{"id":859,"date":"2019-03-08T19:08:20","date_gmt":"2019-03-08T19:08:20","guid":{"rendered":"https:\/\/www.royalkahal.com\/?page_id=859"},"modified":"2023-06-29T20:35:29","modified_gmt":"2023-06-29T20:35:29","slug":"frequently-asked-questions","status":"publish","type":"page","link":"https:\/\/www.royalkahal.com\/condos\/frequently-asked-questions\/","title":{"rendered":"FAQs"},"content":{"rendered":"
<\/p>\n
Who is responsible for the development of Royal Kahal?<\/strong><\/em><\/p>\n Royal Kahal Resort is being developed by Fairhaven Properties, a Canadian company with interests in Florida and Belize. Fairhaven Properties has met the requirement of due diligence, full permitting, environmental clearances and all required approvals by the government of Belize for the development of Royal Kahal. Through the past 25 years, Fairhaven Properties and its management team have had a history of developing residential and commercial properties both on time and on budget. Their commitment to sourcing and utilizing the newest and most efficient techniques in both design and construction has ensured the success of their projects.<\/p>\n With their newest venture Fairhaven Properties brings their passion and ambition for developing highly functional and innovative buildings to Belize.<\/p>\n <\/p>\n Who will manage the resort and rental program?<\/strong><\/em> Are there any time or usage restrictions on using my residence?<\/strong><\/em> What is the Royal Kahal legal structure?<\/strong><\/em> <\/p>\n How do I purchase a residence at Royal Kahal?<\/strong><\/em> What are the payment terms?<\/strong><\/em> When will transfer take place?<\/strong><\/em> Is there stamp\/transfer duty payable on the sale?<\/strong><\/em> What are the estimated legal and closing costs?<\/strong><\/em> Are there any restrictions when you sell on sending proceeds of the sale out of Belize?<\/strong><\/em> Will the sale of my Royal Kahal residence attract capital gains tax?<\/strong><\/em> Is there an inheritance tax in Belize?<\/strong><\/em> What are the annual property taxes and how are they assessed?<\/b><\/em> Can a foreign corporation purchase real estate property at Royal Kahal?<\/strong><\/em> Can ownership be held in a foreign trust?<\/strong><\/em> What legal title in the units is passed on to purchasers?<\/strong><\/em> Can an ibc (offshore company) own property in Belize?<\/strong><\/em> Is there mortgage finance available to purchasers in Belize?<\/strong><\/em> Have any arrangements been made with banks to provide such finance?<\/strong><\/em> Can purchasers re-mortgage an existing property back home to buy a residence in Belize?<\/strong><\/em> <\/p>\n How does the rental program work?<\/strong><\/em> How do I make a reservation?<\/strong><\/em> What notice period is required when reserving my residence?<\/strong><\/em> How does the housekeeping charge work?<\/strong><\/em> How is the rental revenue split?<\/strong><\/em> Can an owner rent out their residence on their own?<\/strong><\/em> How often will I receive rental proceeds?<\/strong><\/em> Can the rental program income be used to pay strata fees?<\/strong><\/em> Can I use my rental proceeds to assist in paying for my residence?<\/strong><\/em> What are my tax liabilities from receiving rental proceeds in Belize?<\/strong><\/em> <\/p>\n Air access, how do I get to Belize?<\/strong><\/em> What are the requirements for obtaining visitor’s visas for the Belize?<\/strong><\/em> How long is a visitors’ visa valid for?<\/strong><\/em> How long can I extend my visa for?<\/strong><\/em> How do I qualify for the qualified retired persons program (QRP)?<\/strong><\/em> What are the benefits of the qualified retired persons program?<\/strong><\/em> What taxes\/duties will be levied on cars\/boats brought into Belize under the qrp program?<\/strong><\/em> Are there any tax liabilities imposed by Belize on my overseas income or pension while living at Royal Kahal?<\/strong><\/em> [vc_row fullwidth=”true” id=”resort-page-intro-section”][vc_column][vc_single_image image=”628″ img_size=”full” alignment=”center” css=”.vc_custom_1551818877005{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][\/vc_column][\/vc_row][vc_row el_class=”resort-page-text-section”][vc_column][vc_column_text css=”.vc_custom_1688070928119{margin-bottom: 0px !important;}”] Frequently Asked Questions The Developers Who is responsible for the development of Royal Kahal? Royal Kahal Resort is being developed by Fairhaven Properties, a Canadian company with interests in Florida and Belize. Fairhaven Properties has […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":642,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"ngg_post_thumbnail":0,"footnotes":""},"yoast_head":"\nOwnership<\/h3>\n
