Currently, there are no nationally licensed realtors in Belize, as the country does not require any specific education or training for people to qualify as realtors. As we have examined in our Basics of Real Estate in Belize article, this lack of training and qualification has led to a bit of a wild west mentality in the business, so one needs to be very careful and undertake as much due diligence as possible for any purchase.
While the quality of full-time realtors in the country has likely improved over time in Belize, unlike in the North American real estate market, realtors are not required to be licensed here in Belize nor to adhere to any specific standards or regulations; thus, just about anyone can hang a sign and become a realtor here, and, over the past several decades, this has likely led to a lot of questionable activity in the market here.
Foreign Buyers Can Legally Own Property in Belize
Aside from the lack of training and professional standards in the real estate business in Belize, another factor which contributes to the number of real estate scams here is the fact that as far as property ownership is concerned, foreign nationals can legally own property in Belize in the same way as a Belizean national. Unlike in some countries in Central and South America, there is no differentiation between Belizeans and others concerning holding legal title to property.
The ability to hold Fee Simple ownership to property in a tropical, English-speaking country with no capital gains tax, and a fixed USD-BZD exchange rate is attractive to many North Americans. And over the years, some unscrupulous operators have taken advantage of many foreign buyers.
Small-scale real estate development problems in Belize
On a smaller scale, some of the Belize landscape is littered with projects which were started but never completed. Many of these likely did not start out with the intent to defraud anyone, rather, new, smaller developers bought fairly small parcels of land at low prices, and they believed that they could finance the building of infrastructure and amenities from the sale of divided lots, and in many cases, after the first few buyers paid for lots, some building was started, but as sales of the lots in the community stalled, the money ran out, and developers abandoned the projects, often leaving the initial buyers with a significant loss.
Some of the attraction for investors in these developments is the fact that the Belize real estate market is essentially an all-cash market for foreign buyers, and some developers have offered owner financing in order to sell their lots faster. Personally, I would not buy into any project unless the infrastructure and promised amenities are complete, and there are occupied homes in the development.
Large-Scale Real Estate Development Scams in Belize
While there have been several larger-scale real estate scams in Belize, none of these scams come close to the scope of the Sanctuary Belize Fraud which was perpetrated by a California-based developer, Andris Pukke.
Because of the involvement of international cash transfers, and the fact that most of those who lost money in the Sanctuary fraud were from the US, as well as Pukke being a California resident, both the US Attorney’s Office and the US Federal Trade Commission became involved in actions against the Sanctuary principal Pukke.
The Federal Trade Commission, after receiving a judgement against the Sanctuary developer in 2020, reported:
“With this $120 million judgment, the Federal Trade Commission has successfully put an end to the largest land fraud in the agency’s history.”
US Federal Trade Commission
The US Attorney’s Office for the Southern District of New York described the Sanctuary fraud and the actions of the principal Pukke:
“Andris Pukke sold residential lots in Belize with a promise to build out an affordable vacation and retirement community in a tropical paradise. Instead, Pukke’s planned paradise turned out to be just a mirage, as he allegedly stole the very funds the development needed to pay for roads, utilities, and other infrastructure, leaving the lot buyers with nothing but land they cannot access or use.”
US Attorney’s Office for the Southern District of New York
Finally, the US federal indictment of Pukke and his company described the extent and nature of the fraud:
“PUKKE and his salespeople falsely represented to lot buyers that Sanctuary Belize was free of debt and that all income from lot sales would go to the development of Sanctuary Belize’s infrastructure. In fact, Sanctuary Belize had more than $12 million in debt, and PUKKE stole more than $13 million of the $124 million that Sanctuary Belize received from sales of residential lots. PUKKE stole the money by directing Sanctuary Belize employees to transfer the funds to recipients he designated. These transfers of funds were concealed on the books and records of Sanctuary Belize as business expenses, such as professional fees, legal fees, consulting fees, loans receivable, and online advertising expenses.
PUKKE used the embezzled funds for his personal benefit, including the renovation of his home in Newport Beach, California; investments in various entities unrelated to Sanctuary Belize; investments in unrelated real estate developments; repayment of personal debt; and payments to PUKKE’s family members.”
I decided to describe the Sanctuary scam here because it appears that the 2025 assassination-style killing of well-know developer and realtor Boris Mannsfeld may have been the result of a newly discovered large-scale real estate scam, and this development may result in the government of Belize to finally call for the creation of licensed realtors in Belize.
Was the assassination-style killing of well-known developer and realtor Boris Mannsfeld in Belize caused by another large-scale real estate fraud?
