Belize is a great place to invest in property, there is no capital gains tax to pay for every profit you make, and property prices are increasing year after year. If you are interested in buying a plot of land or property in this beautiful country, there are a few hurdles you have to go through, as well as some rules and fees you should be aware of. But, overall, the process is very simple.
Here are the main aspects of buying real estate in Belize that you will want to consider.
How much do properties cost in Belize?
Property prices vary in Belize. You’ll notice that building a modern apartment can cost as much as something similar in the United States, whereas buying a plot of land can be a bargain. Property by the beach and in areas popular with tourists will usually be the best investment and are likely to be rented out immediately if you decide to go that route.
How can I find properties in Belize?
When you’re looking for property, it’s easy to get swept up in the excitement of a prospective new home or investment. But be sure to check your real estate agent’s credentials. They may be legit, but it’s better to be safe than sorry, because – as everywhere – there are scammers operating.
The best ways to find your dream property are:
– Check with reputable real estate agents about the properties they currently own.
– Use online property sites.
– Ask around – word of mouth can be a great way to learn about properties on the market.
While you do not need to be in Belize to close a property, it is recommended that you take a look at it at least once before proceeding with a purchase.
What are the legal considerations for buying property in Belize?
There is a lot of great news about buying property in Belize, and here are some reasons why Belize property is so popular with expats.
For example:
– As a foreigner, you will have the same rights to own property as a native of Belize.
– Buying a property doesn’t require any additional complicated steps – it’s as easy as buying a property in the United States.
– All documentation will be in English as it is Belize’s primary language.
– Land tax is only 1-1.5% of property value, very cheap compared to many other countries.
However, you must ensure, before finalizing any property purchase, that you:
– Budget for Government Land Transfer Tax of 5% to 8% of property value.
– Make sure the person selling the property is the rightful owner – otherwise this can cause big problems later on.
– Check the regulations regarding the development of the land you wish to purchase as Belize has very strict environmental laws.
– Pay for property ownership checks, to ensure there are no accompanying legal disputes. It costs no more than USD$250.
– If you buy a condo, it will be subject to the principles of strata titling. This gives each unit a title, which is purchased together with the condo.
– Although it will cost extra, use an accredited attorney and real estate agent to process your transaction, as they will be able to legally check all waterproof documentation.
How long does it take to buy a property in Belize?
Once you’ve found your property and have instructed a lawyer and real estate agent, the buying process shouldn’t take too long. Usually, 30 to 90 days is a rough estimate.
And then – job done – welcome to property ownership in Belize!