The Belize real estate market has been gaining traction over the past few years, but there’s still a lot about this Central American country that’s still a mystery to investors. But the market is larger and more diverse than you might initially expect, and there are a lot of opportunities here to take on the market from different angles. Here’s what you should know before making an investment.
Generous Government Aid
Belize is eager for foreign investment, and they’re willing to put their money where their mouth is. The country is recognized internationally as a tax shelter, and the Belizean government has put in place a number of incentive programs to encourage people to move and invest in property from abroad. The most prominent is the Qualified Retirement Program. It offers both an expedited path to residency and exemptions on both taxes and customs.
A Diverse Real Estate Climate
Thanks to all the gorgeous beaches, vacation houses and rentals are always a promising option — but they’re far from the only investments worth your time. Retirees from abroad are settling throughout Belize in high numbers, and that’s not even taking into account the potential for commercial property and undeveloped land. The low real estate taxes allow you to even pick up large plots of land for cheap and then sit on them practically for free while you wait for infrastructure and public interest to catch up.
A Market Run on Familiar Rules
Belize used to be a British colony — and while it’s since gained its independence, the real estate law is still based on the familiar rules established by the United Kingdom. If you’re familiar with transactions in Britain, the United States, or Canada, you can have a good idea of what to expect with your real estate transaction in Belize.
Always Plan Ahead
Just because Belize’s real estate law is based on standards already familiar to many investors doesn’t mean that you don’t have to be patient. The red tape involved in getting a property under your name can take some time — and it’s not unusual to spend up to three months on the process.
Conditions make buying property in Belize easier than it is in many other places, but you should still have a professional by your side. Hesed Realty LTD can help you evaluate strategies like creating an International Business Company, and we have the reach and perspective to help you understand the full market potential out there. Reach out today to learn more.