Purchasing property in Belize and renting it out between the time of purchase and retirement can be a great way to generate income for yourself. However, you should make sure to work with a Belize real estate law firm.
Private residential developments with North American-style homes are popular in northern Belize. They offer familiarity and security, as well as affordable prices.
Buying a Home in Belize
When buying property overseas, there can be plenty of hurdles that one must trip through. Fortunately, Belize offers an easy, hassle-free process for purchasing real estate in the country.
You don’t need to be a citizen or resident of Belize to purchase land, which is great for those looking to invest in the country. The country’s constitution protects the rights of foreigners to own property within its borders. Additionally, land and condo purchases are made through free and clear titles rather than through strata-titled properties as they are in many other countries.
Those looking to buy property in Belize should find a buyer’s agent and an attorney to help them through the process. It is also wise to choose your professional support team through recommendations from other ex-pats who already live in the country.
Buying a Condo in Belize
Purchasing property in Belize as a foreigner is relatively easy compared to other countries. There are however certain precautions that should be taken into account.
Ensure that you get established professionals on your side. Look for recommendations before choosing your attorney and real estate agents. They will be able to guide you through the process and help you avoid many of the common pitfalls.
Property costs in Belize vary widely depending on location and popular tourist destinations are generally more expensive. But there are also plenty of great deals to be had in less well-known places.
Title insurance is not as prevalent in Belize as it is in the US and Canada but your lawyer can still provide you with a title opinion that will make your purchase as secure as it would be in a developed country. At closing you will transfer the balance of the purchase price to an escrow company that will hold the money until the title is transferred to you.
Buying a Land in Belize
Buying land in Belize offers you the opportunity to own your own piece of paradise. It is a relatively easy process to complete, especially for those from the United States and other English-speaking countries. Foreigners are treated equally to local citizens when it comes to purchasing property in Belize.
You can purchase property in Belize without ever visiting the country, though it is always a good idea to work with an experienced agent that knows the country well. They will be able to help you find the best deals and negotiate the terms of your purchase.
Closing fees in Belize include an 8% stamp tax (title transfer fee) and attorney fees of 1% to 2% of the purchase price. Be sure to factor these expenses into your budget. Also remember that any property located within 66 feet of the high tide is public property and can be used by anyone. This is called Queen’s Land.
Buying a Commercial Property in Belize
The world is starting to take notice of Belize with its ancient Maya cities, lush jungles, gorgeous beaches and the second-largest barrier reef in the world. And the Belizean government makes moving to the country seem even more attractive with several incentive programs designed to encourage tourism and investment from abroad.
One of the biggest benefits is that it’s fairly easy for noncitizens to purchase property in Belize. There are no restrictions on foreign ownership and there’s no capital gains tax. Plus, closing costs are lower than many buyers expect.
It’s a good idea to work with a reputable Belize real estate agent who can guide you through the process. A lawyer based in the country can help you navigate the process from start to finish, including conducting a title search and ensuring that you’re aware of all fees and taxes. They can also assist with setting up bank accounts, transferring funds from domestic to offshore accounts and creating automated payments.
