Wire Transfers out of Belize

[mike2000]

I own a unit in a resort in Belize. I'm trying to cash-out my accrued balance from the rental pool, but the resort company has been unable to get Ministry of Finance to approve any international transfers. This has been going on since March of last year. The company blames the situation on Covid. My income is earned in Belize dollars that must be changed to US dollars, and that's why the Ministry of Finance is involved. I suppose Belize is short on US dollars.

Has anyone else been having trouble getting the Ministry of Finance to approve international transfers? The answers I've been getting from my resort company are vague, and I'm starting to get worried.

Thank you.

 

[Martin Everson]

Welcome to the reason why crypto is so popular in developing countries with currency controls.‌ You avoid these issues 🙁

https://paxful.com/buy/bitcoin/belize

 

[Silvio]

Have you considered that they may be bullshitting you? How much︁ income would a resort in Belize even generate considering that global tourism crashed -95%?

You could check on Booking.com as sometimes they write down the occupancy in % for certain︂ resorts\areas.

 

[mike2000]

Belize, it's like everyone is smoking. The resort owes me about $30k that's been accruing over‌ the years. I asked to cash-out a month before everything closed down. But the banks‍ have been open since December, and the staff is telling me the govt still isn't⁠ approving international transfers. I've never heard of this kind of thing in any other country.⁤

 

[Silvio]

Sounds like they are scamming you, you need to⁣ get yourself some legal representation and send them a letter from a local lawyer demanding⁢ payment

 

[mike2000]

Thank you! It's good to have other perspectives. I'm going to have to burn the‌ bridge with them and hire a lawyer. I've been reluctant because they control the property.‍ Now I'm going to sell it, also. Any idea on the lawyer fees and time⁠ frame for something like this?

 

[Silvio]

If they didn't pay you⁤ for a few years I would say that the bridges are already burned anyway...

No idea specifically about prices in Belize but I would contact multiple law firms (at least⁣ 3-4), talk to all of them, try to get an idea of who has already⁢ dealt with similar issues and who comes across as more legit. I would also check︀ on the company that owes you money, who are these people? Are they connected politically?︁ Can they cause you problem when you try to sell the property? etc. If they︂ are politically connected your odds are much lower. Whereas if they are just small time︃ hotel owner there's a chance just a letter from a local lawyer will scare them︄ and they will pay you or at least offer to settle. Make sure to start︅ with just a letter and ask specifically how much it will cost BEFORE starting the︆ procedure. Good luck and let us know how it goes...

 

[Liberta]

I was thinking of a scam but i found that.

https://www.centralbank.org.bz/financial-system/exchange-control-approvals
it tells a lot‌ about where to invest your cash.

I would prefer a country without a central bank‍ !!!

 

[Golden Fleece]

Yes, this is a very common issue in Belize. You should be able to find‌ relevant information on the web and in various expat forums. Honestly, you should have known‍ about this issue well before you ever invested in Belize. The COVID situation no doubt⁠ worsened the situation. You should post this issue in a few Belize expat forums and⁤ get some boots-on-the-ground input.

 

[mike2000]

I think talking to a few Belizean lawyers would the best source on whether the‌ transfer delay is normal or BS. I own two other Caribbean resort units and they‍ pay like clockwork. But I should have done more research on Belize. I've come to⁠ learn that Belize really is a backwards place.

The Belizean parent company owns several other⁤ resorts, so I imagine they do have political pull and if they get vindictive they⁣ could interfere with the sale. The sale would need to happen first, then I'd put⁢ a lawyer to work after that.

 

[Liberta]

That is called a bottled neck effect. The central bank obviously need foreign currency to‌ be a viable local currency.
If there is a too small liquidity then it trigger‍ a control of capital.
I guess Belize is requiring to edit local commercial contract to⁠ be in Belize Dollar ? or could you bypass it with USD settlement ?

 

[wmaeser]

Which Belize bank does this involve? I have a Belize contact︁ who might be able to help you if you get stuck.

Don't waste your time︂ on useless lawyers there, all you will get is a big fat fee.

 

[mike2000]

Thanks. It's Atlantic Bank.

 

[JohnLocke]

Maybe you can‍ link the partner here on the forum so we all may know who it is!⁠

OP don't forget to mark the best answer here, you created a QUESTION thread and⁤ violating the forum rules for such threads if you don't up/down vote posts made here!⁣

 

[wmaeser]

ok, I will ask my contact first if he is happy to have his name‌ and email published? or anyone can message me privately for his info?

 

[Anabasi]

It's already a couple of years that Atlantic Bank is in troubles after Sanctuary scam‌ that created a 100+ million "shortage". Hope your condo/villa is not in Placencia and managed‍ by Mr. M, othewise forget abt your money!! BTW, if you need a lawyer, contact⁠ Courtenay & Coye in Belize City. Beside being the best law office in the country,⁤ Emon Courtenay is actually the Minister of Foreign Affairs. So should you need somebody able⁣ to represent your interests, that's the law firm you wanna be in contact with. Best⁢ of luck

 

[mike2000]

Thank you for the referral, I'll contact them.‍ It's not in Placencia, thankfully.

 

[Golden Fleece]

I just read this explanation in an article and I thought that I would post‌ it here for future reference. Such problems were probably greatly exacerbated by the pandemic and‍ the resulting loss of tourist dollars.
https://www.offshorelivingletter.com/making-a-money-transfer-overseas-what-you-need-to-know/