Tips For Investing in Belize Real Estate
It is widely known that investing in real estate is one of the best ways to secure a tangible and secure asset that can provide a substantial return on investment. Real estate can maintain value, and build wealth unlike many other forms of investment. Owning and investing in real estate is a great way to own a physical asset that will both appreciate in value over time, and retain the value that you initially invested into it.
One thing many people do not realize is that you do not have to invest in domestic real estate in order to create profit. By investing in property in communities and countries like Belize, you can own a gorgeous piece of tropical paradise at a fraction of the cost of real estate in the US or Canada. Let’s take a look at some basic fundamental pieces of knowledge for owning your own property in the gorgeous country of Belize.
Belize Property Taxes
Property Taxes are incredibly cheap in Belize, they are roughly 1% to 1.5% of the property value paid yearly. The property taxes in Belize are among the cheapest in the world. Even better, you are not required to list your Belize properties on your taxes if you live in the USA or Canada. This means that you can own your property, and keep your taxes on it to a minimum.
Belize has other tax advantages beyond the low property tax. The country also has no capital gains tax, no estate tax, and retirement income is exempt from taxation through the QRP program.
Belize Property Maintenance
Maintenance on your property is cheap and easy to acquire. Due to the low cost of living in Belize, services like home maintenance are acquired at rock-bottom prices. Labour is relatively cheap and there are a number of options a property owner can take, they can have someone manage it, hire a contractor or do it themselves. This means that as a property owner you can easily hire individuals or service companies to maintain the property while your away.
Belize loves investors, especially foreign investors. Belize has established a legal system that is very favored towards investors. The country has been able to establish laws and legal infrastructure to benefit investors and real estate, owners. There are numerous investment advantages in place to incentivize investors and protect their investment.
For one, an investor can actually defer their rental taxes on a property if they establish LLC or IBC prior to buying the property. Other key foreign investment incentives include; British Common Law, Fee-Simple Land Title, Full Foreign Property Ownership, Tax Advantages, Residency Programs, etc.
As an investor, it is encouraged to take advantage of the foreign investment incentives and utilize the systems that Belize has installed for investors, and even retirees.
Retiring in Belize
Belize has something called the QRP Qualified Retired Persons Act. This means that if you are over the age of 45, and have retired to Belize, you can take advantage of duty-free import services. You can get your vehicles, and personal items imported into Belize without paying any taxes on them.
Legal System & Culture
One of the key advantages of Belize over neighboring countries in Central America is that the country is English Speaking. You can conduct the entire property purchasing experience in English, as well as through U.S Dollars. Almost every bank in Belize will allow you to finance your property in familiar North American currencies, and in English. Most banks in the country accept Belize Dollars, USD, CAD, Euros, Pounds & Swiss Francs. This makes it much easier for citizens from the USA and Canada to buy property in Belize.
Investing in Belize
Owning your own property in Belize is more than just owning a piece of paradise, and a tropical dream come true. Real estate purchasing in Belize is an investment. Many people believe that you have to be a celebrity or a millionaire to own real estate in a Caribbean destination like Belize. However, with the low costs of property, minimal taxes, and legal aid that Belize offers property investors; you too can make a smart investment while also owning a piece of paradise.