and bars not attached to hotels or resorts, beekeeping, accounting, real estate, and insurance.

Incentives: The Government of Belize does not distinguish between international and local investors when granting development concessions. Incentives come in the form of tax holidays, relief from import duties on capital equipment and raw materials, and guaranteed repatriation of capital. Concessions are individually negotiated and granted for five years with renewal options up to 10 years for most industries. Export processing industries are eligible for concessions of up to 25 years. Tax treatment, normally a 35 percent rate for companies, is negotiable when applying for a concession. Primary investment incentives include:

¥ Tax holiday periods up to 25 years;

¥ Waiving of import duties on capital equipment (except passenger cars or fuel) and on materials used for import production;

¥ Exemption from tax on profits earned during the tax holiday, up to an amount equivalent to the shareholder's investment;

¥ Guaranteed repatriation of initial investment in addition to profits and returns from capital gains;

¥ Carrying forward of net losses incurred during the tax holiday for up to five years after the expiration of the holiday, to be offset against profits chargeable to income tax; and

¥ Rental of factory shells in an industrial estate, when available, on concessionary terms.

Special incentives are also made available for industrial development in the more rural areas of the country, for export- producing projects, and for projects that involve technologies not previously used in Belize. For international investors to receive development incentives, their investment must amount to more than BZ$125,000.

The length and extent of an investment concession is determined by several factors including: extent of local value added, projected profitability of the enterprise, foreign exchange earnings or savings, and employment opportunities created. Currently, over 50 percent of the development concessions in Belize have some element of foreign investment.

INTELLECTUAL PROPERTY RIGHTS
Belize, a member of the Berne Convention for the Protection of Literary and Artistic Works, follows the United Kingdom's statutes protecting patents, designs, copyrights, and trademarks. In addition, Belize updates these laws in cooperation with the World Intellectual Property Organization.

BELIZE INTERNATIONAL BUSINESS CORPORATION
The International Business Corporation concept is key to Belize's efforts to become an off- shore tax haven. A single shareholder can establish an IBC in Belize. There only has to be one director, who need not be a Belize resident. The cost is around US$700, and the paper work takes just a day or two. The advantages include secrecy both in Belize and outside, and exemptions on all forms of taxes and duties in Belize for up to 30 years. New laws were passed in 1990 and 1992, and already several thousand IBCs have been set up. IBCs may NOT own land in Belize or do business with residents of Belize. Consultants and lawyers in Belize City are available to assist in setting up IBCs.

TAXATION
The principle forms of taxation in Belize are import duties and the national income tax. Citizens and foreigners are taxed at the same level, except for property transfer taxes, where non- nationals are assessed an 8 percent tax on property sold (6 percent for property valued under US$7,500.)

Corporate Taxes: Corporations are assessed a flat rate of 35 percent. Public companies pay 20 percent. There is no capital gains tax in Belize. To determine a corporation's taxable income, deductions are allowed for interest on money borrowed, rent paid, repair of premises, plant and equipment, and bad debts. In addition, the government permits various depreciation allowances on industrial buildings, plants and machinery.

Personal Income Taxes: Non-national individuals and businesses are responsible for income taxes on income derived from within Belize. The income tax rate is progressive, ranging from 5 to 45 percent. A planned revision in the tax laws will allow those making less than than US$5,200 to pay no tax but introduces a 1 percent extra tax on those with incomes of US$25,000 or more.

Tax Treaties: Belize does not have any agreement with the United States to avoid double taxation of citizens from either country.

* * *Business Indicators * * *

Unemployment Rate: At least 15%

Inflation: 2.8% in 1993

Local Wages: Minimum wage 87 cents/hour; craft/trade workers make US$1.50 to $3 an hour; household help US$5 to $10 a day

Corporate tax rate: 45%

Largest Bank: Belize Bank, with 1993 assets of $109 million, owned by Belize Holdings, Ltd., a public company which also owns interests in the Radisson Ft. George and Belize Telecommunications

* * * HOW TO BUY REAL ESTATE IN BELIZE * * *

Here are the key things you need to know about buying real estate in Belize:

¥ Foreigners CAN buy real estate anywhere in Belize, including on the Caribbean.

