Belize is a great place for real estate investment, with no capital gains taxes to pay on the earnings you make, and property prices are increasing year after year. If you are interested in buying land or property in this beautiful country, there are some hurdles that you will need to overcome, as well as some regulations and costs that you should be aware of. But overall, the process is reassuringly simple.
These are the main aspects of buying real estate in Belize that you will want to consider.
What is the cost of property in Belize?
Property prices vary in Belize. You’ll notice that modern apartment developments can cost the same as something similar in the United States, while buying parcels of land can generate a bargain. Properties on the boardwalk and in areas that are popular with tourists will generally be the best investment and are likely to rent quickly if you decide to go that route.
How can I find a property in Belize?
When searching for a property, it’s easy to get carried away by the excitement of a potential new home or investment. But be sure to verify the credentials of your real estate agent. They are probably legitimate, but better safe than sorry, because like everywhere there are scammers operating.
The best ways to search for your dream property are:
– Check with reputable real estate agents about the properties they currently have available.
– Use real estate sites online.
– Ask: word of mouth can be a great way to find out what properties are on the market.
Although you do not need to be in Belize to close a property, it is recommended that you view it at least once before proceeding with your purchase.
What are the legal considerations for buying property in Belize?
There is a lot of good news about buying property in Belize, and these are some of the reasons why property in Belize is so popular with expats.
For example:
– As a foreigner, you will have the same property rights as a native Belizean.
– Buying a property does not require additional complicated steps, it is as easy as buying a property in the United States.
– All documentation will be in English because that is the main language of Belize.
– The property tax is only 1-1.5% of the property value, a bargain compared to many other countries.
However, before completing the purchase of any property, you must ensure that:
– Budget for the Government Land Transfer Tax of 5% to 8% of the property’s value.
– Verify that the person selling the property is the legal owner; otherwise this can cause big problems in the future.
– Check the regulations on the development of any land you intend to buy because Belize has very strict environmental laws.
– Pay a property title check, to make sure there are no legal disputes attached. This shouldn’t cost more than $ 250.
– If you are buying a condominium, you will be subject to the principles of titling by strata. This gives each unit a freehold title, which is purchased along with the condo.
– Although it will cost additional dollars, use a licensed attorney and real estate agent to process your transaction, as they will be able to verify that all documentation is legally airtight.
How long does it take to buy property in Belize?
Once you’ve found your property and instructed an attorney and real estate agent, the buying process shouldn’t take too long. Generally, 30 to 90 days is a good ballpark estimate.
And then the job is done, welcome to Belize Property Ownership!