Belize is a hot topic of conversation in the world of real estate — and that’s the case whether you’re an investor or a retiree. The Belizean government is courting both types of buyers, but it’s easy — and often beneficial — to be skeptical of a sure thing.
By the same token, there are usually reasons why certain markets get this much attention. Here’s what you need to know before buying real estate in Belize.
The Pros
The Belizean government has been eager to court both retirees and investors from abroad, and that’s created ideal tax conditions. The Qualified Retired Persons Program offers a quick path to residency while also offering shelter from income earned outside of Belize.
And Belize is a global rarity as a nation that allows foreigners to own property outright, rather than simply offering extended leases. Belize’s currency has been historically very stable while also having a generous exchange rate to the U.S. dollar.
Your money can go a long way in Belize, and there’s plenty of encouraging reasons to invest. The real estate industry here is thus far underdeveloped, and it’s far from the saturation point.
The national language is English, and real estate law is derived from British law — meaning there’s a recognizable set of standards for Americans and other English-speakers.
The Cons
If you don’t know what you’re doing, it’s still possible to get hoodwinked in the Belize real estate market. While the government has taken generous measures to make the country as accessible to foreigners as possible, property scams aren’t entirely unheard of.
Many con artists will pose as an escrow firm to bilk potential investors, and you should always make sure your title is free and clear before letting money change hands. More practical disasters like tropical storms, squatters, and poor construction standards can also be an issue.
The Bottom Line
The truth is that the Belize real estate market is still rich with opportunities — you just need to know how to navigate the market. That means having access to real estate agents with local knowledge of specific regions and having a directory of listings that really provides you with the diversity you need. Because while the market for retirement cottages and beach resorts is booming, it’s just one sector in a market that’s also rich with opportunities in undeveloped land and commercial properties.
Hesed Realty Ltd is one of the few agencies in Belize that has the knowledge and reach to serve every type of real estate investor — and you can be guaranteed a personal approach to your situation. Reach out today to maximize the advantages of the market while minimizing your risk.
