be submitted while in Belize at the Immigration Offices. The consulate recommends applying at least 2 to 3 days before the 30-day period expires. The extension has a fee of $100 BZ.
It can be extended on a monthly basis for up to six months.
To qualify for the Qualified Retired Persons (QRP), one must be at minimum 45 years old and provide proof of income of at least US$2,000/month.
The Qualified Retired Persons program (QRP) provides tax free import of household goods, cars, boat and aircraft. The QRP allows one to work from Belize, providing the business is done with non-Belize residents. It will also give qualified persons residency in Belize.