Belize is becoming a more popular country for Americans and citizens of other countries to move to and to purchase real estate in. It truly offers so much beauty to those who come to the country, and English is the native language so it makes for an easy transition. Buying property in Belize is a great idea, and below, you will see why!
How to Buy Property in Belize
Before discussing the benefits of buying a property in Belize, it is important to understand the steps you have to take in order to buy a property. It is important to hire a real estate agent that you can trust to help you find the best deal on your property. The real estate agent can help you in determining if your property is in a good location and if it meets your needs. It does take up to 90 days for you to be settled in your home from the date of purchase.
Real Estate Costs
Costs regarding buying a property are a bit different than in your home country, which is why it is essential for you to understand. For instance, CARICOM and Belizean nationals pay 5% stamp duty while citizens of other countries pay 8%. However, the first USD $ 10,000 is exempted from stamp duty and the stamp duty is payable to the Government of Belize. You do have to pay around a 5% price for the government transfer act, and you can pay for a title search as well which is around $250. The down payment is standard in the real estate business in Belize as well, so try to pay at least 10%.
Why You Should Buy Property in Belize
If after understanding the information above you still want to buy property in Belize, there are many benefits. The first is that you do not have to pay tax on capital gains, and your property taxes on your new home are very low. If you buy a rural property, for instance, you can expect to pay no more than USD$30 per year. Belize transactions are also typically done in USD, so this does make the transaction much easier. Real estate laws are pretty stable in the country as well, so there are no unexpected changes in your purchase to be expected.
One other reason to consider buying a property in Belize is that it is truly beautiful and there are real estate agents who are ready to help you. Contact Hesed Realty as soon as possible to help you find the tropical paradise of your dreams.