Belize is fast becoming a popular place to invest in Real Estate. You can purchase a home in a planned community, a condo or land in the country. The laws governing land and property ownership are very similar to first-world jurisdictions making it a relatively simple market for foreigners.
No Capital Gains Tax
Unlike some countries in Central America and South America, Belize does not impose capital gains tax. This is a significant benefit for investors. It means that any profits from the sale of real estate in Belize remain with the owner.
Similarly, foreigners enjoy the same land ownership rights as Belizean citizens and are free to purchase homes and beachfront property in Belize. Property taxes are also low. Buying real estate in Belize is easy.
Investors should work with a professional to complete the purchase process, and it is advisable to use an escrow company when purchasing real estate in Belize. This is a neutral entity that will act as a liaison between the buyer and seller as the transaction closes. Make sure that the escrow agent you choose has good reputation in Belize and is licensed by the country’s law enforcement authority. You can find recommendations by asking around or getting referrals. This will help to avoid crooked agents and companies.
No Overcrowding
Unlike some international property markets, Belize is not overcrowded with foreign buyers. Its sparse population and pristine natural beauty make the country an attractive choice for investors.
Foreigners are welcome to buy properties in Belize without the need for a visa. This makes buying a home in Belize one of the most accessible real estate markets in the world for non-citizens.
The property purchasing process in Belize is similar to the buying process in your own home country. After agreeing on a sale price, the buyer and seller enter into a Sales Agreement and deposit funds into an escrow account. The escrow agent acts as a neutral party for both parties to ensure that the terms of the agreement are met.
Usually, the seller finances the purchase and provides part-financing at a loan-to-value ratio of up to 50%. Alternatively, international banks and mortgage companies offer financing options for buyers in Belize, but their eligibility policies vary.
No Language Barrier
Although English is the official language, locals often speak Spanish and many are bilingual. This makes it much easier for foreign investors to understand real estate contracts. Plus, the country is incredibly close to North America and flying there takes only a few hours.
As a result, Belize real estate is relatively affordable. You can also find a wide variety of options, from condos on the beach to eco-centric community developments. The key is to decide what you’re looking for and how it will benefit you. If you want rental income, choose a property in one of the busier tourist destinations like San Pedro or Placencia.
However, be aware that it is easy to get ripped off in Belize. It’s always a good idea to do your due diligence and get recommendations. You should also make sure that you use a professional escrow company to ensure your purchase is protected. A lawyer can help you verify the land title and other documentation.
Easy to Do Business
Belize is rapidly becoming well-known for its ancient Maya cities, jungles, and gorgeous beaches along with the world’s second-largest barrier reef. It’s a tropical paradise that is ideal for vacationing and for retiring.
Getting started in Belize as an expat is simple. The country uses the US dollar and contracts are written in English, making it much easier for North American investors to understand. Additionally, real estate in Belize is cheaper than in many other countries due to the lower living costs and the lack of property taxes.
A foreigner can buy land or a house in Belize as easily as a local citizen with the same rights of ownership. The purchase process usually takes 30 to 90 days from start to finish. However, it is recommended that one should always consult with a real estate attorney before buying property in Belize to make sure that all legal processes are followed correctly. Additionally, it is advisable to visit the property prior to purchasing it in order to determine whether it is the perfect location for your needs and preferences.