Boris Mannsfeld was a well-known developer and realtor in Placencia. He spent ten years as a developer in Denver, Colorado prior to moving to Belize to start several businesses, first as a developer, and then opening a real estate agency.
Mannsfeld’s first major project on the Placencia Peninsula was the luxury condo development the Villas at Cocoplum. And in 2010, he decided that along with his work as a developer, he would open and operate a real estate sales firm. On the company website of Boris Mannsfeld and Associates, Mansfeld claimed that his company Boris Mannsfeld & Associates was awarded top real estate broker in the Caribbean for 4 years in a row (2013-2016).
When the news of Mannsfeld’s murder was first announced, it was reported that “Mannsfeld had a single gunshot wound to the back of his neck.” The news report also indicated that a loaded 9mm pistol, belonging to Mannsfeld, along with his wallet and a spent shell casing, was found near his body. Mannseld had a permit for the firearm, and he was obviously carrying it at the time that he was attacked.
Belize Commissioner of Police Chester Williams told the local media:
“The shooting of Boris Mannsfeld has all indications of a hit. He was in his yard when, seemingly, he was approached by whoever the gunman or gunmen are, and he was shot once in the head behind the neck.”
Belize Commissioner of Police Chester Williams
There has been a great deal of speculation that Mannsfled’s murder was possibly the result of another large scale real estate fraud in Belize. Commissioner Williams fueled this speculation, as soon after the report of the assassination, Williams announced that they had arrested Frik de Meyere, a former associate of Mannsfeld, as a suspect in his murder. As we’ll see below, de Meyere may have been implicated in a recently-discovered real estate scam.
Previous deaths related to Mannsfeld’s business
Prior to Mannsfeld’s 2025 assassination-style shooting, two other men who had real estate dealings with Mannsfeld, including Ricardo Borja, who previously worked for the Boris Mannsfeld and Associates real estate agency, were killed in similar circumstances.
According to Belize Radio and news site, LOVE FM:
“Mannsfeld’s murder carries eerie similarities to two other unsolved killings, specifically, Ricardo Borja in September 2023 and Darren ‘Dalla Coin” Taylor in April 2024. Both men had ties to financial dealings and real estate, and Borja had previously been employed by Mannsfeld’s company, Boris Mannsfeld & Associates. In January 2025, Mannsfeld warned his clients in a letter about what he called a ‘massive fraud case’ spanning multiple countries and involving ‘money laundering, wire fraud, mail fraud, fake passports, and millions of dollars in stolen assets.’ He [Mannsfeld] explicitly referenced the murders of Borja and Taylor in connection to this scheme.”
LOVE FM News Site
Before he was killed, Mannsfeld was involved in a $3.9 million lawsuit with a former associate, and he was in court pursuing assets of the plaintiff. LOVE FM also reported that “Mannsfeld had made it clear that he was aware of potential threats to his safety. In June 2024, he sent an email to clients in which he wrote that he had compiled extensive documentary evidence on a land fraud case, which had been ‘strategically distributed’ to various individuals and institutions.”
Mannsfeld also assured his clients that in the event of ‘the slightest threat or injury’ to himself or his associates, this evidence, including names, banking details, receipts, WhatsApp messages, proof of wire transfers, and passwords, would be released to major global media outlets such as CNN, NPR, BBC, and Fox News, as well as to U.S. legislators.
As of the publication of this article, I have been unable to find any published sources relating to this evidence since Mannsfeld’ s death was reported.
Arrest made related to Mannsfeld murder
According to international press reports, after Mannsfeld was killed, Belize police arrested Frik De Meyere, who was born in Belgium, and who spent 12 years as the general manager of Mannsfeld’s company before leaving in August 2023.
De Meyere wasn’t immediately charged with a crime, and Commissioner Williams referred to him as both a ‘suspect’ and a ‘person of interest.’ Before the murder of Mannsfeld associate Ricardo Borja in 2023, Borja claimed that Mannsfeld’s business manager De Meyere was involved in a land fraud scheme; however, Borja was killed before he was able to present evidence of the fraud.
There is now speculation that Mannsfeld’s assassination is yet another death related to the alleged fraud with which De Meyere had been accused.
What does the killing of real estate agents have to do with the government’s push for licensed realtors in Belize?
Within a few days of the assassination-style killing of Placencia developer and realtor Boris Mannsfield, Cordel Hyde, the Minister of Natural Resources for the government of Belize announced that his ministry had completed a draft of real estate legislation designed to bring oversight and accountability to the industry.
