Belize Real Estate

The IMF estimates real GDP was flat in FY 2003 and projects 1% real GDP growth for FY 2004. However, GDP per capita-- $425 in FY 2002-- will continue to decline as population growth is estimated at 1.3% p.a. While implementation of governance reforms and peaceful resolution of the political stalemate are key to long-term growth, external support remains critical in avoiding economic collapse. The major element is foreign remittances, reported as $931 million in 2002, primarily from the U.S. Foreign assistance, meanwhile, was $130 million in FY 2002. Overall foreign assistance levels have declined since FY 1995, the year elected government was restored to power under a UN mandate, when over $600 million in aid was provided by the international community. ... [Read More]

M) Money Laundering and Financial Crimes

Iran’s real estate market is widely used as an alternative remittance system. For example, real estate transactions take place in Iran, but no funds change hands there; rather, payment is made overseas. This typically is done because of the difficulty in transferring funds out of Iran and the weakness of Iran’s currency, the rial. The real estate market, in at least one instance, has been used to launder narcotics-related funds. ...

Member states shall ensure that the obligations laid down in this Directive are imposed on the following institutions: credit institutions (as defined previously); financial institutions (as defined previously); and on the following legal or natural persons acting in the exercise of their professional activities: auditors, external accountants and tax advisors; real estate agents notaries and other independent legal professionals, when they participate, whether: (a) by assisting in the planning or execution of transactions for their client concerning the (i) buying and selling of real property or business entities; (ii) managing of client money, securities or other assets; (iii) opening or management of bank, savings or securities accounts; (iv) organization of contributions necessary for the creation, operation or management of companies (v) creation, operation or management of trusts, companies or similar structures; (b) or by acting on behalf of and for their client in any financial ... [Read More]

Canada, Mexico, and Central America

Canadian authorities seized large caches of cannabis and hashish, e.g., approximately ten tons of hashish were seized in January 2000 from a container arriving in Montreal from Dubai. Another ten tons of hashish bound for Montreal was seized in Newark by the DEA. Both shipments were organized by Canadian based trafficking organizations. In July, 1,000 kilograms of hashish and 22 kilograms of hash oil were seized at a home in Blainville, Quebec. In Montreal, another 200 kilograms of hashish were discovered in a container arriving from the Netherlands and 171 kilograms were found in Ontario. Canadian authorities seized numerous MDMA (ecstasy) shipments arriving from such destinations as the Netherlands and Bulgaria, and closed several laboratories, including a residential lab in Ontario with an estimated production capacity of 400,000 dosage units. ... [Read More]

Canada, Mexico, and Central America

Canada I. Summary The Government of Canada had an active and productive year in counternarcotics in 2004. The national "Canadian Addiction Survey" that was made public in November indicated that substance abuse among Canadians has significantly increased over the past decade, especially among youth. While alcohol and cannabis remained the most commonly abused substances, there were worrisome trends in abuse of other illicit substances. The Royal Canadian Mounted Police (RCMP) estimates that the overall drug trade in Canada generates criminal proceeds in excess of $3 billion at the wholesale level and $13.5 billion at the street level. Marijuana production is a thriving industry in Canada with production estimated by the RCMP at somewhere between 960 and 2400 metric tons. This is a particular concern of the USG because of in ... [Read More]

Belize

The Constitution prohibits discrimination based on race, place of origin, political opinion, color, creed, or sex. The country is multiracial and multiethnic, and discrimination was rare, although ethnic tension, particularly resentment of recently arrived Central American and Asian immigrants, continued to be a problem. The Government continued to reserve certain professions for citizens, granting permits and licenses to noncitizens only in specific cases. These occupations included fishing, souvenir manufacturing, sightseeing tours, accounting, insurance, real estate, and legal services. There was some societal discrimination against persons with HIV/AIDS, and the Government worked to combat it through the public education efforts of the National AIDS Commission, established in 2002. ... [Read More]

Belize

The country is multiracial and multiethnic, and the Government actively promotes tolerance and cross-cultural understanding. Discrimination on ethnic or religious grounds is illegal and rare, although ethnic tension, particularly resentment of recently arrived Central American and Asian immigrants, continued to be a problem. The Government continues to reserve certain professions for citizens, granting permits and licenses to noncitizens only in specific cases. These occupations include fishing, souvenir manufacturing, sightseeing tours, accounting, insurance, real estate, and legal services. ... [Read More]

Belize

No laws impeded participation of women in politics, and 82 percent of both men and women were registered to vote. There were three women in the House of Representatives; two were elected Representatives and the other was appointed to serve as Speaker of the House. There were 5 women in the 12-member appointed Senate, and another woman served as president of the Senate. There was one woman in the Cabinet, and five women were chief executive officers of ministries. The Chief Elections Officer was also a woman. There were no laws impeding participation by indigenous persons or minority groups in politics. There were Mestizo, Creole, Maya, and Garifuna representatives in the National Assembly. Voter registration and participation were not tracked by ethnicity; however, there were no complaints or reports of electoral discrimination on the basis of ethnicity. Section 4 Governmental Attitude Regarding International and N ... [Read More]

Investment Climate

Real estate and insurance ...

There are many property disputes involving foreign investors and other land owners, because it is often difficult to trace reliably the ownership history or specific borders of land holdings. Title insurance is not commonly available in Belize. Generally, as in the U.S., property buyers will avoid problems by dealing with reputable real estate professionals and lawyers experienced in local property law. A number of U.S. citizens have discovered that their land titles overlap or are otherwise in conflict with those of adjacent property owners. These cases often take years to resolve and sometimes involve lengthy and expensive legal proceedings. The Government of Belize seems to be doing nothing effective to make land title more secure or these cases easier and less expensive to resolve. ... [Read More]

Visiting Belize

Real estate and insurance ... [Read More]