How to Buy Real Estate in Belize
Belize is a great place for real estate investment, with no capital gains taxes to pay for any profits you make, and property prices rise year after year. If you’re interested in buying land or property in this beautiful country, there are some hurdles you’ll need to overcome, as well as some regulations and costs you need to 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 land can be a bargain. Properties on the coast and in areas that are popular with tourists will generally be the best investment and are likely to rent quickly if you choose to go that route.
How can I find property in Belize?
When looking for a property, it’s easy to get carried away with the excitement of a potential new home or investment. But be sure to check your real estate agent’s credentials. They’re probably legit, but better safe than sorry because, like everywhere, there are scammers out there.
The best ways to search for your dream property are:
– Check with reputable real estate agents about the properties they currently have available.
– Use online property sites.
– Ask: word of mouth can be a great way to find out about properties that are on the market.
Although you do not need to be in Belize to close on a property, it is recommended that you view it at least once before proceeding with the purchase.
What are the legal considerations of buying property in Belize?
There is a lot of good news about buying property in Belize, and here 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.
– Land tax is only 1-1.5% of property value, a bargain compared to many other countries.
However, you must ensure, before completing the purchase of any property, that:
– Budget for the Government Land Transfer Tax of 5% to 8% of the value of the property.
– 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 for a verification of the property title, to ensure that there are no associated legal disputes. This shouldn’t cost more than USD$250.
– If you are buying a condominium, it 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 you extra dollars, use a reputable attorney and real estate agent to process your transaction as they will be able to verify that all documentation is legally irrefutable.
How long does it take to buy property in Belize?
Once you’ve found your property and educated a real estate attorney and agent, the buying process shouldn’t take long. Generally, 30 to 90 days is a good ballpark estimate.
And then the job is done, welcome to owning a property in Belize!