Belize is becoming a hot location in the real estate industry. Whether you’re looking for a vacation home, a place to retire, or a simple investment, there are plenty of reasons to buy property now. But that’s a big decision to make, and you should be prepared. Here’s what you need to know about buying a property in Belize?
Is There Culture Shock?
Belize is home to a large population of expatriates from America, and you can find communities that are majority American and European throughout most of the populated parts of the country. That, combined with the fact that English is the official language, makes it one of the easiest Caribbean countries for westerners to get acclimated to.
Are There Advantages to Retiring in Belize?
The Belize government has been pushing aggressively to improve migration to the country for years, and that means that retirees have access to some generous benefits. The Qualified Retirement Program serves as a streamlined pathway to citizenship that can ease the moving process and provide significant tax advantages.
Can You Own Property as a Foreigner?
Even if you don’t qualify for the QRP, Belize is one of the most amicable choices for foreign real estate investors. Foreigners have equal rights to citizens in terms of ownership rights. And unlike many other countries, the property is owned by foreigners outright rather than as an extended lease.
What Are Closing Costs Like?
Belize’s approach to closing costs on real estate is thankfully very straightforward. Closing cost is normally 1-2% of the purchase price. An additional 8% tax is assessed for foreigners and 5% for CARICOM nationals.
What Are the Property Tax Rates?
You can generally expect to pay 1.5% of a property’s assessed value. That assessed value can vary from 10 to 30% of its market value depending on where it’s located.
Is an Attorney Necessary?
Real estate law in Belize is pretty straightforward. Since it’s a British commonwealth, it’s based on understood principles and hasn’t had the need to overly complicate things. But you should still find some sort of representation, whether it comes in the form of a certified real estate agent or an attorney.
Purchasing real estate in Belize isn’t that difficult, but it’s still a big enough decision that you should find a representative who understands the situation on the ground. Let Hesed Realty Ltd guide you through the buying process.