¥ No restrictions apply if you purchase 10 acres or less outside a city, or 1/2 acre or less in a city. For purchases of larger tracts, or land in certain areas such as San Pedro town, you need an alien landholder's license, which is usually a formality

¥ Land is available for as little as US$25 an acre. This would be in large tracts in remote areas. In these cases, often the cost of surveying, arranging title and registration fees will equal or exceed the land purchase cost. Accessible land in smaller tracts is still usually under US$1000 an acre. Home prices range from a few thousand for a simple concrete building in a small town, to several hundred thousand for a home or condo on Ambergris. Because in real estate as in everything else, Belize is a small and relatively inefficient market, prices for the same type of property can vary widely. Hotel and lodge owners in particular tend to assign astronomical values to their properties, values which are not justified by the actual return.

¥ Real estate prices in Belize have been flat to moderately rising in recent years. Belize has not seen the steep jump in real estate prices, caused by speculative buying by foreigners, that has taken place in Costa Rica. The greatest appreciation has been in waterfront property, especially on Ambergris Caye.

¥ Including lawyer's fees, an 8% property transfer tax, and other costs, the purchaser will usually pay 10% to 12% of the purchase price in closing costs.

¥ Real estate brokers usually work on a 7% commission on homes, and 10% on land, payable by the seller. Due to the difficulty of getting around the country to see acreage, some real estate brokers require 'lookers' to pay in-country travel expenses.

¥ Property taxes vary by area, but generally are low, at about 1.5% of assessed value annually for land, usually less for homes.

¥ For foreigners, bank mortgage financing is not easy to get, down payments are large, and interest rates are higher than in the U.S. Owner financing is widely available, often on a 10-10-10 basis -- 10% down, 10% interest, 10-year pay out.

¥ Belize has no capital gains tax.

¥ Use caution when buying real estate in Belize, as ownership, size or acceptable use of the property may not be as represented by the seller and agents. Sometimes unscrupulous sellers try to palm the same property to several buyers. Never buy sight-unseen. Hire your own lawyer (don't use the seller's attorney.) Have your real estate broker or attorney register your purchase to protect your title.

* * * REAL ESTATE FOR SALE * * *

Due to considerable reader interest in real estate in Belize, BELIZE FIRST offers the following listings of properties for sale, exchange and wanted. These listings are NOT paid ads. They are being run at no charge as a reader service.

BELIZE FIRST does not warrant the facts or figures. A listing here does not necessarily imply any endorsement by BELIZE FIRST.

For more information, contact the owner or real estate agent directly. Please do not call BELIZE FIRST to inquire about any of these properties.

If you would like to have your real estate notice run at no charge, please send your notice to BELIZE FIRST, 280 Beaverdam Road, Candler, NC 28715 USA. Or contact us by e-mail at BZEFIRST@aol.com. We need your listing in writing. Please include your name, address and phone number. Individual owners may run up to three properties in any one issue; real estate brokers may have up to eight listings. Photographs are welcome. BELIZE FIRST reserves the right to edit listings or to reject any listing without providing any reason. All prices are in U.S. dollars.

Mainland Belize

357 ACRES. Owner wants to sell entire parcel (clear title). Includes modern hurricane-proof, fully furnished 3 BR ranch-type home located 1 mile from the Caribbean with 1/2 mile road frontage on the main highway. Utilities installed with back-up systems. Land partially cleared, fenced with 30 head of cattle. Flat to rolling hills to mountain property. Plus Ford pick-up in first-class condition. Many extras included. Age and health of owner a factor in selling this at a bargain price of $150,000. Toledo Real Estate & Assoc., P.O. Box 73, Punta Gorda, tel. 501-7-22470, fax 501-7-22199.

CAYO DISTRICT: Foothills of Maya Mountains near San Ignacio. We have 30 acres on which we will build for you, yours forever, a cottage for $10,000 (all amenities!). Map and a house plan upon request. Financing available. Lois Harley, P.O. Box 81, San Pedro, Belize, tel. 501-2-62685, or in Austin, Texas, 512-292-1607.

22 ACRES. Rain forest near the village of San Pedro Columbia. All year flowing river. Land accessible only by canoe. High bush. Riverside planted with a variety of fruit trees. Asking $15,000. Toledo Real Estate & Assoc., P.O. Box 73, Punta Gorda, tel. 501-7- 22470, fax 501-7-22199.

PLACENCIA MOTEL/HOTEL SITE: At Maya Beach with 300 ft. road frontage. Property has beach frontage and canal access to lagoon and Caribbean. Could build 40+ units. Sovereign Real Estate, Placencia, tel. 501-6- 23289, fax 501-6-23285.

