Things to Know About Buying Real Estate in Belize
Buying property internationally can be a pain and often riddled with hurdles. There are all kinds of red tape, bureaucracy, and legalities that one must trip their way through. However, for those looking to buy property in Belize, most of that is thrown out the window. Belize is not only one of the most beautiful countries in the world, but it is also one of the easiest to buy property in. If you are looking to purchase property overseas, for personal or investment purposes, Belize is hard to beat.
Here are a few facts about buying real estate in Belize.
Finding Property Is Exactly Like You’re Used To
Finding a property in Belize is no different than finding a property anywhere else. In this modern digital age, many property investors can find a property in Belize online all on their own. However, the process of using a real estate agent is also very common in Belize–just like everywhere else. One thing to note about Belize is the fact there is no standard MLS, so the process of finding a listing or a property can take time. That is why working with a real estate professional can help the process and find a property available in the market.
So, if you are planning on shopping for property in Belize, know that the process is very similar to how it likely already is in your home country. Finding a property can be tough, but the general process is very similar to the US or Canada.
You Don’t Need to Be a Citizen.
The country of Belize allows the purchase of property even by non-citizens and non-residents. That means that virtually anyone can buy and own property from Belize so long as you meet the financial and property-specific requirements. Unlike other countries, you do not actually have to live in the country to purchase there. You don’t even have to be in the country at all!
Qualifying For Financing
Not all are so ‘raw’ and wild when it comes to buying a property in Belize. The nation of Belize does require proof of finances when it comes to making a bid on a property. That is, you will need to show proof of financing whenever you make the actual bid on the property in order for it to be accepted. This is on top of your initial down payment. Just remember that you will always be required to prove that you can actually afford the property before all of the paperwork will go through. Because traditional bank financing is hard to navigate in Belize, our team often suggests looking for real estate deals that have vendor financing options.
You Can Get Financing In Belize
Many countries will require foreigners to obtain financing from their home country. With Belize, that is not necessary at all. There are plenty of banks and financial institutions that will offer financing to foreign nationals without a problem. The only thing is, you have to make sure you meet their requirements as an institution–which is to be expected. There are also plenty of deals and opportunities in the market that come with vendor or seller financing.
Plan On Up To 90-Days
While buying a property in Belize might be rather freeing, that doesn’t mean that it’s necessarily fast. The process can actually take quite a while from start to finish in some cases. You should always plan on up to 90-days for everything to become finalized and finished before your property is actually legally yours. To have a title transferred to your name will require the transaction to go through the lands department. One of the advantages of real estate ownership in Belize is being able to own property in an IBC (International Business Company). When you buy a property and it is in an IBC the transfer can be done quickly and often within 24 hours.
Buying Real Estate in Belize
Before embarking on the journey, you should always make sure you fully understand the process. Buying real estate in Belize is in many ways far easier than other countries. However, that does not mean that it is without its own hoops to jump through. Make sure you fully grasp what is expected of you, and everything should go smoothly!