BELIZE REAL ESTATE
Purchasing Belize Real Estate
Belize, the little Central-American nation, has quickly become the go-to destination for anyone looking to invest in property or land at a tropical destination. The attractions in Belize are many, but none are as varied as the property options available to investors and patrons looking to own a piece of this Caribbean heaven. Whether you are looking to buy a Belize vacation property or a plot of land for investment appreciation there are options in Belize and the island of Ambergris Caye.
For years, Belize has drawn global audiences that want to live and play in the sun while taking advantage of the country’s real estate, tax incentives and growing economy. Real estate can be found for bargains, as well as the reasonable cost of living, Belize is a hot spot for investors. If you are looking to join many others and buy property in Belize, here is a guide on purchasing Belize real estate:
Here are a few things to know about purchasing in Belize:
- The buying process is similar to the US & Canada – There are many similarities between buying real estate in Belize and buying real estate in established foreign countries, such as Canada and the United States.
- Real Estate transactions are rarely routine – Every sale has its own unique challenges, that is why we recommend working with a reputable agent who knows the market, properties and developments.
- There are few restrictions in Belize – Belize has British Common Law & Freehold Ownership. Like any local Belize citizen, foreigners can own almost any property, including beachfront land with the same ownership and locals.
- There is No Capital Gain Tax – In Belize, you can resell your property at a greater cost and receive capital gains with no additional tax.
- Retirement incentives – Qualified Retirees who retire in the country of Belize can enjoy an exemption from all import duties.
How To Buy Property in Belize
Step 1: Start the search
You can find information on a property on a local realtor’s websites, listings of bank foreclosures, or you can speak to a Belize real estate expert to get the best advice and information. Consider renting a vehicle so that you can explore the area yourself to see what is on offer or available. Many people are drawn to Ambergris Caye, a Northern Belize island. When searching for Belize property do your research and find the location that is right for you.
Step 2: Pick a property
There numerous diverse options when buying property in Belize but your choice will be based on preference and your budgetary restrictions. Once you have found your location the next step is to pick your property, some people prefer luxury properties, while others look for a small beachfront condo, and many look to invest in raw land for future development or property appreciation. When purchasing Belize real estate, set a budget and pick the property that meets your needs.
Step 3: Make an offer to purchase
Your realtor is supposed to draft an offer to purchase letter that will contain both your legal details, description of the property, purchase price and signature once you settle on a specific property. Many properties in Belize and investment opportunities offer financing that requires a deposit and monthly payment installments.
Step 4: Negotiate and pay your deposit
Your offer might be accepted immediately but you might be faced with a counter offer. Once you agree on a price, you will have to pay a deposit for goodwill. Much of the property in Belize is sold through developers who offer financing.
Step 5: Find a lawyer for the title search
Hiring a real estate lawyer is not mandatory, but it will expedite the process. A title search conducted by your lawyer will reveal any inconsistencies such as unpaid taxes. The lawyer typically charges between 1 to 3 percent of the sale price. In Belize, it is important to make sure you own the property and the title is properly managed and ownership is transferred.
Step 6: Sign an agreement and pay
Once the buyer and seller agree on all the fine and final details, you can purchase your property in full. Some local and offshore banks offer financing to those that have qualified for it, or internal financing options.
Step 7: Pay the stamp duty
The stamp duty is paid to the government so that your property can be transferred to your name. The first $10,000 of the purchase price is tax-free.
Step 8: Transfer the title
Transferring of the title can take anywhere between 30 to 60 days. It occurs once the Stamp Duty has been paid by your lawyer.
Step 9: Own the property
Once everything is complete, you now officially own property in Belize. Belize property ownership offers a high opportunity for property appreciation, the countries growing demand and political stability makes it a highly sought-after destination for foreign real estate investors.
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