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Nov 21, 2019

Land Transaction Goes Sour; Buyer Loses Tens of Thousands of Dollars

Hugo Patt

An American investor says she has been jilted out of tens of thousands of dollars after a land transaction went south. Specific details of the allegations are still forthcoming but we understand that the woman transferred monies to the individual’s bank account and was hoping to receive her land documents. According to the woman, she was told that a meeting would have been set up with Minister of Natural Resources Hugo Patt who denied knowledge of the situation but had some advice for foreigners who are considering buying lands in Belize.

 

Hugo Patt, Minister of Natural Resources

“I think it is best for them to seek some sort of advice. Whenever you are transacting any land and there is a foreigner included there is a heap of other procedures that need to be followed particular with Central Bank. So any foreigner looking to buy land in our country it is my advice for them to check with Central Bank before even making any transaction. Whenever there is a transaction including only locals the transaction is pretty much straightforward and so particularly foreigners my advice is take a look at what is happening at Central Bank before even thinking about considering the sale or purchase of any land within Belize. I can tell you that Central Bank is very much stringent on their requirements and so whenever there are any omissions on the part of any seller or any buyer obviously Central Bank will have to comply with its requirements. Land that is transacted between developers or foreigners is it normally that sale of private lands. As Minister of Lands I don’t intervene much into that. If any issues arise more than likely it will be legal issue and so it is my concentration basically to stay within the ambit of national lands.”


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