The exotic and peaceful Caribbean nation of Belize is quickly becoming a popular choice for retirement, and there’s a long list of obvious reasons why. But not being able to own land outright could be a make or break factor for many potential retirees regardless of how beautiful or appealing the destination is. The good news is that Belize does allow foreign nationals to own property within their borders, but the details require a little more unpacking if you’re seriously interested in buying property.
Here’s what you should know.
Why It’s Important
Nearly half of the world’s nations don’t allow foreign nationals to outright own land, with many instead allowing foreigners to simply buy long-term leases on land. And while this might be effectively the same thing for some investors, it makes things complicated when dealing with inheritance. And while these sorts of regulations have long been common in countries like Thailand, increasing property value is even causing western states like the United Kingdom and Australia to place restrictions on the rights of foreigners to own property.
What You Need to Know
In most instances, these sorts of restrictions are designed to keep housing costs low and prevent foreign investors and speculators from controlling the tides of the market. But that’s not the case in Belize. Its popularity as both a vacation and retirement destination are both climbing, and the Belizean government is eager to bring in foreign influences. As a country that speaks English, employs real estate law familiar to residents of most English-speaking countries, and maintains steady exchange rates, it’s a sensible place to invest and a comfortable place to settle down. And the Belizean government is even offering promising incentives through initiatives like the Qualified Retired Persons Program, which essentially gives Americans a free pass through customs. And as a tax shelter where the American dollar can go a long way, you can stay in Belize without having to worry about taxes bleeding your savings to nothing.
Where to Find Help
Deciding to buy a property in Belize is a sensible choice, but the familiarity of the country’s laws and language won’t do you much good if you don’t have a lay of the land and an understanding of the market. Hesed Realty LTD is dedicated to helping people find their dream homes in Belize, and we have agents with specialized knowledge of all the major regions. We can talk you through the whole process from helping you find a neighborhood that matches your budget and preferences to making sure the closing process goes smoothly.
Questions about buying real estate in Belize? Contact us by email at [email protected] or by WhatsApp +501 664-1692.
