Buying property in Belize is a relatively easy and inexpensive process. Unlike other countries in the Caribbean where foreigners must jump through some extra hoops, non-nationals have full legal rights when it comes to purchasing real estate in Belize.
To make sure that you are purchasing a legitimate piece of Belize real estate, hire an attorney to do a title search. This will ensure that you get a free and clear title to the property.
1. Low Taxes
One of the biggest reasons Belize Real Estate is so appealing is the country’s relatively low taxes. In addition to no capital gains tax (although there is a stamp duty charge), property and inheritance taxes are minimal.
In addition to that, Belize is one of the few countries in the world where foreigners have the same rights as citizens when it comes to property ownership. That means that if you buy land in Belize and sell it later for a profit, all of the profits remain yours – unlike many other jurisdictions where the government takes a big chunk of your proceeds.
It is important to keep in mind that scams do exist in Belize just like anywhere else, and it’s always wise to take your time and check things out thoroughly before committing to any purchase. It’s also recommended that you make several trips to the area and visit at different times of year to get a feel for the environment.
2. Investing
The housing market in Belize is still growing and there are great investment opportunities available. With no capital gains taxes and incredibly low property taxes (a $250,000 home may cost less than $1,000 per year in property taxes in rural areas) this is a great place to invest for long term returns.
Additionally, rental markets in places like San Pedro and Placencia are strong and offer good income streams. Belize is also a popular tourist destination and these visitors can help to support the economy and housing market in the country.
As a result, buying real estate in Belize as an investor makes sense for many people. One important consideration is to find a reputable real estate agent who knows the area well. They will be better able to understand the market ups and downs and will be able to help you make the best investment possible.
3. Easy Residency
Belize is one of the few countries in Latin America that offers foreign investors a path to permanent residency and citizenship. To qualify, you will need to show that you have the funds to sustain yourself without relying on state resources.
As such, the Belize Real Estate market offers a unique opportunity for those looking to invest in an affordable Caribbean paradise. Belize is also known for being one of the safest countries in Latin America. Despite this, it is important to be aware of the potential risks that come with investing in Belize Real Estate.
Always be wary of fast-talking brokers and attorneys and take your time to thoroughly research a property before making a decision. In addition, you should always check the title history of any property you are considering purchasing before making a deposit. This will help you avoid expensive and time-consuming legal battles in the future. This is especially true for buyers who want to purchase Belize Real Estate outside of planned developments or on undeveloped land.
4. Beautiful Locations
Stunning white sand beaches, verdant rainforest and proximity to the world’s second-longest reef have made Belize one of the hottest tourism and Real Estate investment destinations. Overnight visitor arrivals in the country shot up by 14.6% in 2018.
A Real Estate agent with local connections will be able to provide you with a comprehensive perspective of what the market looks like and how it’s changing. Look for agents with years of experience and who are positioned throughout the country.
Regardless of whether you want to live on the beach, in the jungle or close to town, the Belize Real Estate market offers something for everyone. However, it’s important to be aware that crooked attorneys and fast-talking real estate agents do exist, so always seek recommendations from trusted sources. Purchasing direct from the owner is often cheaper and safer than working with an intermediary.