\nA separate professional management company will be appointed.<\/p>\n
\nNo restrictions on owner usage.<\/p>\n
\nRoyal Kahal Resort will be a strata corporation, a strata association made up of residence owners will ensure that the resorts management and day to day operations and upkeep is ongoing. Annual general meetings are called to ensure each owner has a say in the running and management of their investment.<\/p>\nPurchasing and Legal Transfer<\/h3>\n
\nPurchasers would need to sign an agreement of sale and provide normal due diligence documentation.<\/p>\n
\nSince the resort is well along in its construction timeline, purchasers would pay up to the level of completion of their unit, followed by further payments at construction milestones and followed by a balance at completion and transfer.<\/p>\n
\nThis will take place after the last payment is received.<\/p>\n
\nA 8 % stamp duty is paid once off to the government of Belize.<\/p>\n
\nThis depends on the consultant, usually 2% of the unit cost. We have secured an independent closing agent that has agreed to assist buyers for a reduced fee.<\/p>\n
\nNone<\/p>\n
\nNo not in Belize, however based on an owners country of residency, you may have a liability to declare any capital gains, always consult a tax accountant in you country of residence for advice.<\/p>\n
\nNone<\/p>\n
\nProperty;<\/strong> Property taxes for the strata are included in the monthly home owners association (HOA) fee. Property taxes are extremely low in Belize and taxes for each individual residence are estimated at less than us$ 100 per year.<\/p>\n
\nYes<\/p>\n
\nYes<\/p>\n
\nLand certificate (strata title) hereditary, freehold, fee simple title<\/p>\n
\nYes of course, but not a Belizean ibc, as with any ibc, it cannot conduct business within its own domicile.<\/p>\n
\nYes, through many local and international banks, however they will usually require a minimum of 40% deposit.<\/p>\n
\nBelize bank, atlantic bank, heritage bank and caye bank can provide financing. Rates are normally 8 -10%.<\/p>\n
\nYes, dependent on country of residence.<\/p>\nRental Pool<\/h3>\n
\nThe rental program is the official rental channel for residence owners at Royal Kahal. Residences are put into the rental program where they are marketed as hotel inventory through the management companies distribution platforms and channels. Net income is split on a 60\/40 basis, 60% for the rental owners and 40% for the management company.<\/p>\n
\nAn owners concierge number will be provided to owners, this reservations hotline and dedicated email links directly to our front office \/ reservations department to ensure vip treatment for all of our owners.<\/p>\n
\n90 days for peak and high season periods (December to may).30 days will usually be sufficient for all other times. Owners may reserve their unit on a last minute basis if there is not an existing reservation. Manage will do their best to move paying guests to ensure we can accommodate our owners.<\/p>\n
\nUs $15.00 per day for housekeeping and us$5.00 per day for laundry. Fees are charged daily when rented per suite and by request when owners are in residence.<\/p>\n
\n60% to owners and 40% to management<\/p>\n
\nNo, all rentals must be handled by the management company.<\/p>\n
\nQuarterly, statements are sent electronically within 14 business days after the end of each quarter.<\/p>\n
\nYes credit balances can be assigned by owner to cover hoa\/strata fees.<\/p>\n
\nYes, the rental pool proceeds paid out to individual owners may be used at the owners discretion.<\/p>\n
\nNone – all taxes are paid prior to receiving any rental fees.<\/p>\nVisiting & Residency<\/h3>\n
\nAmerican Airlines, Delta Airlines, United Airlines fly direct from various American cities, Air Canada and Westjet from Canada, Taca Airlines flies from San Salvador, Guatemala and Panama with connections from Los Angles and San Francisco.<\/p>\n
\nNorth Americans do not require a visa, some countries do require a visa.<\/p>\n
\nUsually this is valid for 30 days and can be extended while in Belize.<\/p>\n
\nUsually on a monthly basis – to a maximum of six months.<\/p>\n
\nTo qualify for the QRP, one must be at minimum 45 years old and provide proof of $2,000 USD per month income for a couple.<\/p>\n
\nIt provides tax free import of household goods, cars, boat and airplane. The ability to work from Belize, providing the business is done with non-Belize residents and of course residency in Belize.<\/p>\n
\nNone<\/p>\n
\nNone[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"