Exemption from taxes, duties and exchange control

(1) Subject to this Act, an international foundation shall not be subject to any income tax, business tax, withholding tax, asset tax, gift tax, profits tax, capital gains tax, distributions tax, inheritance tax, estate duty or any other like tax based upon or measured by assets or income originating outside of Belize or in connection with matters of administration that may occur in (2) Notwithstanding any provisions of the Stamp Duties Act, but subject to sub-section (3), an instrument relating to a transfer of property to or by an international foundation is exempt from the payment of stamp duty. CAP. 64. (3) Sub-section (2), does not apply to an instrument relating to a transfer of property situated in Belize, including any interest in land in Belize or in shares in a company incorporated under the Companies Act. CAP. 250. (4) An international foundation registered under this Act shall be regarded as not being resident in Belize for the purpose of the Exchange Control Regulations Act and Exchange Control Regulations, in Subsidiary Legislation, 2003 edition, page 3, with regard to the foundation endowment and to all transactions CAP. 52. 84 carried out by the foundation council on behalf of the