Buying an island may seem like the very definition of jet-setting opulence, but it’s a more reasonable option for retirement than a lot of people realize. The Caribbean waters surrounding Belize in particular are home to some 500 islands of varying sizes, and many of those are on the market. Whether you have your mind set on buying an island or you’re just playing with the idea, here’s everything you need to know.
Buying an Island as a Foreigner
One of the biggest questions to ask yourself when buying an island is what taxes and challenges you’ll have to deal with as a non-resident. In fact, the friendly stance from the Belize Tourism Board concerning foreigners is one of the biggest reasons to buy an island. Foreign buyers enjoy the unique privilege of having all the property ownership rights of Belizean citizens, and the government even offers tax incentives to foreigners looking to retire in Belize.
The Financial Expectations
The costs for an island can vary wildly depending on a number of different factors. Developed land may cost more upfront, for instance, but you have to keep in mind the higher costs of building on island properties. Prices tend to be significantly more affordable than in the Bahamas or other popular island chains, but you’ll find options ranging in price from the low six digits to $10 million or more.
The Process of Buying an Island
Belize was originally a British colony, and that means that the real estate law will be comfortably familiar to people from most English-speaking countries. Generally the process involved contacting the seller, coming up with a purchase agreement to determine the circumstances of the exchange, and a deposit is placed before the title is handed over.
Getting the Right Help
Buying an island is surprisingly straightforward, but that doesn’t mean that you should do it alone. It’s always advised that you find an attorney, a Realtor, or both when you’re looking to buy or sell a property in Belize. Many Realtors have their listings placed directly online so you can browse through potential islands without pressure.
Be sure to check out Hesed Realty if you want the pick of the litter for islands. Whether you want to spend a few million or just a hundred thousand on your property, you’ll have plenty of options to choose from.