Whether you’re looking for a tropical paradise to live in, an ideal retirement destination, or simply want to invest in property, Belize is a great choice.
However, there are some things you should know before you start searching for property in Belize. It’s important to work with established real estate agents and attorneys.
Low Taxes
One of the biggest draws to investing in Belize Real Estate is that it offers some of the lowest property taxes around. Taxes on rental income are a fraction of what they are in the USA or Canada, with most property tax rates ranging from just 1.75% to 1.5%.
Additionally, there are no capital gains or inheritance taxes on incomes derived from property investments. This makes Belize a very tax friendly country for those looking to invest in property as a retirement asset.
As a result, Belize has become a popular tax haven for foreign investment. Not only does it offer low taxes, but it also has some of the most advanced offshore financial services available.
Easy to Reside In
Belize is a dream destination for digital nomads and expats who want to live in paradise without paying big bucks. It’s English-speaking, offers easy residency options for retirees and expats, and is only a two-and-a-half-hour flight from the United States.
One of the most attractive things about living in Belize is its relaxed lifestyle. It’s a “go slow” country, and you’ll quickly learn to appreciate this if you’re used to the hectic pace of life in the West.
If you’re looking for a place to call home, Belize real estate is relatively inexpensive, according to Numbeo, which tracks costs in different cities. Whether you choose to rent or buy, your monthly expenses will be significantly lower than in the United States.
Those who decide to relocate permanently should consider applying for Belize’s Qualified Retirement Persons (QRP) visa, which allows you to bring your household goods duty-free and includes a monthly visitor card. You can renew this visa as often as you like, and the process is straightforward.
Legality
As a former British colony, Belize has a legal system that’s based on British Common Law. This gives property owners fee-simple title ownership.
Unlike other Central and South American countries, foreigners can own freehold property in Belize without the need for licenses or permits. This is one of the major draws and benefits of off-shore real estate investing in Belize.
It is important to have a clear understanding of the legal aspects of your Belize real estate purchase, particularly in terms of the different types of titles and ownership structures. It’s also wise to get due diligence checks done to ensure that the property you buy is in good condition.
Buying real estate overseas can be complicated and risky. It’s important to enlist the help of a trusted realtor and attorney when doing so. In addition, it’s a good idea to make at least one trip to see the property before you turn over your hard-earned cash.
Safety
Belize is one of the safest countries in Central America and many people who have relocated to the area say it has been an excellent experience. Whether you are looking for a vacation spot, retirement home, or even a place to invest in, you can rest assured that Belize is safe.
As an international jurisdiction, Belize is well known for its friendly attitude toward foreigners. All property transactions are conducted in English, so you will not have to worry about having trouble understanding the process or documentation.
There are several ways that you can ensure the safety of your Belize real estate investment, but the most important is to work with a reputable local expert who knows the market and is willing to protect your interests. These experts can steer you away from scammers and ensure your purchase goes smoothly.Why Invest in Belize Real Estate?