200 ACRES: P.G./Cattle Landing area. Rolling hills, low and high bush with a mile of road frontage. 3/4 mile from Caribbean. Suitable for ecotourist facility, agriculture, development. Water and electricity hookups available. Asking $80,000. Toledo Real Estate & Assoc., P.O. Box 73, Punta Gorda, tel. 501-7-22470, fax 501-7-22199.

25 ACRES: On the Southern Highway, Big Falls area. Rolling hills, 12 acres planted with citrus. Electricity hookup available. Water available from roadside wells. Asking $15,000. Toledo Real Estate & Assoc., P.O. Box 73, Punta Gorda, tel. 501-7-22470, fax 501-7- 22199.

SEAFRONT 80 x 150 LOT with 2 BR, 1 bath concrete house, living room, dining room, kitchen. Many coconut and palm trees, older established neighborhood. $72,500. Sovereign Real Estate, 39A 4th Avenue, Corozal Town, Belize, tel. 501-4-23106, fax 501-4-23157.

50,000 ACRES CAYO, agricultural, timber and scenic mountain retreat property. Streams, river and highway frontage. $6,500,000 ($130/acre). Sovereign Real Estate, 39A 4th Avenue, Corozal Town, Belize, tel. 501-4- 23106, fax 501-4-23157.

CONSEJO: Beautiful, recently built 3 BR, 2 bath concrete and cut stone home located in Consejo Shores subdivision. Large verandah off modern living room, dining room, kitchen, TV dish, separate maid's quarters on well-landscaped 100 x 200 lot. $195,000. Other lots available from $17,500. Sovereign Real Estate, 39A 4th Avenue, Corozal Town, Belize, tel. 501-4-23106, fax 501-4-23157.

Ambergris Caye

CASA CARIBE: Village resort community with 1 and 2 BR units. Restaurant, bar, pool, with on-site management. From the $90s. The Windstar Agency, P.O. Box 33, San Pedro, Belize, tel. 501-2-62525, fax 501-26-2497.

ACROSS FROM MEXICO ROCKS: Two Òoff the beachÓ lots with elbow room. Over 1/2 acre for only $19,900, with wonderful terms -- 10% down, 10% interest, 10-year loan. Southwind Properties, P.O. Box 1, San Pedro, Belize, tel. 501-2-62005 or fax 501-2-62331.

LOT, lagoon frontage, ready to build. $15,000. Langdon Supply Limited, San Pedro, Belize, tel. 501-2-62147 or fax 501-2-62245. BELIZE YACHT CLUB: 2-story resort villas, fully furnished, Mediterranean design, with terrace. Beachfront or poolside -- all have access to fresh-water pool, gym, marina and more. Starting at $190,000 to $230,000, terms available. Other beautiful units available at PARADISE VILLAS from $185,000. Suites at MAYAN PRINCESS (formerly Ambergris Lodge) from $115,000. Southwind Properties, P.O. Box 1, San Pedro, Belize, tel. 501-2-62005 or fax 501-2-62331.

SIDEBAR: REAL ESTATE COMPANIES IN BELIZE

Note: Companies here are listed as a convenience to BELIZE FIRST readers. No endorsement of any particular real estate or development company is implied or intended, nor does the absence of a company suggest any lack of endorsement.

Belize Business Consulting Services, P.O. Box 407, Belize City, tel. 501-2- 30012, fax 501-31048

Belize Land Consultants, Ltd., P.O. Box 35, Corozal Town, tel. 501-4- 23195, fax 501-4-23396

Bella Vista Group, 63 Bella Vista, Belize City, tel. 501-2-44711, fax 501- 2-32895

Caye & Country Real Estate Ltd., P.O. Box 258, Belize City, tel. 501- 2- 35308, fax 501-2-32770

Langdon Supply Limited, P.O. Box 15, San Pedro, tel. 501-2-62147, fax 501-2-62245 (affiliated with Belize Real Estate)

Maya Landings at Moho Caye, Belize City, tel. 501-2-33075 Southwind Properties, P.O. Box 1, San Pedro, tel. 501-2-62005, fax 501-2-62331

Playa de Piratas Properties, Placencia, tel. 501-6-23180, fax 501- 2- 23203

Sovereign Real Estate, 39A 4th Avenue, Corozal Town, Belize, tel. 501-4- 23106, fax 501-4-23157

