Stamp duty on transfer of land

(1) Subject to sub-section (3), there shall be paid a duty at the following rates on the value of the land or of the amount of the consideration, whichever is the greater, in respect of a transfer of land, whether by sale, exchange or gift, or pursuant to testamentary disposition or devolution on intestacy, Value of land Rate of Stamp Duty Not exceeding $20,000 on a amount in excess of $20,000, 0% (EXEMPT) (a) where the transferee 5% of land, being a natural person, is a citizen of Belize 5% (c) where the transferee (b) where the transferee of land is a Belizean 5% of land is a CARICOM national, acting for purposes directly related to the exercise by that national of a right of establishment or the right to provide a service in Belize (d) in the case of any person not 50 [CAP. 64 specified in paragraph (a), (b) or (c) (2) Stamp duty at the applicable rate specified in sub-section (1) is payable in respect of– (a) a settlement of land or other trust arrangement facilitating the participation by any person as a beneficiary under a trust, in any interest in land, whether or not the trust involves other property which is not land and notwithstanding anything in the Trusts Act, and the beneficiary is not a citizen of Belize; (b) an instrument transferring land as part of a company’s assets to a successor company, whether by way of acquisition, merger or otherwise; or (c) an instrument that involves the transfer of an equitable or beneficial interest in land or an agreement to transfer an equitable or beneficial interest in land, to a transferee that is neither a citizen of Belize nor a Belizean company, as the case may be. (3) A transfer of land to a citizen of Belize or to a Belizean company, by way of testamentary disposition or devolution on intestacy, or settlement or other arrangement specified in sub- section (2) (a), is exempt from the payment of duty under this section. (4) In this section and section 55A(2)(d)“CARICOM national” means a person who51 (a) is a citizen of a Member State; (b) has a connection with a Member State of a kind which entitles that person to be regarded as belonging to or, if it be so expressed, as being a native or resident of such a Member State for the purposes of the laws thereof relating to immigration; or (c) is a company or other legal entity constituted in a Member State in accordance with the laws thereof and which that Member State regards as belonging to it, provided that such company or other legal entity has been formed for gainful purposes and has its registered office and central administration, and carries on substantial activity within the Caribbean Community and is substantially owned and effectively controlled by persons mentioned in paragraphs (a) and (b); “right of establishment” includes the right to– (a) engage in any non-wageearning activity of a commercial, industrial, agricultural, professional or artisan nature; or (b) create and manage an economic enterprise; “service” means a service provided against remuneration other than wages in any sector duly approved for the purposes of the supply of services between Member States, and “provide a service” means to supply a service— (a) from the territory of a Member State into the territory of another Member State; (b) in the territory of one Member State to a service consumer of another Member State; 52 [CAP. 64 (c) as carried out by a service supplier of one Member State through commercial presence in the territory of another Member State; or (d) as carried out by a service supplier of one Member State through the presence of a natural person of a Member State in the territory of another Member State. (5) For the purposes of this section and section 55A(2)(d)– (a) a company is a Belizean company if it has been formed and registered under the Companies Act or formed under another enactment of Belize, and is neither a foreign controlled company nor a company to which section 14(4A) refers; or (b) a company is a foreign-controlled company, if (regardless of where it has been formed) – (i) one half or more of its shareholders or directors are not citizens of Belize; (ii) one half or more of its issued share capital is held by or for and on behalf of persons who are not citizens of Belize; or (iii) one half or more of the votes exercisable at any meeting of the company is held by or for and on behalf of persons who are not citizens of Belize. for the