Minister Hyde said:
“Our legal counsel in the ministry has worked really hard to come up with a draft legislation. It’s actually at the Attorney General’s ministry for them to correct, revise, and add directions. Once reviewed by the Attorney General, the legislation will proceed to public consultation before being presented to Parliament.”
Breaking News Belize
If passed, the legislation will require real estate agents, mortgage brokers, and land consultants to obtain licenses and meet specific qualifications. Hyde emphasized that there will be clear criteria and mandatory courses, with consequences for those who fail to comply. “It will provide a level of regulation that has been missing for all these decades and will weed out a lot of the crooked folks that are in this business, operating almost lawlessly,” he said.
Hyde told reporters that Mannsfeld’s murder did influence the timing of the new legislation, saying that the murder was a tragic event that demonstrated the the real estate industry in Belize really needed to be regulated more closely.
Hyde also said that both the police and the Financial Intelligence Unit (FIU) are investigating the case and cooperating with the ministry to gather necessary information. “We are hoping that an arrest or arrests are made pretty soon. That’s needed for us to move forward,” Hyde added.
The proposed legislation will establish stricter industry standards and improve transparency, ensuring a safer environment for both investors and the public.
Are there other recent events in Belize which have led the government to see the need for licensed realtors in Belize?
As we reported in an article on Public Access to Beaches in Belize, early 2025 also saw the Belize Rural South representative to the national legislature, Andre Perez, complain about the actions of some real estate businesses on the cayes.
Concerning controversy over unpermitted and locked docks in San Pedro, Perez stated that there will be “No more docks” in San Pedro. He made this statement while discussing a broader initiative to address private property holders attempting to limit access to public lands in Belize.
Representative Perez, in an interview on Channel Five Belize, also stated that he believes that the root of the problem is that some real estate agents are promising investors many things for which they have no right to promise.
For example, Perez said that real estate agents were telling people that they could guarantee a client that the client would receive a golf cart permit from the council, or that they could build a private dock or other structures along the shoreline.
Perez believes that some of the primary problems over the use of public land on the cayes stem from realtors telling people anything in order to sell a property; they do not explain the current laws or regulations to perspective buyers, and this often causes conflicts between new investors, their neighbors, the Town Council, and the public in general.
Final thoughts on Licensed Realtors in Belize: Will the Assassination of a Well-Known Realtor Lead to Real Estate Licensure?
While writing this article, I felt a bit as if I were writing a plot summary for a Netflix or Amazon Prime drama rather than a recap of some of the recent history of the real estate business in Belize!
While I had always known that there were some fairly unconventional practices in the Belize real estate world, both the scope of the Sanctuary Belize fraud and the trail of murders related to the death of Mannsfeld were almost unbelievable to me.
I realize that the current government of Belize push for legislation for the creation of licensed realtors in Belize is not the first time that efforts for reform in the real estate market have been undertaken here. For many years, at least one association of realtors in Belize has been lobbying the government for regulation of the industry and licensing, yet, thus far, nothing has been enacted.
Will a murder mystery involving three real estate operators in the south of Belize be the mitigating factor which will bring major changes to the industry here? We will certainly continue to follow the story to see whether the legislation is actually introduced, or like many other measures, if enthusiasm wanes after the initial shock of the killing subsides. And will we ever learn details of the alleged fraud which Mannsfeld had claimed to discover?
Finally, I believe that some regulation in the Belize real estate market, particularly the professional education and training for realtors, and a more transparent market, with the eventual creation of an MLS listing system here, would benefit everyone involved: foreign investors, Belizeans looking to buy or sell property, and even the agents themselves.
Of course, a few folks in the Belize real estate business who have near monopolies in some areas may be resistant, but over time, greater transparency in the market benefits everyone.
Finally, if you are considering a move to Belize, you might want to check out our book: Belize FAQs: A detailed guide for those interested in moving to Belize. In the book, there are more than 150 pages of Belize FAQs at your fingertips. And Belize FAQs is available in both paperback and Kindle formats.
Have you ever been to the Sanctuary Belize site?
They spent millions of dollars creating roads, marinas and providing infrastructure. The lots that were sold had access and were buildable.
The timeline that was given (for the complete buildout)to buyers may have been overly ambitious but that did not justify the devastation of the entire development. The “fraud” case simply caused the value of the properties to tumble and put many Belizean’s out of work.
The “trustees “ never even visited the site before deciding that the buyers had been defrauded.
The work that was done there was monumental. I can’t speak as to the company’s debt ratio or their use of funds but I can assure you that many millions went into the shaping of the development.
I do not own one of their lots but I do own property directly adjacent to Sanctuary Belize and we benefited from the work that was done by Johnny Usher and his crews.