The Windstar Agency, P.O. Box 33, San Pedro, Belize, tel. 501-2- 62525, fax 501-2-62497

Toledo Real Estate & Assoc., P.O. Box 73, Punta Gorda, tel. 501-7- 22470, fax 501-7-22199

W. Ford Young Real Estate, Ltd., P.O. Box 354, Belize City, tel. 501-2- 31022, fax 501-2-31023 (affiliated with Belize Real Estate)

* * *BELIZE ROADS ARE _HOW_ BAD? * * *

By LAN SLUDER

One of the best ways to see mainland Belize is with your own set of wheels. You can see more, at your own pace, lingering where you want, visiting Mayan sites in the bush, just you and the mozzies, and enjoying the mountains, the villages and the seaside towns of this fascinating land.

While car rental costs in Belize are notoriously high, increasing competition and lower import taxes are bringing prices down just a little; while the roads in Belize vary from pretty good to incredibly awful, the government is working hard to improve the road system. Belize is the size of the U.S. state of Massachusetts, 8,866 square miles. But it has only about 1,500 miles of roads, of which only about 300 miles are paved. In other words, paved road mileage in the entire country of Belize is equal to about the distance from Atlanta to the Florida state line. You can count the number of traffic lights in Belize on one hand and still have fingers left over.

Driving in Belize

Driving in Belize is usually no problem. Driving is on the right, and most cars and trucks in the country are of U.S. manufacture. Because there are so few people in Belize, and even fewer who own cars, the roads, except in Belize City, are lightly trafficked. Often you'll go miles without seeing another vehicle.

Drivers in Belize are not as wildly macho as in Latin countries, but accidents -- especially involving pedestrians -- are depressingly common.

Belize gas stations are few and far between. The cost is around US$2.35 a gallon. Lead-free gas is not available in Belize. Speed limits are more a function of road condition than law in Belize, but beware 'sleeping policemen' -- speed bumps -- and people and animals on the roads.

In the rainy season, or at any time, rising rivers can unexpectedly wash out bridges, and roads may become slick and muddy traps. When this happens, it can mean a many-hour detour or backtrack.

Road Conditions

Roads in Belize vary from as good as any in rural America or Canada, to absolutely, incredibly horrible, passable only with a high- clearance four- wheel drive.

Belize City: Some of the streets and roads around Belize City are in good shape, being paved or of sand/shell/gravel construction. Others are narrow, clogged with parked cars, or with bad surface condition. Regular two-wheel drive autos okay here.

Western Highway: About 80 miles from Belize City to the Guatemala border near Benque Viejo. This is a paved, two-lane road in generally good condition. It is mostly level and with many straight stretches. Overall, the Western Highway is the most drivable road in Belize. Passable in the family car anytime.

Northern Highway: About 90 miles from Belize City to the Mexico border. Like the Western Highway, this is generally a good, paved two-lane road, okay for two-wheel drive. Quite a different story is the Old Northern Highway, which you take to Altun Ha ruins. Once paved, this road is now permanently potholed and extremely rough driving, although it is usually passable with two-wheel drive.

Hummingbird Highway: About 54 miles from near Belmopan to Dangriga. This delightfully named road traverses some of the most beautiful country in Belize. One day, it will be a major tourist route. At present, it is a mix of some of the best road in Belize, and some of the worst. Newly graded and paved sections are superb, but the old sections are, like the Old Northern Highway, deeply potholed and in bad shape. More than one-third of the Hummingbird is now in top condition. Mostly passable by two- wheel drive, but four-wheel drive is handy insurance anytime.

Southern Highway: Although plans are underway to pave portions of this road, a process that may take years, and in a grand exercise in optimism the Belize Tourist Office actually tells some people the entire road is paved, be aware that it is NOT paved. It is a 95-mile gravel/dirt road which is badly washboarded in places. In the rainy season, it may be slick and virtually impassable, especially farther south where the rains are heaviest. Four-wheel drive advised in the summer. The 24-mile road from the Southern Highway to Placencia village is if anything in better shape than the Southern Highway itself. New Coastal Highway/Manatee Highway: 30-something miles, the short cut route from Belize City to Dangriga and points south goes from the town of Democracia on the Western Highway just west of the Belize Zoo, to the Hummingbird Highway just west of the intersection with the Southern Highway. In good weather, this graveled road allows you to make excellent time, and is much preferred to going via Belmopan and the Hummingbird. But the road is sometimes closed,

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